Caledonia Mining Corporation Plc press release
Mirasol Announces Results from Annual General and Special Meeting and Provides Corporate Update
NYSE - New York Stock Exchange · Jersey
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VANCOUVER, Dec. 4, 2013/CNW/ -Mirasol Resources Ltd. (TSX-V:MRZ, Frankfurt: M8R)Mirasol Resources announces results of votes from its Annual General and Special Meeting of shareholders held December 2, 2013, in Vancouver, British Columbia. Each of the director nominees proposed by management for election was elected to the Board of Directors. The directors re-elected for the coming year are Nick DeMare, Timothy Heenan, Mary Littleand Borden Putnam III.All other ballot initiatives were approved, including approval of the Company's stock option plan and the renewal of the Shareholders Rights Plan. Mirasol is pleased to confirm that Davidson & Company were named as the Company's auditors.
Corporate Update:Mirasol Achieves Significant Milestones on Its 10thAnniversary and is Well Funded to Advance Programs
Mirasol marked its 10thanniversary in October 2013with:
_A strong balance sheet with cash and equivalents of CDN$20.5 million, no debt and marketable securities of 1.31 million shares of Coeur Mining, Inc (cash value of US$15.0 millionon October 31, 2013)_ _22,300 hectares under Mirasol's control in a prospective new gold belt in Northern Chile, including the new Titan and Atlas gold-silver projects _ _A new JV with First Quantum Minerals on our 100% owned Rubi copper- gold- molybdenum project in the El Salvadormining district of Chile_ _And a dominant position with the resource-ready Virginia Silver Project and other drill-ready projects at Curva and Claudia in the prolific precious metal mining province of Santa Cruz, Argentina._
Mirasol has enhanced its balance sheet and business model during fiscal 2013 as the industry's leading prospect generator. Achievements include significant exploration advances on Mirasol's 100%-held gold, silver and copper properties in northern Chileand in Patagonia, southern Argentina; the sale of the Joaquin silver-gold project to Coeur strengthening the Company with significant cash; the strategic option of Mirasol's Rubi property to copper producer First Quantum Minerals Limited; and in Chile, exploration of a new gold portfolio acquired by staking, giving Mirasol a foothold in an emerging mineralized gold district.
Of note, Mirasol closed the sale of the Joaquin Project in Argentinato Coeur Mining, Inc. in December 2012for a US$60 millionin value, comprised of US$30 millionin cash and 1.31 million Coeur NYSE-listed shares. The Company currently holds Cdn$20.5 millionin cash (net of transaction taxes) plus the Coeur shares. This places Mirasol in the enviable position of being self- funding in these challenging market conditions, and as a result the Company is well positioned to further its programs through 2014 and beyond. The funds will provide liquidity and a strong basis for ongoing exploration in Chileand potential diversification through expansion of Mirasol's exploration portfolio or a value-adding, high caliber strategic transaction.
Mary Little, Mirasol's President and CEO, commented, "In marking our 10thanniversary of the founding of Mirasol in October, we believe we are well positioned in these cyclical precious metals markets. We are advancing our new gold prospects, Titan and Atlas, in Chilewhile reducing expenditures significantly in Argentina, as justified by the challenging investment environment. Our geologically robust assets in Argentina, including the high-grade Virginiasilver project, represent value for investors in Mirasol. We are managing exploration risks and costs prudently and have an industry leading exploration team focused on building a high caliber exploration portfolio of precious metal properties with potential to deliver continued exploration success."
The downturn in the precious metals equities markets has been driven by softening silver and gold prices against a backdrop of political risk sensitivity. The current macro environment of risk aversion in the sector is impacting junior companies more severely and has also impacted Mirasol's share value.
However this challenging financial backdrop leaves Mirasol in a unique position as a fully funded project generator, presenting opportunities due to reduced competitor activity in prospective mineral belts and the potential to leverage the Company into high caliber advanced exploration opportunities.
Mirasol's 2012 and 2013 year-to-date Achievements
During late 2012 and the 2013 year-to-date, Mirasol achieved the following milestones:
Monetized the Company's 49% interest in the Joaquin silver-gold project in Argentina, a Mirasol discovery, to its joint venture partner Coeur in December 2012. Recorded two strategic joint venture agreements in sharing and mitigating exploration risks and managing working capital: Explored two large-scale gold-silver projects in the northern extension of Chile'sprolific Maricunga gold-copper belt. Advanced and added new targets at its principle 100%-owned Virginia, Claudia and La Curva projects in Argentinalast season:
Share Capitalization
Share capitalization remains conservative with 44.2 million shares outstanding after five equity offerings and private placements since the Company's May 2005initial public offering. Total equity financings, including shares, warrants and options, raised for Mirasol as a listed Company total approximately Cdn$42 million. The Company has no debt, has a strong, liquid cash position and marketable securities, and is managed by a team of dedicated exploration and mining industry professionals.
Mirasol's effective four-person Board of Directors remains strong with the addition of Borden Putnam IIIas an independent director in December 2012.Mr. Putnam has spent the most recent 17 years as an analyst for the investment management industry, predominately in natural resources sectors (mining and oil and gas). Prior career experience includes over 20 years within the mining industry, most in senior and management positions with major producing companies, working worldwide.
Outlook
Mirasol's Board of Directors and Management are diligently monitoring the competitive landscape, including the political environments where the Company operates and the precious metals markets, to be fiscally responsible and carefully manage the scope and investment in exploration and other corporate activities to balance near-term and long-term goals, and mitigate risks to shareholders.
The long-term vision remains unchanged - to be the best-valued prospect generator in the precious metals sector and having the top exploration team to build an exceptional portfolio of assets.
As Mirasol moves ahead into 2014, its goals for this fiscal year are as follows:
Advance Titan and Atlas gold-silver projects in Chiletoward a drill test or JV decision using the Company's proven skills and cutting edge technology. Advance the Rubi porphyry copper-gold-molybdenum project in Chilethrough its strong JV with copper producer First Quantum Minerals. Actively seek quality JV partners to advance and add value to its Argentine assets, which will reduce geopolitical exposure. (As a junior with a strong balance sheet, Mirasol is uniquely positioned to negotiate from a position of strength to secure a minority carried interest of at least 25-30%). Scale back exploration and overhead investment in Argentinafor fiscal 2013-14 to approximately $250,000per quarter until the challenging resource development environment in Argentinaimproves. Consider a broad range of external opportunities for accretive value creation and future growth.
About Mirasol Resources Ltd.
Mirasol is a well-funded exploration and development company focused on the discovery, exploration and acquisition of high-potential precious metals deposits in the Americas, utilizing leading edge technology for strategic advantage. Mirasol operates through subsidiary companies in Chileand Argentinais engaged in generative exploration in high-potential regions in the Americas. For further information, visit Mirasol's web page at www.mirasolresources.com.
_The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release._
_Forward Looking Statements: Statements contained in this news release that are not historical facts are forward-looking statements, which are subject to a number of known and unknown risks, uncertainness and other factors that may cause the actual results to differ materially from those anticipated in our forward looking statements. Although we believe that the expectations in our forward looking statements are reasonable, actual results may vary, and we cannot guarantee future results, levels of activity, performance or achievements._
SOURCE Mirasol Resources Ltd.
Mary L. Little President and CEO
Tel: (604) 602-9989; Fax: (604) 609-9946
Email:contact@mirasolresources.com Website:www.mirasolresources.com
Copyright CNW Group 2013