|By Marketwired .||
|September 20, 2013 04:40 PM EDT||
MONTREAL, QUEBEC -- (Marketwired) -- 09/20/13 -- Geomega Resources Inc. ("GeoMegA" or the "Company") (TSX VENTURE:GMA) announces today that shareholders have approved all resolutions put forth at the Annual and Special Meeting of Shareholders ("AGM") held in Montreal, Quebec, on Thursday, September 19, 2013. Messrs. Patrick Godin, Denis Hamel, Mario Spino, Rejean Talbot, Paul-Henri Couture and Simon Britt were re-elected to serve as directors of the Company.
The Company is pleased to welcome newly elected Mr. Gilles Gingras, CPA, CA, to the Board of directors and would like to take this opportunity to thank Mrs. Teodora Dechev for her contribution during the last few years.
In addition, the Company announces the re-appointment of PricewaterhouseCoopers, LLP, Chartered Accountants as auditors for the ensuing year and re-approval of the Company's 10% rolling stock option plan.
Subsequent to the AGM, the directors appointed and renewed Mr. Patrick Godin as Chairman of the Board, Mr. Britt as President and Chief Executive Officer, Mr. Erik Martin as Chief Financial Officer, Mr. Alain Cayer as Vice President of Exploration and Mr. Sebastien Vezina as Corporate Secretary.
Stock Option Grant
Pursuant to the Company's Stock Option Plan, a total of 225,000 stock options at an exercise price of $0.17 per option have been granted to a director. These options may be exercised for a period of 5 years after the grant date and they vest gradually over a period of 24 months from the day of grant, at a rate of 1/4 per six-month period, in accordance with the terms of the stock option plan of the Company.
Preliminary economic assessment of the Montviel lanthanides/niobium deposit
The Montviel project benefits from permanent access, public infrastructure and available labour in the immediate area. The mine design uses an underground approach via ramp access with paste backfill minimizing the environmental impacts. An initial annual production in the range of 2,000 tonnes of neodymium oxides is targeted. Anticipated project energy would be provided by the Hydro-Quebec distribution grid using an average power line. A preliminary economic assessment by G Mining Services Inc. is expected by the end of calendar 2013.
NI 43-101 Disclosure
Alain Cayer, Geo., MSc., VP-Exploration, is the qualified person who supervised and approved the technical information presented in this press release.
About GeoMegA (www.geomega.ca)
GeoMegA, which owns 100% of the Montviel lanthanides/niobium project located in Quebec, is a mineral exploration and development company focused on the discovery and sustainable development of economic deposits of metals, such as lanthanides, niobium and graphite, in Quebec. GeoMegA is committed to meeting Canadian mining industry standards and distinguishing itself with its innovative engineering, stakeholders engagement and its dedication to local transformation benefits.
GeoMegA currently has 34,990,113 common shares issued and outstanding.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautions Regarding Forward-Looking Statements
This news release contains forward-looking statements regarding our intentions and plans. The forward-looking statements that are contained in this news release are based on various assumptions and estimates by the Company and involve a number of risks and uncertainties. As a consequence, actual results may differ materially from results forecast or suggested in these forward-looking statements and readers should not place undue reliance on forward-looking statements. We caution you that such forward-looking statements involve known and unknown risks and uncertainties, as discussed in the Company's filings with Canadian securities agencies. Various factors may prevent or delay our plans, including but not limited to, contractor availability and performance, weather, access, mineral prices, success and failure of the exploration and development carried out at various stages of the program, and general business, economic, competitive, political and social conditions. The Company expressly disclaims any obligation to update any forward- looking statements, except as required by applicable securities laws.
President and CEO