Morien Provides Donkin Mine Update
28 September 2023 - 3:10AM
Morien Resources Corp. ("
Morien"
or the "
Company") (TSX-V:MOX), today provides an
update on the Donkin Coal Mine (“Donkin” or the “Mine”) in Nova
Scotia, owned and operated by Kameron Collieries LLC (“Kameron”),
upon which Morien has a 2% to 4% royalty interest.
On September 27, 2023, the Nova Scotia
Department of Labour, Skills and Immigration (“DOL”), the
province’s regulator for the Mine, announced that an independent
engineer has been contracted by DOL, via a 30-day contract, to
complete a technical review of the Donkin Mine. This review is
actively underway.
Morien welcomes this effort by DOL to bring
resolution to a 75-day Stop Work Order at Donkin for a roof fall
incident that occurred on July 15, 2023, that was subsequently
ameliorated by Kameron on July 27 and where no workers were
injured, nor any equipment damaged.
As detailed in prior Morien news releases, a
roof fall occurred in one of Donkin’s two access tunnels. The
access tunnels were installed at Donkin in the late 1980’s by
DEVCO, a former federal Crown corporation. In keeping with
Kameron’s safety protocols, it made a proactive decision to
implement a comprehensive remediation program which included
extensive roof bolting over the full length of the
3.5-kilometre-long access tunnel in order to safeguard against
future falls. That program commenced on July 19 and ended on July
27.
Morien will provide more information as it
becomes available.
About Morien
Morien is a Canada based, mining development
company that holds royalty interests in two tidewater accessed
projects. The Donkin Coal Mine re-commenced production during the
third quarter of 2022 and royalties to Morien have commenced. The
Black Point Aggregate Project is permitted, and although production
has not begun, Morien is receiving advanced minimum royalty
payments on a quarterly basis. 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. The Company has
51,292,000 issued and outstanding common shares and a fully diluted
position of 54,192,000. 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 documents filed by Morien with
the Canadian securities regulators on SEDAR (www.sedar.com) from
time to time. 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)
403-3149dbrisco@MorienRes.comorJohn P.A. Budreski, Executive
ChairmanPhone: (416) 930-0914 www.MorienRes.com
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