July 10, 2013, Toronto, Ontario. MacDonald Mines Exploration Ltd. (TSX.V: BMK) (“MacDonald” or the "Company”) is pleased to report the all resolutions put forth at its Annual and Special Meeting of Shareholders (the "AGSM") held on June 27, 2013 at the Company’s offices in Toronto, Ontario passed by the required thresholds.
The resolutions put forth to the shareholders follow. Except for the share consolidation resolution, which required a vote greater than 66.667% plus 1 of the voted shares, all resolutions required 50% plus 1 of the voted shares to pass. All resolutions passed by votes greater than 94% of the voted shares.
- MNP LLP, the successor firm of a merger between the MSCM LLP, Chartered Accountants, the Company’s long-standing auditors and MNP LLP, was appointed as the Company’s auditors for the December 31, 2013 year end. The directors are authorized to fix their remuneration.
- John P. Sanderson, Kirk McKinnon, Hadyn Butler, Richard Schler, Quentin Yarie and Alex Iannone were re-appointed to the Board of Directors.
- The Company’s stock option plan, which complies with the policies of the TSX Venture Exchange, was re-approved.
- Share issuance in lieu of cash remuneration to directors and officers was approved.
- A potential share consolidation on a two for one basis was approved to be completed, if at all, at a time of the Directors choosing.
- A revision to the Company’s by-laws requiring advance notice by any party who wishes to appoint individuals to the Board was approved.
Board of Directors’ Meeting
Immediately following the AGSM, the Board of Directors held meeting where the following individuals were appointed:
John Sanderson as Chairman of the Board of Directors
Kirk McKinnon as President and Chief Executive Officer
Richard Schler as Chief Operating Officer & Chief Financial Officer
Peter Liabotis as Secretary
Effective July 9, 2013 a total of 650,000 stock options were granted to directors, officers, employees and consultants of the Company in accordance with the terms of the Company’s incentive stock option plan filed with the Toronto Venture Stock Exchange and approved by shareholders on June 27, 2013. These options are exercisable at a price of $0.10 per share for a period of five years and are subject to a four month and one day hold period as required by the rules of the TSX-V.
About MacDonald Mines Exploration Ltd.
MacDonald Mines has steadily moved its exploration forward for 10 years in James Bay's Ring of Fire. The company, under the direction of Hadyn Butler, P.Geo, located and staked what has proven to be highly prospective ground for potential discovery.
This area of James Bay presents a unique opportunity in that the Ring of Fire contains the entire suite of minerals including VMS, nickel, chrome, vanadium, titanium and gold potential. The only other similar region is in the Bushveld in South Africa but this region lacks the copper, zinc and nickel content of James Bay.
MacDonald's exploration team is led by Quentin Yarie, P.Geo and Craig Scherba, P.Geo and supported by key renowned consultants in their respective fields. They include, Jim Franklin, PHD, P.Geo, for VMS, and Larry Hulbert, PHD, P.Geo, for nickel, chrome and vanadium.
More information about the Company is available at www.macdonaldmines.com.
Brent Nykoliation, Vice President of Business Development
Phone: (416) 364-4986, (416) 364-2753 (FAX)
Or Kirk McKinnon, President & CEO
Neither 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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. The foregoing information may contain forward-looking statements relating to the future performance of MacDonald Mines Exploration Ltd. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from MacDonald’s plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by MacDonald with the TSX Venture Exchange and securities regulators. MacDonald does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise. We seek safe harbour.