MacDonald Mines Exploration Ltd.
TSX VENTURE : BMK

MacDonald Mines Exploration Ltd.

June 16, 2009 16:40 ET

MacDonald Mines Announces Results of Annual Meeting of Shareholders and Meeting of Board of Directors

TORONTO, ONTARIO--(Marketwire - June 16, 2009) - MacDonald Mines Corporation (TSX VENTURE:BMK) (the "Company") announces that the Annual and Special Meeting of its Shareholders (the "Shareholders' Meeting") was held on June 11, 2009 at the offices of Fasken Martineau DuMoulin LLP, 800 Place Victoria, 37th Floor, Montreal, Quebec at 11:00am (Montreal time) for the following purposes:

Resolutions

1. To receive and consider the financial statements of the Company and Auditors' Report thereon for the fiscal year ended December 31, 2008;

2. To re-appoint auditors and authorize the Directors to fix their remuneration;

3. To elect Directors to serve until the next Annual General Meeting of Shareholders;

4. To approve continuation of the current "Stock Option Plan" as instituted and as approved by the TSX Venture Exchange Policy 4.4;

5. To seek approval of share issuance in lieu of cash remuneration to Director and Officers;

6. To seek approval of Stock Option re-pricing; and

7. To transact such other business as may properly come before the Meeting or any adjournment thereof.

A quorum of the Company's outstanding common stock as of the record date of April 30, 2009 was present in person or by proxy at the Shareholders' Meeting.

Voting Summary on Resolutions

No. 2. More than 90% of the shares of common stock cast at the meeting voted to re-appoint of Moore Stephens Cooper Molyneux LLP, Chartered Accountants, as the Company's independent registered public accounting firm for the financial year ending December 31, 2009 and authorize the Directors to fix their remuneration.

No. 3. More than 90% of the outstanding shares of common stock present at the Shareholders' Meeting voted to approve the re-election of the following persons to serve as directors of the Company, each to hold office for a term expiring at the next annual meeting of shareholders or until his successor shall have been duly elected and qualified:



J.A. Kirk McKinnon
Richard E. Schler
John P. Sanderson
Robin Chisholm
Hadyn Butler
Julie Lassonde-Gray
Alex Iannone


No. 4. More than 90% of the shares of common stock cast at the Shareholders' Meeting voted to approve continuation of the current "Stock Option Plan" in accordance with the recommendations as described in the TSX Venture Exchange.

No. 5. More than 90% of the shares of common stock cast at the Shareholders' Meeting voted to approve the issuance of common shares in lieu of cash remuneration to Director and Officers.

No. 6. More than 80% of the shares of common stock cast at the Shareholders' Meeting voted to approve the re-pricing of the stock options.

BOARD OF DIRECTORS' MEETING

The Company is also pleased to announce that on June 12, 2008 following the Annual Shareholders' Meeting, a meeting of the Board of Directors of the Company was conducted via telephone conference in Toronto, Ontario, Canada.

At the Meeting, the Board of Directors unanimously approved the following appointments to serve in those capacities until the next annual Meeting of Shareholders:



John P. Sanderson as Chairman of the Board of Directors
J.A. Kirk McKinnon as President and Chief Executive Officer
Richard E. Schler as Chief Operating Officer & CFO


ABOUT THE COMPANY

MacDonald Mines is a mineral exploration company with an established history in the exploration of gold and base metals. MacDonald has set upon a strategic direction of exploration in the Canadian Northlands, with particular focus in Ontario, Saskatchewan and Quebec.

In 2008, MacDonald Mines was ranked second in the TSX Venture 50's Annual Ranking of Top Canadian Mining Companies and trades under the symbol BMK.

WARNING: Except for historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, including but not limited to economic, competitive, governmental and technological factors effecting the Company's operations, markets, products and prices and other factors discussed in the Company's various filings with the Securities and Exchange Commission.

SEDAR: 00004560E

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • MacDonald Mines Exploration Ltd.
    Brent Nykoliation
    Vice President, Business Development
    (800) 818-5442 or (416) 364-4986
    (416) 364-2753 (FAX)

    MacDonald Mines Exploration Ltd.
    J. A. Kirk McKinnon
    President and CEO
    (800) 818-5442 or (416) 364-4986
    (416) 364-2753 (FAX)

    MacDonald Mines Exploration Ltd.
    Richard Schler
    Chief Operating Officer & CFO
    (800) 818-5442 or (416) 364-4986
    (416) 364-2753 (FAX)
    info@macdonaldmines.com
    www.macdonaldmines.com