Press release from Marketwire
Premier Royalty Announces Village Main Reef to Commence Process to Cease Production at the Buffelsfontein Mine in South Africa and Results of Annual General Meeting
Tuesday, May 14, 2013
Premier Royalty Announces Village Main Reef to Commence Process to Cease Production at the Buffelsfontein Mine in South Africa and Results of Annual General Meeting13:59 EDT Tuesday, May 14, 2013
TORONTO, ONTARIO--(Marketwired - May 14, 2013) - PREMIER ROYALTY INC. (TSX:NSR) ("Premier Royalty" or the "Company") announces that Village Main Reef Limited ("Village") has announced today that it will commence with the consultation process required to cease production at the operations of the Buffelsfontein Mine in South Africa, on which Premier Royalty has a 1% net smelter return royalty (the "Buffelsfontein NSR").
Premier Royalty is monitoring the developments with Buffelsfontein Mine to determine the timing and impact of the cessation of production at the mine. The Buffelsfonstein NSR represented approximately 13.0% of revenue of the Company for the year ended December 31, 2012. Based on operator guidance, Premier Royalty had estimated that the Buffelfontein NSR proceeds would represent approximately 7.0% of gold ounces attributable and related revenues to it in 2013.
Premier Royalty also announces that all matters presented for approval at the annual meeting of shareholders held on May 14, 2013, have been duly authorized and approved, as follows:
- election of all management nominees to the board of directors of the Company; and
- appointment of Grant Thornton LLP as auditors of the Company for the ensuing year and authorization of the directors to fix their remuneration.
Detailed voting results for the election of directors were as follows:
|Name||Shares Voted (78% of issued and outstanding)||Shares Withheld|
|Marcel De Groot||55,787,126||5,500|
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about operational plans and project decisions and developments with Buffelsfontein Mine . Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks identified in Premier Royalty's annual information form dated March 28, 2013. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. Premier Royalty disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
FOR FURTHER INFORMATION PLEASE CONTACT:
Premier Royalty Inc.
Abraham Drost, P.Geo.
President & CEO
Premier Royalty Inc.