Balmoral Reports Results From 2013 Annual General Meeting
June 19 2013 - 8:00AM
Marketwired Canada
Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX
VENTURE:BAR)(OTCQX:BALMF) today reported that the shareholders of the Company
have ratified the Advance Notice Policy previously enacted by the Board of
Directors (see NR13-09; April 16, 2013) at the Company's recently completed
annual general meeting. In addition, the shareholders approved the necessary
alterations to the Articles of the Company to facilitate the inclusion of the
advance notice provisions ("Advance Notice Provisions").
The shareholders also re-approved the Company's Stock Option Plan and certain
amendments to said plan, approved the re-appointment of Smythe Ratcliffe,
Chartered Accountants, as the auditors of the Company for the fiscal year ending
December 31, 2013 and re-elected all current members of the Board of Directors
of the Company (Hendrik Van Alphen, Lawrence Talbot, Gordon Neal and the
Company's President & CEO, Darin Wagner). Over 92% of votes cast were cast in
favour of all motions.
The Advance Notice Policy and the Advance Notice Provisions provide
shareholders, directors and management of the Company with a clear framework for
nominating directors of the Company. Among other things, the Advance Notice
Policy and the Advance Notice Provisions fix a deadline by which holders of
record of Common Shares must submit director nominations to the secretary of the
Company prior to any annual or special meeting of shareholders and set forth the
specific information that a shareholder must include in the written notice to
the secretary of the Company for an effective nomination to occur.
Detailed voting results on all resolutions submitted to the shareholders at the
2013 annual general meeting are contained in the "Report of Voting Results"
which is available under the Company's profile on SEDAR (www.sedar.com) or upon
request by contacting the Company's Corporate Secretary at (604) 638-3664.
Corporate Update
Balmoral continues to have a strong working capital position of over $10.0
million dollars. In recognition of the continued difficulties in the junior
resource industry, management and the Board of Directors of the Company have
undertaken an austerity program which is designed to reduce the overhead of the
Company, on a go forward basis, by a minimum of 20% without affecting the
current exploration plans.
Initial plans are now in place for the summer 2013 exploration program on the
Company's Detour Trend Gold Project in Quebec. The Board of Directors has
approved an exploration budget of $3.8 million dollars for the balance of the
2013 calendar year, which is in keeping with the Company's current flow-through
financing commitments for 2013. After a highly successful expansion program
completed during the winter of 2013 on the Company's Martiniere Property, the
summer 2013 program will focus on the further delineation and expansion of the
Company's high-grade gold discoveries at Martiniere and on continued advancement
of a number of high-priority targets throughout the 650 square kilometre Detour
Gold Trend Project area, including discoveries in the Grasset and Detour East
areas.
Geophysical and geochemical crews will be mobilized to the Martiniere Property
over the next 2-3 weeks with drilling anticipated to commence in mid-July and
continue through the summer months. The goal is to complete between 12,000 and
15,000 metres of drilling between July and early October.
GTA Resources and Mining Inc. has advised the Company that its Phase 4 drilling
program on the Company's Northshore Property in Ontario has now been completed.
Results from three additional holes are now pending, including an initial test
of the former producing Northshore Mine system.
About Balmoral Resources Ltd. - www.balmoralresources.com
Balmoral is a Canadian-based precious metal exploration and development company
focused on high-grade gold discoveries along the Detour Gold Trend in Quebec,
Canada. With a philosophy of creating value through the drill bit and with a
focus on proven productive precious metal belts, Balmoral is following an
established formula with a goal of maximizing shareholder value through
discovery and definition of high-grade, Canadian gold assets.
On behalf of the board of directors of BALMORAL RESOURCES LTD.
Darin Wagner, President and CEO
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 press release.
This press release contains forward-looking statements and forward-looking
information (collectively, "forward looking statements") within the meaning of
applicable Canadian and United States securities laws. All statements, other
than statements of historical fact, included herein, including statements
regarding the anticipated content, commencement, duration and cost of
exploration programs, anticipated exploration program results, the discovery and
delineation of mineral deposits/resources/reserves, the timing of the receipt of
assay results, and business and financing plans and trends, are forward-looking
statements. Forward-looking statements are typically identified by words such
as: believe, expect, anticipate, intend, estimate, postulate and similar
expressions or are those which, by their nature, refer to future events.
Although the Company believes that such statements are reasonable, there can be
no assurance that such statements will prove to be accurate, and actual results
and future events could differ materially from those anticipated in such
statements. The Company cautions investors that any forward-looking statements
by the Company are not guarantees of future performance, and that actual results
may differ materially from those in forward-looking statements. Important
factors that could cause actual events and results to differ materially from the
Company's expectations include those related to weather, equipment and staff
availability; performance of third parties; risks related to the exploration
stage of the Company's projects; market fluctuations in prices for securities of
exploration stage companies and in commodity prices; and uncertainties about the
availability of additional financing; risks related to the Company's ability to
identify one or more economic deposits on the properties, and variations in the
nature, quality and quantity of any mineral deposits that may be located on the
properties; risks related to the Company's ability to obtain any necessary
permits, consents or authorizations required for its activities on the
properties; and risks related to the Company's ability to produce minerals from
the properties successfully or profitably. Trading in the securities of the
Company should be considered highly speculative. All of the Company's public
disclosure filings may be accessed via www.sedar.com and readers are urged to
review these materials, including the latest technical reports filed with
respect to the Company's mineral properties.
This press release is not, and is not to be construed in any way as, an offer to
buy or sell securities in the United States.
FOR FURTHER INFORMATION PLEASE CONTACT:
Balmoral Resources Ltd.
John Toporowski
Manager, Corporate Development
(604) 638-5815 or Toll Free: (877) 838-3664
(604) 648-8809 (FAX)
jtoporowski@balmoralresources.com
www.balmoralresources.com
Balmoral Resources Ltd (TSXV:BAR)
Historical Stock Chart
From Jul 2024 to Aug 2024
Balmoral Resources Ltd (TSXV:BAR)
Historical Stock Chart
From Aug 2023 to Aug 2024