Morien Enters Agreements with Vulcan Materials Company & the Municipality of the District of Guysborough for its Black Point ...
14 Aprile 2014 - 5:25PM
Marketwired
Morien Enters Agreements with Vulcan Materials Company and the
Municipality of the District of Guysborough for its Black Point
Marine Aggregate Project
HALIFAX, NOVA SCOTIA--(Marketwired - Apr 14, 2014) - Morien
Resources Corp. ("Morien" or the "Company") (TSX-VENTURE:MOX), is
pleased to announce it has entered into agreements ("Agreements")
with Vulcan Materials Company ("Vulcan") and the Municipality of
the District of Guysborough ("MODG") for the development of the
Company's Black Point Marine Aggregate Project ("Black Point" or
the "Project") in Guysborough County, Nova Scotia. Vulcan is the
largest producer of construction aggregates in North America with
over 340 operating facilities concentrated in 18 states, the
Bahamas and Mexico.
Under the terms of the Agreements, Vulcan will assume Morien's
interest in Black Point and will become manager and operator of the
Project in exchange for reimbursing Morien for previous
expenditures on the Project through milestone payments totaling
$1,800,000, and a royalty stream payable on all material sold from
the Project over the life of the mine. The first payment of
$1,000,000 is due on signing, and a second payment of $800,000 is
due upon the approval and receipt of all environmental permitting
necessary for the mining and shipping of aggregate from the
Project. With these milestone payments, Morien has secured funding
that will support the Company's activities into 2015 and a royalty
stream that could be a source of long term cash flow for the
Company. Since its separation from Erdene Resource Development
Corp. in November 2012, Morien has continued to execute its
business plan, including the sale of its non-core assets, and now
the structuring of a favourable deal for all stakeholders on one of
its core projects.
Vulcan's participation in the Black Point Project brings a
world-class international company to Nova Scotia which, with the
completion of the necessary permitting, market evaluation and
feasibility studies, could lead to the creation of many jobs and
provision of tax revenue for the province.
The Project consists of the development and operation of a
construction aggregate quarry and an associated marine terminal
adjacent to the quarry, along the south shore of Chedabucto Bay in
Guysborough County, Nova Scotia. The Project is ideally situated
with a large volume of high- quality granite located on deep,
ice-free water, to enable construction of a deep water marine
terminal for aggregates shipments to markets along the eastern and
Gulf coasts of the U.S. and potentially to eastern Canada.
"Having completed these Agreements, Morien has secured financing
without any dilution to its shareholders and can now turn its
fullest attention to advancing and creating value in the Donkin
Coal Project in Cape Breton, Nova Scotia," said John Budreski,
Morien's President and CEO. "Morien would like to thank both the
Municipality of the District of Guysborough and the people of the
region for their support for this Project. As a Nova Scotian
company, Morien looks forward to seeing the potential of this
Project un-locked and the creation of additional long-term
employment for the people of the Guysborough and Canso region."
Morien and Vulcan will host an Open House session at the
Chedabucto Fire Hall in Queensport, Guysborough County, Nova Scotia
on April 22, 2014 from 3:00 to 7:00 pm to inform the surrounding
community of Project plans. Details regarding the Black Point
Aggregate Project are available on the Canadian Environmental
Assessment Agency's website (click here) and on Morien's website
(click here).
About Morien
Morien is a Canadian company focused on creating value through
the identification, acquisition and advancement of strategically
located projects that host commodities with strong market
fundamentals. Its principal asset is a 25% interest in the Donkin
Coal Project in Nova Scotia. Morien has 49,256,240 issued and
outstanding common shares and a fully diluted position of
53,211,240. Further information is available at
www.morienres.com.
Forward-Looking Statements
This news release may contain forward looking statements based
on assumptions and judgments from management regarding future
events or results that may prove to be inaccurate as a result of
exploration, development and other risk factors.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
John P.A. Budreski, President and CEO(416) 930-0914Dawson
Brisco, Manager Corporate Development(902)
466-7255info@morienres.comwww.morienres.com
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