Morien Announces Highlights of AGM and Provides Project Update
July 02, 2013 – Halifax, Nova Scotia – Morien Resources Corp. (“Morien” or the “Company”) (TSXV:MOX), is pleased to announce its shareholders voted in favor of all items of business brought before them at the Company’s Annual General Meeting of shareholders (“AGM”) held on June 27, 2013 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 for the 2013 fiscal year. In addition, the Company’s rolling stock option plan was approved for renewal and an advance notice by-law for nominations of directors was approved.
Following the AGM, the Morien board of directors confirmed the re-appointment of its executive officers, namely: President and Chief Executive Officer – John Budreski; CFO – Ken MacDonald; and Corporate Secretary – Suzan Frazer.
Donkin Coal Project
The Company continues to work closely with a group of prospective operating, marketing, coal purchasing and financial partners as the Company actively pursues the path of acquiring Xstrata Coal’s 75% interest in the Donkin Coal Project on Cape Breton Island, Nova Scotia. Announcement by the federal and provincial ministers regarding the environmental assessment approval for the Donkin Project is expected during the third quarter. The Company anticipates a change in Project ownership will follow with the receipt of the full environmental permit in the latter half of 2013. Morien continues to work with Xstrata Coal and the Province of Nova Scotia to bring this sale process to a successful conclusion.
Marine Aggregate Project
The Company recently signed a revised option agreement (“Agreement”) with the Municipality of the District of Guysborough (“MODG”). This Agreement provides the terms and parameters for the development of a large scale, bulk tonnage aggregates operation on deep water Nova Scotia for export via ocean going vessels, principally to the U.S. Eastern Seaboard market. The revisions to the Agreement included amendments to certain financial terms and modifications to the responsibilities, process and timeline for the proposed development.
The demand for construction aggregate material in the US is rebounding, buoyed by a recovery in the residential housing market. In 2012, crushed stone consumption in the US increased by 80 million tonnes, representing a 6.7% increase over 2011, the first year over year increase in consumption since 2006.
Morien continues to work with the MODG and various prospective industry partners to advance this significant construction aggregate opportunity.
Property Assets – Georgia, USA
The Company currently holds 293 acres of real estate in parcels located in McDuffie County, Georgia. Morien has reached advanced stage negotiations with a party to sell approximately 208 acres of this land and expects to conclude this sale in the third quarter. The Company is continuing with its efforts to sell the balance of the Georgia property.
Morien is a Canadian company engaged in resource development and 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 has 4,633,226 options outstanding. 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