TORONTO, May 23, 2012 /CNW/ - Moneta Porcupine Mines Inc. (TSX: ME) (OTC: MPUCF) (XETRA: MOP) ("Moneta" or the "Company") is pleased to announce the results from its annual general meeting held on May 22, 2012.
Over 80 million shares were voted in support, approving the standard resolutions for the election of directors and the appointment of financial auditors, as well as the special resolution to approve the Shareholder Rights Plan (the "Plan") between Moneta and Computershare Investor Services dated as of January 24, 2012.
Ian C. Peres, President and CEO of Moneta commented, "This level of voting participation is particularly impressive and highly unusual. We would like to thank shareholders for their overwhelming voting support and ongoing confidence as we continue to advance our corporate objectives including the advancement of our significant Golden Highway Project."
The Plan was adopted by the Board of Directors (January 24, 2012 press release) following the announcement of a major NI 43-101 Mineral Resource Estimate on Moneta's Golden Highway Project (December 1, 2011 press release). The Plan in no way prohibits a change of control of the Company in a transaction that is procedurally fair to its shareholders. Management is not aware of any proposed or pending unsolicited take-over bid for the Company.
Moneta holds a 100% interest in 5 core gold projects strategically located along the Destor Porcupine Fault Zone in the world class Timmins Camp with excellent infrastructure including access roads, water, electricity, and mills. The land position is one of the largest - after three gold producers - including the highly prospective Golden Highway Project which covers 12 kilometers of a volcanic/sedimentary belt along the Destor Porcupine Fault Zone and hosts a NI 43-101 indicated resource of 1.07 million ounces gold (33.5 Mt at 1.00 g/t) plus a NI 43-101 inferred resource of 2.07 million ounces gold (47.8 Mt at 1.35 g/t) clustered within 4 kilometres.
For further information:
Ian C. Peres, President & CEO