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 -2013-05-13
Mr. Christian Derosier reports
PACIFICORE APPOINTS NEW DIRECTORS
Don Venturi has resigned from PacificOre Mining Corp.’s board of directors. Mr. Venturi wishes to surrender all of his stock options for the company. The board thanks Mr. Venturi for his service and dedication to the company.
The board has appointed two directors, Peter Swistak and Ernest Brisbane, MEng, PEng. Mr. Swistak is president, chief executive officer and director of Cavan Ventures Inc. He has many years of experience with public companies, including assisting such companies with financings, investor relations, property acquisitions and providing advisory services. Mr. Brisbane has over two decades of management experience in the mining industry as a mechanical engineer and a mining engineer, and has advised both senior and junior mining companies. He is also a director of Cavan Ventures.
The company has become aware of certain actions taken by the dissident group to promote its own agenda:
- Disseminating news release attacking board members -Releasing the directors’ work and personal phone numbers without any of the directors’ permission, which is a gross breach of privacy and may result in legal action;
- Encouraging shareholders to harass directors, which has in some cases led to violent threats being uttered against the directors;
- Spreading false or misleading information to shareholders, including the allegation that the dissidents have “won” the election (for more erroneous allegations disseminated by this group, please see the company’s news release dated May 1, 2013).
The board does not wish to engage in mud slinging or retaliatory tactics as it is preoccupied with the more important task of advancing the company in a tough economic market. However, the increasingly vitriolic misinformation forces the company to address some points.
Listening to the dissident group
Early on, the dissident group was invited to discuss their concerns with the board. The board listened to their concerns carefully, which were related chiefly with the departed chief executive officer, and in turn relayed the board’s own concerns to the group. The board tried to negotiate a compromise with the dissident group, but the group’s response has been essentially “our way or the highway.” Despite the departure of the company’s previous CEO, the dissident group has become increasingly belligerent, attacking anyone and anybody who stands in their way of installing themselves as directors. Shareholders should be aware that the board has had many discussions with the dissident group.
Cancelling the annual general meeting
The board has forced to cancel the annual general meeting because of reasons which could not be disclosed at the time. Both Dennis Bordin and Don Venturi did not wish to stand for re-election; they were persuaded to delay their resignations to help the company with its transition. Patrick O’Brien had already resigned as director. However, the company’s information circular and other meeting materials had already been printed with the names of these three men as standing for re-election as directors. To hold the AGM with the incorrectly printed ballots would have confused shareholders and cast the results of the election into doubt. Moreover, the board was attempting during that period to negotiate with the dissident group, as well as to assess their credentials. To hold the AGM at such a time of turmoil and uncertainty would have been impractical and inappropriate.
Let there be no mistake. The company fully intends to call a shareholders’ meeting as soon as it can. It asks that shareholders be patient as the board must ensure that proper procedures be followed and that the interests of all shareholders be accounted for, not just a vocal minority.
The company is aware that some shareholders are frustrated at the lack of news from the company. The board is keeping shareholders apprised of its activities to the extent that it can, bearing in mind confidentiality concerns and the premature nature of some discussions. It asks that shareholders e-mail the company if they have specific questions and the company will strive to answer all questions.
The company thanks shareholders for their patience and assures them that the board is working hard to secure the company’s future.