Morien Reports on Continuing Developments at the Donkin Mine
November 16 2023 - 7:30AM
Morien Resources Corp. ("Morien" or the "Company") (TSX-V:MOX),
today provides an update on the Donkin Coal Mine (“Donkin” or the
“Mine”) in Nova Scotia, owned and operated by Kameron Collieries
(“Kameron”), upon which Morien has a 2% to 4% royalty interest.
The Nova Scotia Department of Labour, Skills and
Immigration (“DOL”), a provincial regulator for the Mine, held a
press conference yesterday afternoon to report on the findings of
an independent engineer contracted by DOL in September to complete
a technical review of the Donkin Mine. The following news release
from DOL provides additional information:
https://novascotia.ca/news/release/?id=20231115003
Yesterday’s press conference follows Kameron’s
decision on November 10, 2023, to lay off its remaining hourly
workforce at the Mine and to place the operation into an idled
state with no timeline to resume operations. This decision was made
in consideration of a 118-day long Stop Work Order (“SWO”), in
effect since July 15, 2023, put in place by DOL in response to a
roof fall incident on July 15, 2023, where no one was injured, nor
any equipment damaged.
Morien is of the view that a potential return to
production will not be imminent and that this is a complex and
evolving situation which will involve satisfying the conditions to
lift the SWO, and also resolution of some regulatory and related
matters to return the mine to long-term, stable production. Morien
will continue to provide updates to its shareholders, stakeholders,
and investors as to the status of operations at the Mine as they
become available.
About Morien
Morien is a Nova Scotia based, mining
development company created in 2012 to be a vehicle of direct
prosperity for Nova Scotians, its largest shareholder group. Led by
Nova Scotians, Morien’s primary assets are a royalty on the sale of
coal from the Donkin Mine in Cape Breton, Nova Scotia, and a
royalty on the sale of crushed stone from the permitted Black Point
Quarry Project, in Guysborough County, Nova Scotia. Morien’s
management team exercises ruthless discipline in managing both the
assets and liabilities of the Company. The Company’s management and
its Board of Directors consider shareholder returns to be paramount
over corporate size, number or scale of assets and industry
recognition. The Company has 51,292,000 issued and outstanding
common shares and a fully diluted position of 54,192,000. Further
information is available at www.MorienRes.com.
Forward-Looking Statements
Some of the statements in this news release may
constitute "forward-looking information" as defined under
applicable securities laws. These statements reflect Morien's
current expectations of future revenues and business prospects and
opportunities and are based on information currently available to
Morien. Morien cautions that actual performance will be affected by
a number of factors, many of which are beyond its control, and that
future events and results may vary substantially from what Morien
currently foresees. Factors that could cause actual results to
differ materially from those in forward-looking statements include
risks and uncertainties described in documents filed by Morien with
the Canadian securities regulators on SEDAR+ (www.sedarplus.ca)
from time to time. Morien cautions that its royalty revenue will be
based on production by third party property owners and operators
who will be responsible for determining the manner and timing for
the properties forming part of Morien’s royalty portfolio. These
third party owners and operators are also subject to risk factors
that could cause actual results to differ materially from those
predicted herein including: volatility in financial markets or
general economic conditions; capital requirements and the need for
additional financing; fluctuations in the rates of exchange for the
currencies of Canada and the United States; prices for commodities
including coal and aggregate; unanticipated changes in production,
mineral reserves and mineral resources, metallurgical recoveries
and/or exploration results; changes in regulations and
unpredictable political or economic developments; loss of key
personnel; labour disputes; and ineffective title to mineral claims
or property. There are other business risks and hazards associated
with mineral exploration, development and mining. Although Morien
believes that the forward-looking information contained herein is
based on reasonable assumptions (including assumptions relating to
economic, market and political conditions, the Company’s working
capital requirements and the accuracy of information supplied by
the operators of the properties in which the Company has a royalty
interest), readers cannot be assured that actual results will be
consistent with such statements. Morien expressly disclaims any
intention or obligation to update or revise any forward-looking
information in this news release, whether as a result of new
information, events or otherwise, except in accordance with
applicable securities laws. All dollar values discussed herein are
in Canadian dollars. Any financial outlook or future-oriented
financial information in this news release, as defined by
applicable securities laws, has been approved by management of
Morien as of the date of this news release. Such financial outlook
or future-oriented financial information is provided for the
purpose of providing information about management's current
expectations and plans relating to the future. Readers are
cautioned that such outlook or information should not be used for
purposes other than for which it is disclosed in this news
release.
Third-Party Information
Except where otherwise stated, the disclosure in
this press release relating to properties and operations on the
properties in which the Company holds royalty interests is based
primarily on information disclosed by the owners or operators of
these properties publicly or directly to the Company and
information available in the public domain. As a royalty holder,
the Company has limited, if any, access to properties included in
its royalty portfolio. The Company is dependent on the operators of
the properties to provide information to the Company or on publicly
available information to prepare required disclosure pertaining to
properties and operations on the properties on which the Company
holds royalty interests and generally has limited or no ability to
independently verify such information. Additionally, the Company
occasionally receives operating information from the owners and
operators of these properties which it is not permitted to disclose
to the public. Although the Company does not have any knowledge
that such information may not be accurate, there can be no
assurance that such information is complete or accurate.
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:
Dawson Brisco, President & CEOPhone: (902)
403-3149dbrisco@MorienRes.comorJohn P.A. Budreski, Executive
ChairmanPhone: (416) 930-0914
www.MorienRes.com
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