WATERDOWN, ON and COEUR D’ALENE, ID, Aug. 29, 2012 /CNW/ – Opta Minerals
Inc. (“Opta Minerals”) (TSX: OPM) and WGI Heavy Minerals, Incorporated
(“WGI”) (TSX: WG) jointly announced today that as of as of 5:00 p.m.
(Toronto time) on August 29, 2012, 22,281,816 common shares of WGI,
representing approximately 94.0% of the issued and outstanding common
shares of WGI on a fully-diluted basis, had been validly deposited to
the offer by Opta Minerals to acquire all of the outstanding common
shares of WGI for C$0.60 cash per share (the “Offer”). Opta Minerals
has determined that all of the conditions to the Offer have been
satisfied and Opta Minerals has taken up all such deposited shares and
will pay for all such shares on or prior to September 4, 2012.

As the Offer was accepted by holders of more than 90% of the issued and
outstanding WGI common shares, Opta Minerals intends to exercise its
rights under the compulsory acquisition provisions of the Business Corporations Act (British Columbia) to acquire all of the outstanding WGI common shares
not tendered to the Offer. Opta Minerals intends to mail a notice of
compulsory acquisition to all remaining holders of WGI common shares
shortly.

Upon completion of the compulsory acquisition, Opta Minerals intends to
take the necessary steps to delist the WGI common shares from the
Toronto Stock Exchange and to apply to have WGI cease to be a reporting
issuer in all applicable Canadian jurisdictions.

About Opta Minerals

Opta Minerals is a vertically integrated provider of custom process
optimization solutions and related materials for use primarily in the
steel, foundry, loose abrasive cleaning and municipal water filtration
industries. The company currently has production and distribution
facilities in Ontario, Qu bec, Saskatchewan, Louisiana, South Carolina,
Virginia, Maryland, Indiana, Michigan, New York, Texas, Florida, Ohio,
Kosice, Slovakia, and Romans-sur-Isère, France and has one of the
broadest product lines in the industry.

About WGI Heavy Minerals

The principal business of WGI is the processing and sale of industrial
abrasive minerals and the sourcing, assembly and sale of ultra-high
pressure waterjet cutting machine replacement parts and components.
The company, through its subsidiaries, markets and sells abrasive
products and services and waterjet replacement parts globally.

Forward Looking Information

Certain statements in this release constitute forward-looking statements
within the meaning of applicable securities laws. Forward-looking
statements in this press release include, without limitation,
statements regarding the timing of payment and the consideration to be
paid by Opta Minerals for WGI common shares deposited pursuant to the
Offer, the acquisition by Opta Minerals of WGI common shares not
deposited prior to the expiry of the Offer pursuant to a compulsory
acquisition transaction, the mailing of

the notice of compulsory acquisition and Opta Minerals’ intention to
take the necessary steps to delist the WGI common shares from the
Toronto Stock Exchange and to apply to have WGI cease to be a reporting
issuer in all applicable Canadian jurisdictions. Words such as “may”,
“would”, “could”, “should”, “will”, “anticipate”, “believe”, “plan”,
“expect”, “intend”, “potential” and similar expressions may be used to
identify these forward-looking statements although not all
forward-looking statements contain such words.

Forward-looking statements involve significant risks, uncertainties and
assumptions. Many factors could cause actual results, performance or
achievements to be materially different from any future results,
performance or achievements that may be expressed or implied by such
forward-looking statements, including, risks associated with the Offer
and acquisitions generally, such as: completion of the acquisition may
be more costly than expected; the inability of Opta Minerals to
successfully integrate the businesses of WGI; the inability of Opta
Minerals to achieve the anticipated benefits from the acquisition or it
may take longer than expected to achieve those benefits; and the risk
of unexpected costs or liabilities relating to the acquisition. Other
risks include: the impact of general economic conditions; industry
conditions; currency fluctuations; risks associated with foreign
operations; governmental and environmental regulation; competition from
other industry participants; cancellations of or the failure to renew
purchase orders; production and delivery issues; quality, pricing and
availability of raw materials; mining risks; and the other risks
identified in the “Risk Factors” section of Opta Minerals’ Annual
Information Form and its management’s discussion and analysis for the
six-month period ended June 30, 2012 and the “Risk Factors” section of
WGI’s Annual Information Form and its management’s discussion and
analysis for the six-month period ended June 30, 2012 (copies of which,
in each case, may be obtained at www.sedar.com) should be considered. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying the
forward-looking statements prove incorrect, actual results, performance
or achievements may vary materially from those expressed or implied by
this press release. These factors should be considered carefully and
reader should not place undue reliance on the forward-looking
statements. These forward-looking statements are made as of the date
of this press release and, other than as required by law, neither Opta
Minerals nor WGI assumes any obligation to update or revise these
forward-looking statements, whether as a result of new information,
future events or otherwise.

SOURCE WGI Heavy Minerals, Incorporated