TORONTO, May 9, 2014 /CNW/ - In relation to the annual general meeting of shareholders held in Luxembourg (the "AGM") on May 8, 2014, Frontier Rare Earths Limited (TSX: FRO) (US:FREFF) ("Frontier" or the "Company") is pleased to advise, in accordance with section 11.3 of National Instrument 51-102 - Continuous Disclosure Obligations, of the following voting results.
A total of 74,391,119 voting shares representing 83.06% of the Company's issued and outstanding shares were voted in connection with the AGM. Shareholders voted in favour of the election of director nominees as follows;
|Nominee||Votes For|| Percentage of total votes
Shareholders also voted in favour of all other items of business considered at the AGM being:
- The increase in the authorized stock options under the equity compensation plan from 10% to 13% of the issued and outstanding shares in the Company
- The appointment of the auditors
- The approval of the unconsolidated Luxembourg GAAP financial statements and the allocation of results as required under Luxembourg law
At the meeting the Company provided a corporate update to shareholders, details of which can be found on the company website.
About Frontier Rare Earths Limited (TSX: FRO US: FREFF)
Frontier Rare Earths Limited (www.frontierrareearths.com) is a mineral exploration and development company principally focused on the development of rare earths projects in Africa. Frontier's flagship asset is the Zandkopsdrift rare earth project, which is located in the Northern Cape Province of South Africa and is one of the largest, highest grade undeveloped rare earth deposits worldwide. Frontier has a direct 64% interest and an 85% economic interest in Zandkopsdrift following the acquisition by its strategic partner Korea Resources Corporation of an initial 10% interest in Zandkopsdrift. In March 2012 Frontier filed a Preliminary Economic Assessment ("PEA") on the Zandkopsdrift project prepared in accordance with National Instrument 43-101. The results of the PEA indicated that the proposed development of the Zandkopsdrift Project is both technically feasible and economically robust with a low risk profile. In conjunction with the PEA a mineral resource estimate for Zandkopsdrift confirmed 42.5m tonnes at an average grade of 2.23% containing approximately 940,000 tonnes total rare earth oxides (applying a 1% cut-off) and with 78% of the mineral resource in the indicated category. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Fiona Harper, Pr.Sci.Nat, was the independent qualified person from Venmyn Rand (Pty) Ltd. responsible for the PEA. For additional quality assurance program and the quality control measures applied, as well as other relevant technical information in respect of the Zandkopsdrift project, please refer to our technical report entitled "Amended Independent Technical Report on the Results of a Preliminary Economic Assessment of Frontier Rare Earths Limited's Zandkopsdrift Rare Earths Project, Located in the Northern Cape Province Of South Africa", dated March 30, 2012, which is available on SEDAR at www.sedar.com.
Frontier is listed on the main board of the Toronto Stock Exchange and currently has 89,562,781 shares outstanding. Frontier is well funded, with approximately $32 million in cash and no debt, and this strong cash position is expected to be sufficient to fully fund the completion of Prefeasibility and Definitive Feasibility Studies on Zandkopsdrift and work on Frontier's other proposed exploration and development programs.
SOURCE: Frontier Rare Earths Ltd.
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