Morien Announces Kameron Collieries Decision to Place Donkin Mine on Care and Maintenance
March 30 2020 - 10:47AM
Morien Resources Corp. ("Morien" or the "Company") (TSXV:MOX), has
announced that Kameron Collieries ULC (“Kameron”), owner and
operator of the Donkin Coal Mine (“Donkin” or the “Mine”) in Cape
Breton, Nova Scotia, has decided to place the Donkin Mine on care
and maintenance. Kameron has issued a public media statement
which is provided below. Morien will provide more information
as it becomes available.
Kameron Collieries Media
Statement
Kameron Collieries ULC, owner and operator of
the Donkin coal mine has decided to cease production operations due
to adverse geologic conditions in the mine.
Following a roof fall in the “Tailgate” section
of the mine on February 13th, Nova Scotia’s Department of Labour
and Advanced Education (NSDLAE), suspended operations at Donkin
pending an assessment of conditions and proposed remediation
plans. No one was injured in the roof fall. The mine will not
be sealed but maintained by a small staff to ventilate and keep the
facility dewatered.
The company is disappointed these circumstances
compelled them to make this decision and wishes to thank its
dedicated workforce and the local community who supported this
important investment in the region.
About Morien
Morien is a Canadian based, dividend paying,
mining development company that holds royalty interests in two
tidewater accessed projects. Prior to being placed on care
and maintenance the Donkin Coal Mine had commenced production in
2017 and the Black Point Aggregate Project is progressing toward a
development decision. 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. Morien has 52,862,114 issued and outstanding
common shares and a fully diluted position of 55,592,114.
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 Morien’s
annual information form filed with the Canadian Securities
regulators on SEDAR (www.sedar.com) on April 26, 2016. 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.
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) 403-3149
dbrisco@MorienRes.comorJohn P.A. Budreski, Executive ChairmanPhone:
(416) 930-0914www.MorienRes.com
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