TIDMMIO
RNS Number : 6420A
Minco PLC
23 December 2014
MINCO REPORTS RESULTS OF ANNUAL GENERAL MEETING OF
SHAREHOLDERS
-- MORE POSITIVE DRILL RESULTS FROM NORTHERN PENNINES EXPLORATION PROJECT
Toronto, 23 December 2014 - Minco Plc (AIM - "MIO") reports that
at the Annual General Meeting of Shareholders held in Toronto on 23
December 2014 all the Resolutions proposed were duly passed with
greater than 99% of the votes cast by proxy in favour of each
Resolution. Details are reported below.
At the Annual Meeting shareholders were updated that a total of
7,300 meters has now been drilled in 29 holes in Minco's North
Pennines zinc /lead exploration program in northern England. Twenty
three holes have been drilled to explore potential within the Great
Limestone geological succession and six holes with a total of 3219
meters have tested the deeper basal succession.
Drilling was suspended from September to November 2014 for the
grouse shooting season. Drilling recommenced at the end of November
and one new drill hole, NW-001, was drilled in difficult winter
weather conditions and has now been completed. Hole NW-001
intersected three separate mineral sections at relatively shallow
depths within the Great Limestone horizon.
RESULTS FROM HOLE NW-001
Horizon From(m) To (m) Length Zn% Pb% Zn+Pb% Ag g/t
Great Limestone 117.10 121.00 3.80 3.16 1.19 4.35 6.4
Great Limestone 138.40 140.35 2.65 2.76 2.34 5.10 6.3
Great Limestone 177.10 187.00 3.00 2.16 0.86 3.02 12.8
This is the first hole drilled to explore the
Whitewood-Barneycraig-Williams fault/vein structure in
Northumberland, which was demonstrated by historic mining to be
mineralized over a strike length of 3.5 kilometres. The
intersection of reasonable widths of lead and zinc mineralization
at three different levels in Hole NW001 is considered a very
positive result and indicates the mineral potential in this large
area. The hole was stopped immediately below the Great Limestone
and drilling has been suspended.
Minco has now, for the first time, demonstrated an extensive
stratiform component to the mineralization within the Great
Limestone horizon, only a fraction of which was mined historically.
The 3.5 by 2.5 kilometre area of the Pennines currently being
explored by Minco, centered around the town of Nenthead adjacent to
the county boundaries of Cumbria, Northumberland and Durham, had
never previously been explored by drilling, either from surface or
underground, despite being the centre of extensive lead-zinc
mining, extending from the mid-1700's to the early 1900's.
Approximately twenty five kilometres of mineralised structures had
been discovered and explored by past mining activity.
Commenting on the Company's 2014 drilling results, John Kearney
Minco's Chairman and Chief Executive, told shareholders: "Minco
considers the results from 29 holes drilled to date confirm the
potential of the Northern Pennine Orefield for the discovery of new
mineralization, extending both laterally around and at depth below
historic workings, and with the potential to host an economic
zinc-lead deposit."
"In addition, Minco's 2014 drilling program on its Buchans zinc
lead project in Newfoundland, which intersected a new high grade
massive sulphide horizon, is considered very encouraging" said Mr.
Kearney.
As previously reported, the four hole drilling program at
Buchans recorded multiple intersections of massive sulphide
mineralization with grades as high as 26.05% combined zinc, copper
and lead over 1.45 metres. (See Minco Press Releases October 28,
2014 and December 2, 2014). The 2014 drilling programme at Buchans
was undertaken primarily to assess the potential for discovery of
new high-grade massive sulphides, similar to the historic Asarco
deposits, south and west of the Lundberg deposit, and the results
have confirmed that potential which remains open both down-dip to
the west and at depth.
As a result of these new massive sulphide intercepts at the
Engine House horizon, Minco has assigned a higher priority to the
Engine House horizon for discovery of high-grade massive sulphides
beneath depths previously tested by historic drilling. Given the
positive results achieved by the 2014 drilling at Buchans, Minco
intends to carry out additional drilling in the area in 2015.
At the Annual Meeting, the Chairman also reviewed the results of
the Preliminary Economic Assessment of Minco's wholly owned
Woodstock manganese project in New Brunswick. "The results of the
PEA show that the Woodstock Project has good potential to become an
economically attractive future mining and processing operation and
holds promise to emerge as potentially one of the lowest cost
producers of electrolytic manganese metal (EMM) in the world" said
Mr. Kearney.
ANNUAL GENERAL MEETING VOTING RESULTS
Details of the proxy votes for each Resolution voted at the AGM
are set out below:
Resolution Vote type Voted Voted %
----------------- ---------------- ------------- -----------
Resolution For 74,385,260 100.00%
1
Report and Against 0 0.00%
Accounts
Votes Withheld 0 0.00%
----------------- ---------------- ------------- -----------
Resolution For 74,385,260 100.00%
2
Re-elect Against 0 0.00%
John Kearney Votes Withheld 0 0.00%
----------------- ---------------- ----------- -------------
Resolution For 74,385,260 100.00%
3
Re-elect Against 0 0.00%
Rowan Maule Votes Withheld 0 0.00%
----------------- ---------------- ----------- -------------
Resolution For 74,385,260 100.00%
4
Re-elect Against 0 0.00%
Peter McParland Votes Withheld 0 0.00%
----------------- ---------------- ----------- -------------
Resolution For 74,360,924 100.00%
5
Re-appoint Against 0 0.00%
Auditors
Votes Withheld 0 0.00%
----------------- ---------------- ----------- -------------
Resolution For 74,360,924 100.00%
6
Fix Auditors Against 0 0.00%
Remuneration
Votes Withheld 0 0.00%
----------------- ---------------- ----------- -------------
Resolution For 74,360,924 100.00%
7
Authorise Against 0 0.00%
Directors
to issue
securities
Votes Withheld 1,000 0.00%
----------------- ---------------- ----------- -------------
Resolution For 74,360,924 100.00%
8
Disapply Against 0 0.00%
Section 23(1)
of Companies
Act
Votes Withheld 1,000 0.00%
----------------- ---------------- ----------- -------------
The full text of each Resolution was included in the Notice of
the Meeting and Form of Proxy circulated to shareholders.
Proxies giving discretion to the Chairman have been included in
the totals of votes in favour of each Resolution.
ABOUT MINCO PLC
Minco Plc, incorporated in the Republic of Ireland and listed on
the AIM Market of the London Stock Exchange ("MIO"), is an
exploration and development company, currently engaged in zinc-lead
exploration in Canada, the United Kingdom and Ireland and is also
evaluating a manganese project in New Brunswick, Canada.
The Company also has interests in zinc-silver projects in Mexico
through its holding of 30 million shares (approximately 26%) in
Xtierra Inc. listed on the TSX Venture Exchange (TSX.V-"XAG").
Minco also holds a 2% NSR royalty on the Curraghinalt gold
property in Northern Ireland, currently being explored by Dalradian
Resources Inc. (TSX-"DNA").
For further information, including a map of the proposed
drilling, please refer to Minco's website at www.mincoplc.com or
contact:
John Kearney: Chairman and Chief Executive +1 416 362 6686
Danesh Varma: CFO & Company Secretary +44 (0) 8452 606
034
Peter McParland: Director - Ireland +353 (0) 46 907 3709
Warren MacLeod: Director, President Buchans Minerals +1 709 725
0555
John Frain/Alan Connolly: (NOMAD) Davy +353 (0)1 6796363
Saif Janjua: (Corporate Advisor) Broker, Beaufort Securities +44
(0) 20 7382 8415
This information is provided by RNS
The company news service from the London Stock Exchange
END
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