International miner Equinox Minerals Ltd (TSX and ASX: EQN) said today it intends to declare its recommended takeover offer for Citadel Resource Group Ltd free of all defeating conditions if Equinox receives an interest in Citadel shares of more than 50 per cent on or before 5pm Western Australia Standard Time on December 16, 2010.

Equinox currently holds an interest in Citadel of 20.5 per cent. This includes acceptances recently received from all of Citadel's directors who hold shares and certain key Citadel shareholders - these acceptances are irrevocable and cannot be withdrawn.

Equinox believes that it is in the interests of all shareholders for the offer to be completed as soon as possible, the company said in a statement on Friday.

"The Jabal Sayid project is currently at a critical stage in its development and an extended offer period may impact the project timetable and increase the risk of escalation in project costs. The completion of the offer will allow the company to apply its technical expertise and financial strength to optimise development plans at the earliest possible stage."

Equinox president and chief executive Craig Williams said, "We believe our offer is very attractive to Citadel shareholders. Citadel's assets are an excellent fit with Equinox's existing operations and the combination of our technical expertise and financial strength will allow us to create value for all shareholders. We encourage all Citadel shareholders to accept our offer as soon as possible."

The Citadel board in its Target Statement dated November 25, 2010 reiterated its unanimous support for Equinox's offer in the absence of a superior proposal.

Equinox said it also intends to reduce the time by which it provides the consideration under the offer to seven business days from the later of the date that the offer is declared unconditional and the date that Equinox receives a valid acceptance from a Citadel Shareholder. This means shareholders will receive their offer consideration before year end, provided acceptances are received on or before December 16, 2010 and the offer is declared unconditional.

The company said it encourages all shareholders to accept the offer now but recognizes that there may be some shareholders who are either not willing or able to accept the offer before it becomes unconditional.