VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 19, 2013) - Balmoral Resources Ltd. (" Balmoral " or the " Company ") (TSX VENTURE:BAR)(OTCQX:BALMF) today reported that the shareholders of the Company have ratified the Advance Notice Policy previously enacted by the Board of Directors (see NR13-09; April 16, 2013) at the Company's recently completed annual general meeting. In addition, the shareholders approved the necessary alterations to the Articles of the Company to facilitate the inclusion of the advance notice provisions ("Advance Notice Provisions").
The shareholders also re-approved the Company's Stock Option Plan and certain amendments to said plan, approved the re-appointment of Smythe Ratcliffe, Chartered Accountants, as the auditors of the Company for the fiscal year ending December 31, 2013 and re-elected all current members of the Board of Directors of the Company (Hendrik Van Alphen, Lawrence Talbot, Gordon Neal and the Company's President & CEO, Darin Wagner). Over 92% of votes cast were cast in favour of all motions.
The Advance Notice Policy and the Advance Notice Provisions provide shareholders, directors and management of the Company with a clear framework for nominating directors of the Company. Among other things, the Advance Notice Policy and the Advance Notice Provisions fix a deadline by which holders of record of Common Shares must submit director nominations to the secretary of the Company prior to any annual or special meeting of shareholders and set forth the specific information that a shareholder must include in the written notice to the secretary of the Company for an effective nomination to occur.
Detailed voting results on all resolutions submitted to the shareholders at the 2013 annual general meeting are contained in the "Report of Voting Results" which is available under the Company's profile on SEDAR ( www.sedar.com ) or upon request by contacting the Company's Corporate Secretary at (604) 638-3664.
Corporate Update
Balmoral continues to have a strong working capital position of over $10.0 million dollars. In recognition of the continued difficulties in the junior resource industry, management and the Board of Directors of the Company have undertaken an austerity program which is designed to reduce the overhead of the Company, on a go forward basis, by a minimum of 20% without affecting the current exploration plans.
Initial plans are now in place for the summer 2013 exploration program on the Company's Detour Trend Gold Project in Quebec. The Board of Directors has approved an exploration budget of $3.8 million dollars for the balance of the 2013 calendar year, which is in keeping with the Company's current flow-through financing commitments for 2013. After a highly successful expansion program completed during the winter of 2013 on the Company's Martiniere Property, the summer 2013 program will focus on the further delineation and expansion of the Company's high-grade gold discoveries at Martiniere and on continued advancement of a number of high-priority targets throughout the 650 square kilometre Detour Gold Trend Project area, including discoveries in the Grasset and Detour East areas.
Geophysical and geochemical crews will be mobilized to the Martiniere Property over the next 2-3 weeks with drilling anticipated to commence in mid-July and continue through the summer months. The goal is to complete between 12,000 and 15,000 metres of drilling between July and early October.
GTA Resources and Mining Inc. has advised the Company that its Phase 4 drilling program on the Company's Northshore Property in Ontario has now been completed. Results from three additional holes are now pending, including an initial test of the former producing Northshore Mine system.
About Balmoral Resources Ltd. - www.balmoralresources.com
Balmoral is a Canadian-based precious metal exploration and development company focused on high-grade gold discoveries along the Detour Gold Trend in Quebec, Canada. With a philosophy of creating value through the drill bit and with a focus on proven productive precious metal belts, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery and definition of high-grade, Canadian gold assets.
On behalf of the board of directors of BALMORAL RESOURCES LTD.
Darin Wagner , President and CEO
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 press release.
This press release contains forward-looking statements and forward-looking information (collectively, "forward looking statements") within the meaning of applicable Canadian and United States securities laws. All statements, other than statements of historical fact, included herein, including statements regarding the anticipated content, commencement, duration and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the timing of the receipt of assay results, and business and financing plans and trends, are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions or are those which, by their nature, refer to future events. Although the Company believes that such statements are reasonable, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results may differ materially from those in forward-looking statements. Important factors that could cause actual events and results to differ materially from the Company's expectations include those related to weather, equipment and staff availability; performance of third parties; risks related to the exploration stage of the Company's projects; market fluctuations in prices for securities of exploration stage companies and in commodity prices; and uncertainties about the availability of additional financing; risks related to the Company's ability to identify one or more economic deposits on the properties, and variations in the nature, quality and quantity of any mineral deposits that may be located on the properties; risks related to the Company's ability to obtain any necessary permits, consents or authorizations required for its activities on the properties; and risks related to the Company's ability to produce minerals from the properties successfully or profitably . Trading in the securities of the Company should be considered highly speculative. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the latest technical reports filed with respect to the Company's mineral properties.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
