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TORONTO, ONTARIO–(Marketwire – July 5, 2012) – MacDonald Mines Exploration Ltd. (TSX VENTURE:BMK) (“MacDonald” or the “Company”) is pleased to report the results of its Annual and Special Meeting of its Shareholders (the “AGSM”) held on June 28, 2012 in Toronto, Ontario. A quorum of the Company’s outstanding common stock as of the record date of May 29, 2012 was present in person or by proxy. All resolutions passed by votes in excess of 99% of the shares voted at the Meeting.
Results of Annual and Special Meeting
| Resolutions | ||
| 1. | To appoint MSCM LLP, Chartered Accountants, as the Auditors of the Company and to authorize the directors to fix their remuneration.
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| 2. | To elect six directors to serve until the next Annual General Meeting of Shareholders or until such time as their successors are elected or appointed: |
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| i. | John P. Sanderson | |
| ii. | J.A. Kirk McKinnon | |
| iii. | Hadyn Butler | |
| iv. | Richard E. Schler | |
| v. | Quentin Yarie | |
| vi. | Alex Iannone | |
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3. |
To approve the continuation of the Company’s Stock Option Plan as currently instituted. |
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| 4. | To approve share issuances in lieu of cash remuneration to directors and officers. | |
Board of Directors’ Meeting
The Company announces that on June 28, 2012 a meeting of the Board of Directors was conducted where the Board approved the following appointments to serve 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 |
Acquisition of Claims in the Ring of Fire
The Company also reports that it has signed a mining claims acquisition agreement with Temex Resources Inc. (TSX VENTURE:TME) (“Temex”) to acquire all of the joint venture property interests it holds with the Company and Noble Mineral Exploration Inc. (TSX VENTURE:NOB) (“Noble”) in the James Bay Lowlands – Ring of Fire area.
In order to acquire the property, the Company will issue 40,000 common shares and 20,000 common share purchase warrants. Each warrant is exercisable at a price of $0.30 per common share and will expire 2 years from the date of issuance. All securities to be issued are subject to a hold period of four month and one day from the date of issuance. Closing of this transaction is conditional upon receipt of all required regulatory approvals, including that of the TSX-V.
In combination with the Noble property acquisition noted in the Company’s press release dated June 29, 2012, this acquisition provides the Company with a 100% interest in all of the related joint venture properties.
About MacDonald Mines Exploration Ltd.
MacDonald Mines is a mineral exploration company with an established exploration history in the Canadian Northlands. MacDonald Mines has set upon a strategic direction of exploration with particular focus on nickel, chrome, copper, zinc, vanadium and titanium in the “Ring of Fire” area of the James Bay Lowlands of Northern Ontario.
More information about the Company is available at www.macdonaldmines.com.
Cautionary Statement
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.
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.
MacDonald Mines Exploration Ltd.
Brent Nykoliation
Vice President of Business Development
(416) 364-4986
(416) 364-2753 (FAX)
[email protected]
MacDonald Mines Exploration Ltd.
Kirk McKinnon
President & CEO
(416) 364-4986
(416) 364-2753 (FAX)
[email protected]
www.macdonaldmines.com
