30
Jun

MacDonald Mines Announces Results of Annual Meeting of Shareholders and Meeting of Board of Directors

ANNUAL MEETING OF SHAREHOLDERS

MacDonald Mines Exploration Ltd. (BMK: TSX-V) (the "Company") announces the results of its Annual and Special Meeting of its Shareholders (the "AGSM") held on June 17, 2010 at the offices of Fasken Martineau DuMoulin LLP, 800 Place Victoria, 37th Floor, Montreal, Quebec at 11:00am (Montreal time) for the following purposes. A quorum of the Company's outstanding common stock as of the record date of May 12, 2010 was present in person or by proxy at the AGSM.

Proposed Resolutions

  1. To receive and consider the financial statements of the Company for the fiscal year ended December 31, 2009 and the Auditors’ Report thereon.

  2. To appoint MSCM LLP, Chartered Accountants, as the Auditors of the Company, and to authorize the Directors to fix their remuneration.

  3. To elect seven Directors to serve until the next Annual General Meeting of Shareholders or until such time as there successors are elected or appointed.

  4. To approve continuation of the Stock Option Plan of the Company as instituted and as approved by the TSX Venture Exchange.

  5. To approve share issuances in lieu of cash remuneration to Directors and Officers with respect to services rendered to a maximum of 2,000,000 shares collectively.

  6. To transact such other business as may properly come before the Meeting or any adjournment or adjournments thereof.

Voting Summary on Resolutions
The following are the voting results at the AGSM:

No. 2.  More than 99% of the shares of common stock cast at the meeting AGSM to re-appoint MSCM LLP, Chartered Accountants, as the Company's auditor for the coming fiscal year and for the Directors to fix their remuneration.

No. 3. More than 97% voted to approve the election of each of the following persons to serve as directors of the Company, each to hold office for a term expiring at the next annual meeting of shareholders or until their successor(s) have been duly elected and qualified:

 

J.A. Kirk McKinnon
Richard E. Schler
John P. Sanderson
Robin Chisholm
Hadyn Butler
Julie Lee Harrs
Alex Iannone

No. 4. More than 96% voted to approve continuation of the current “Stock Option Plan” in accordance with the recommendations as described in the TSX Venture Exchange.

No. 5.  More than 98% voted to approve the issuance of common shares in lieu of cash remuneration to Director and Officers.

BOARD OF DIRECTORS’ MEETING

The Company is also pleased to announce that on June 18, 2010 following the AGSM, a meeting of the Board of Directors of the Company was conducted via telephone conference in Toronto, Ontario, Canada.

At the Meeting, the Board of Directors approved the following appointments to serve in those capacities until the next annual Meeting of Shareholders:

 

John P. Sanderson as Chairman of the Board of Directors
J.A. Kirk McKinnon as President and Chief Executive Officer
Richard E. Schler as Chief Operating Officer & Chief Financial Officer

About MacDonald Mines Exploration Inc.
MacDonald Mines is a mineral exploration company with an established history in the exploration of gold and base metals. MacDonald has set upon a strategic direction of exploration in the Canadian Northlands, with particular focus on the “Ring of Fire” in James Bay, Ontario. More detailed information is available on the website at www.macdonaldmines.com.

For more information, please contact:

MacDonald Mines Exploration Inc.
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.macdonaldmines.com/
(800) 818-5442
(416) 364-4986
(416) 364-2753 (FAX)

Brent Nykoliation, Vice President, Business Development 
or
Quentin Yarie, P.Geo, Vice President, Exploration
or
Kirk McKinnon, President & CEO


Cautionary Statement:
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 Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from MacDonald Mines plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by MacDonald Mines with the TSX Venture Exchange and securities regulators. MacDonald Mines does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.