VanadiumCorp Resource Inc. is pleased to report the results of a Mineral Resource Estimate (MRE) for the Company's 100% owned Lac Doré Vanadium Project.
VANCOUVER, BRITISH COLUMBIA -2013-05-01
Mr. Christian Derosier reports
PACIFICORE REFUTES FALSE ALLEGATIONS
Dennis Bordin has resigned from PacificOre Mining Corp.’s board of directors. Mr. Bordin wishes to focus on his other commitments but remains available to assist the company with its efforts to advance its projects. The company thanks Mr. Bordin for his service on the board.
The company has become aware of false allegations lodged against its board of directors in a news release disseminated by Wim (Adriaan) Bakker and Stephen Pearce on April 30, 2013. In particular:
- “Certain PacificOre board members were advising shareholders they had appointed a new [chief executive officer].” — False. No board member has advised any shareholder that a CEO has been appointed. Nor has a CEO been appointed by the company since Patrick O’Brien’s resignation.
- “The board’s choice to ignore basic corporate governance principles and securities law. A new CEO is a material change.” — False. Since no CEO has been appointed, there is nothing for the company to disclose. Moreover, Mr. Bakker and Mr. Pearce alleged in their own news release that the so-called “potential CEO will not accept the position.” Therefore, the allegation that the board has not reported a material change is false, illogical and completely groundless.
- “Obvious attempt to ensure [the directors’] positions would remain protected.” — False. Mr. Bordin’s resignation contradicts the dissidents’ frequent but unproven allegation that the board is trying to entrench itself.
- “Questionable financial dealings within the company have been exposed by the concerned shareholders.” — Unproven. The company wishes to remind shareholders that its financial statements are audited on an annual basis.
The company is focusing its efforts on advancing its exploration program, strengthening its financial position and transitioning to a new management team. The company considers those endeavours to be in the best interests of shareholders and continues to make progress on all of them.