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PacificOre dissidents note 13 claims are expiring soon


Mr. Adrian Bakker, shareholder, reports


It has come to the attention of the concerned shareholders that a number of claims that PacificOre Mining Corp. holds have been allowed to expire. In the next month, 13 claims are set to expire. Concerned shareholders demand that the board disclose what it intends to do about these expiring claims. For a junior exploration company, allowing valuable claims to lapse is not acceptable.

With the exploration season in Quebec now in full swing, the concerned shareholders find it very disturbing that the current board seems to have no intention or plan to conduct any further exploration this season. A three-hole work program for the year may be acceptable to this board but not for the shareholders. The concerned shareholders wish to remind the board that it cannot now completely ignore the claims for the remainder of the year while its members continue to entrench themselves. Shareholders are entitled to know what the board intends to do, not just about these expiring claims but all the properties going forward.

W. Adrian Bakker said: “I am extremely disappointed that despite our efforts, the PacificOre board continues to stonewall any attempt at a reasonable compromise that even begins to effect a meaningful change in the composition of the board. Instead, they choose to ignore the shareholders completely and spend further time and shareholders’ money on frivolous pursuits of entrenchment without any consideration for shareholders.”

Mr. Bakker continued, “Shareholders have patiently awaited the opportunity to exercise their democratic rights, and it is clear to me that they now intend to overwhelmingly vote for real change at PacificOre.” Since the concerned shareholders have first announced the overwhelming support for their dissident slate of directors, the existing board has cancelled the annual general meeting, failed to appoint an interim chief executive officer, and proceeded to make false and misleading statements publicly. As the board continues to thwart the will of the company’s shareholders, it has also ignored their fundamental rights. Letters, news releases and e-mails have been written and disclosed publicly by many of the most significant shareholders to the board with no response. The off-site phone switchboard is only taking messages, and the only shareholder-elected director that has not resigned yet, Christian Derosier, has cancelled his phone line. The board has acted and continues to act in a way that disenfranchises the shareholders of the company and entrenches its members. The concerned shareholders’ legal team is prepared to take any measures required to counter any significant threat to corporate assets or share structure should the board attempt to materialize its apparent desperation.

Mr. Bakker added, “Despite three resignations, we have waited more than two months for the existing board and management to respond to the strong and growing sentiment for change.”

The concerned shareholders’ goal remains to bring superior operating performance, governance and discipline to PacificOre to enhance value for all shareholders. The board has refused invitations and proposals that provide clear and concise solutions to building significant shareholder value. An overwhelming majority of PacificOre’s shareholders are sending this message loud and clear. The time is long past for the existing board to hear them.

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