Orbite Aluminae Inc.

June 27, 2011 16:05 ET

Annual Meeting of Shareholders: Orbite Reports on an Exceptional Year and Sets its Sights on the Future

MONTREAL, QUEBEC--(Marketwire - June 27, 2011) - Today, Exploration Orbite VSPA Inc. (TSX VENTURE:ORT.A) held its annual meeting of shareholders, where Richard Boudreault, President and Chief Executive Officer of Orbite, provided an overview of the Company's progress since its last annual meeting.

"These past months have seen Orbite achieve a number of critical steps, from the start-up of the pilot plant and initial production of high purity alumina to the production of metallurgical alumina and the addition of patents to protect the Company's technological innovations," he stated. "Each of these steps was completed within the set timetable and budget, demonstrating that Orbite is on track to market its products."

Mr. Boudreault also spoke of the exceptional performance of Orbite shares, which have risen more than 2,400% in value since last year, based on the TSX Venture index, and more than 260% in the past six months. He added that as a result, many analysts are now following Orbite shares and that their forecasts for the Company's future are very optimistic.

Mr. Boudreault concluded his talk with a presentation of the key objectives for Orbite in 2011-2012, including its transition to the TSX, the production of large samples for Alouette, the upgrading of the pilot facility for the production of high purity alumina, the preliminary funding of the metallurgical alumina production plant, and the production of the Company's first rare earth metal samples.

All Orbite board members were reappointed Lionel Léveillé, Chairman of the Board of Directors, Richard Boudreault, Director and President, Charles Chevrette, Director, Toby Gilsig, Director, Pierre Meunier, Director, Christian Van Houtte, Director, and Stéphane Bertrand, Director.

Shareholder rights agreement

The shareholders ratified and approved the continuation of the shareholder rights agreement between the Company and Computershare Investor Services Inc. (the "Rights Plan") entered into on September 9, 2008.

The Rights Plan is designed to provide shareholders and the board of directors more time to fully consider any unsolicited take-over bid for the Company. It will also allow more time for the board of directors to pursue, if appropriate, other alternatives to maximize shareholder value. In addition, it promotes the fair treatment of all shareholders by ensuring they have the opportunity to be involved in any take-over bid.

Launch of Web site and name change

Orbite took advantage of the annual meeting to launch its new Web site, which has been updated to better reflect the Company's leadership position. The new site will enhance Orbite's communication with its various stakeholders, particularly investors, who will find in it a wide range of information, from current financial data to information on Orbite products and technological processes. To consult the new Web site, please visit www.orbitealuminae.com.

The shareholders also approved a name change for the Company to Orbite Aluminae, which better reflects its new reality. However, this name will only take effect at a later date.

About Orbite

Orbite (pronounced Orbit) owns 100% of the exclusive mining rights on its 6,441-hectare Grande-Vallée property, the site of an aluminous clay deposit located 32 km northeast of Murdochville, and a 28,000 sq. ft. at scale pilot facility in Cap Chat, both in the Gaspé region. The latest NI 43-101 report issued has identified an Indicated Resource of more than 1 billion tonnes of aluminous clay in part of the deposit, thus representing a half-century of the total current Canadian alumina imports. The Company also owns the intellectual property rights to a unique Canada and U.S.-patented process for extracting alumina from aluminous clays and for which other international patents are also pending. www.orbitealuminae.com

Orbite is Most Definitely Thinking Outside the Bauxite

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

Contact Information

  • MEDIA
    Frederic Berard
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    HKDP Communications and public affairs
    514-395-0375, ext. 259

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    Louis Morin
    Investor Relations
    514-591-3988

    Jason Monaco
    Managing Partner
    First Canadian Capital Corp.
    416-742-5600