Morien Announces Highlights of AGM and Provides Project Update
June 19, 2014 – Halifax, Nova Scotia – Morien Resources Corp.(“Morien” or the “Company”) (TSXV: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.
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.
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.
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.
For more information, please contact:
John P.A. Budreski, President and CEO
Phone: (416) 930-0914
Dawson Brisco, Manager Corporate Development
Phone: (902) 466-7255