Proposed Extraordinary General Meeting to Increase Authorized Share Capital And Construction Update on Soledad Mountain Project
VANCOUVER, Oct. 8, 2013 /CNW/ - Golden Queen Mining Co. Ltd. (TSX:GQM) announces that it will hold an extraordinary general meeting for the purpose of seeking shareholder approval to an increase of the number of authorized common shares from 150 million to an unlimited number of common shares. The proposed date for the meeting is December 6, 2013.
The Company currently has 98.3 million shares issued and outstanding and 110.4 million on a fully diluted basis (that may in certain circumstances be increased to 125.2 million shares fully diluted depending on the conversion price of previously issued convertible debentures). The proposal to increase the authorized share capital is not being made in response to or anticipation of any particular financing.
Construction of infrastructure on the Soledad Mountain project has been under way since July 1, 2013. Work completed to date includes widening Silver Queen Road and adding a turning lane, construction of a dip crossing across a floodplain, the Phase 1 site grading plan which includes a large sediment basin, an employee parking lot and the area where the sub-station will be constructed, the north-south access road which will provide access to the workshop-warehouse and a 1,200 meter long overland conveyor route. It is expected that the initial construction will be completed by December 31, 2013.
Appointment of CFO
The Company is pleased to announce that Ms. Andree St-Germain has joined the Company as Vice President Finance and Chief Financial Officer. Ms. St-Germain was previously an investment banker with Dundee Capital Markets where she worked exclusively with mining companies on a variety of financings and merger and acquisition advisory assignments.
Mr. Ross McDonald has resigned as Chief Financial Officer. The Company wishes to thank Mr. McDonald for his services as Chief Financial Officer for the past two years.
About Golden Queen Mining Co. Ltd.
The Company is developing a gold-silver, open pit, heap leach operation on its fully-permitted Soledad Mountain property, located just outside the town of Mojave in Kern County in southern California. The Project will use conventional open pit mining methods and the cyanide heap leach and Merrill-Crowe processes to recover gold and silver from crushed, agglomerated ore. Please refer to the Company's Form 10-K dated March 18, 2013 and subsequent news releases for information on the Project.
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