Morien Announces Highlights of AGM and Provides Project Update
19 Giugno 2014 - 3:04PM
Marketwired
Morien Announces Highlights of AGM and Provides Project Update
HALIFAX, NOVA SCOTIA--(Marketwired - Jun 19, 2014) - Morien
Resources Corp. ("Morien" or the "Company") (TSX-VENTURE:MOX), is
pleased to announce its shareholders voted in favour of all items
of business brought before them at the Company's Annual and Special
Meeting of shareholders ("AGM") held on June 17, 2014 in Halifax,
Nova Scotia. Details of the AGM are provided below, followed by a
project update.
Results of Annual General Meeting
The number of directors was fixed at five, with Peter Akerley,
John Budreski, John Byrne, Charles Pitcher, and Philip Webster
re-elected to the Company's board of directors for the ensuing
year. KPMG LLP was re-appointed as the Company's auditor to hold
office until the next annual meeting of shareholders or until its
successor is duly appointed. The shareholders also approved the
renewal of the Company's 10% rolling incentive stock option plan in
accordance with the rules and policies of the TSX-V.
Following the AGM, the Morien board of directors confirmed the
appointments of its executive officers, namely: Chief Executive
Officer - John Budreski; Chief Financial Officer - Ken MacDonald;
and Corporate Secretary - Suzan Frazer.
Project Updates
Black Point Marine Aggregate Project
In April, 2014, Morien 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.
Under the terms of the Agreements, Vulcan assumed Morien's
interest in Black Point and became manager and operator of the
Project, in exchange for agreeing to reimburse Morien for previous
expenditures on the Project through milestone payments totaling
$1,800,000 that culminates with the receipt of the environmental
approvals, and a royalty stream payable on all material sold from
the Project over the life of the mine.
Vulcan is the largest producer of construction aggregates in
North America with over 340 operating facilities concentrated in 18
states, the Bahamas and Mexico. 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.
Donkin Coal Project
The Company continues to work actively with Glencore and the
Nova Scotia provincial government on the Donkin Coal Project to
bring Glencore's sale process to a successful conclusion. During
this process, Morien continues to dedicate substantial resources to
advancing all negotiations and remains confident that an
arrangement can be reached resulting in a change of ownership for
the Donkin Coal Project and moving the Project to the start of
production.
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.
Morien Resources Corp.John P.A. BudreskiPresident and CEO(416)
930-0914Morien Resources Corp.Dawson BriscoManager Corporate
Development(902) 466-7255info@morienres.comwww.morienres.com
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