VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 29, 2012) - Oracle Mining Corp. ("Oracle Mining" or the "Corporation") (TSX:OMN)(OTCQX:OMCCF)(FRANKFURT:OMC) is pleased to announce the results of its annual general and special meeting of shareholders held earlier today in Vancouver.
All resolutions presented before Oracle Mining Corp.'s shareholders at the 2012 annual general and special meeting, including board size, board membership, appointment of auditors and the long-term incentive plan, were passed by a significant majority of the votes cast. Elected as Directors of the Corporation were Paul Eagland, Alan Edwards, Mark Forsyth, Cong Bin Liu, Gregory K. Liller, Derek Price and Michel Tardif. All directors elected are incumbents except for Mr. Liu, who is a new addition to the board.
Mr. Cong Bin Liu is the Chairman of RichStone Investment Co., Ltd. ("RichStone"), a company focused on investment in the exploration and development of base metals, oil and coal. Established in 1997, RichStone has 11 subsidiaries, plus area and administrative offices and research centres throughout China, employing nearly 1,000 people. RichStone owns 19.9% of Oracle Mining's outstanding common shares and is the Corporation's largest shareholder.
"Since our initial meetings with RichStone, our partnership has continued to grow and strengthen," said Mr. Paul Eagland, Oracle Mining's Executive Chairman. "We are humbled by the support and dedication that Mr. Liu and RichStone have shown towards the Oracle Ridge Copper Mine project and we look forward to strengthening our partnership as we return the Mine to production."
At the meeting, Mr. Doug Nicholson, CEO, provided shareholders with an update on the Oracle Ridge project and outlook. A copy of Mr. Nicholson's presentation is available at www.oracleminingcorp.com.
About Oracle Mining Corp.
Oracle Mining Corp. (TSX:OMN)(OTCQX:OMCCF)(FRANKFURT:OMC) is a Vancouver, Canada-based corporation that is the sole owner and operator of Oracle Ridge Mining LLC and copper mine located 24 km north of Tucson, Arizona. Oracle Mining has minimal long-term debt and is managed by an experienced team of mining professionals with extensive operating and financial experience. The Corporation is focused on uncovering overlooked deep-value projects to achieve superior shareholder returns.
Forward-looking Statement Disclaimer
This document may contain "forward-looking statements" within the meaning of Canadian securities legislation. These forward-looking statements are made as of the date of this document and Oracle Mining Corp. (hereinafter referred to as the "Corporation") does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect management of the Corporation's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the receipt of permits to develop and operate the project, the timing and amount of estimated future production, costs of production, access to capital, capital expenditures, success of mining operations, commodity prices, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Corporation's annual information form for the year ended December 31, 2011 filed and available for review on SEDAR at www.sedar.com. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.