Orbite Aluminae Inc.
TSX : ORT

Orbite Aluminae Inc.

July 03, 2012 09:27 ET

Orbite Aluminae Inc. Reports on Its General and Special Meeting of Shareholders

MONTREAL, QUEBEC--(Marketwire - July 3, 2012) - Orbite Aluminae Inc. (TSX:ORT) (the "Company" or "Orbite") is pleased to report that it held its annual general and special meeting of shareholders (the "Meeting") on June 29, 2012 and all items of business on the agenda were approved. At the Meeting, Orbite shareholders:

  • re-elected all nine nominees for director with a new term to expire in 2013, namely Richard Boudreault, Toby Gilsig, Pierre Meunier, Charles Chevrette, Christian Van Houtte, Lionel Léveillé, Stéphane Bertrand, Michael Hanley et Jean-Sébastien David;

  • ratified the reappointment of KPMG LLP as Orbite's independent public accounting firm for the fiscal year ending December 31, 2012;

  • and voted affirmatively for the approval of the new 2012 Stock Option Plan.

Orbite's President and CEO, Mr. Richard Boudreault, also provided the shareholders with a comprehensive summary of the several milestones reached in the last year, including the favorable progression of the HPA production facility, the signing of several non-disclosure agreements with potential customers and partners and the incorporation of a wholly owned subsidiary expected to be the vehicle of the projected phase 1 SGA Joint Venture. Mr. Boudreault also announced Orbite's intention to evaluate the potential formation of distinct business divisions in order to segregate its several expected business operations, namely the HPA and SGA production facilities.

As previously announced, the closed-loop hydrochloric acid regeneration is an integral part of Orbite's patented process that enables the Company to become a low cost producer of smelter grade and high purity alumina, as well as rare earths and metals. This step of the process that can successfully use any source of raw materials, namely Orbite's clay with a low concentration of rare earths or third party feedstock, concentrates the rare earths and rare metals into chlorides, and convert them into hydroxides and then into separated oxides. The acid regeneration step, being one of the last steps of Orbite's process, and its proved efficiency validate entirely the technology from the first step that leaches all metals from the Grande-Vallée's deposit to the last one that allows very efficient extraction and subsequent separation of the rare earths and rare metals oxides.

About Orbite

Orbite currently owns 100% of the mining rights over a total of 60,984 hectares including the Grande-Vallee property measuring 6,665 hectares, the site of an aluminous clay deposit located 23 km south of Grande-Vallee, and a 2,600 m2 facility in the process of being converted into a high-purity alumina plant in Cap Chat, in the Gaspe region. An NI 43-101 report identified over 1 billion tonnes of aluminous clay in part of the deposit. The Company also owns ten different families of intellectual property rights (and patent pending), protected by Canadian and U.S. patents, for extracting alumina and for which patents are also pending in other countries.

www.orbitealuminae.com.

Forward-looking statements

Certain information contained in this document may include "forward-looking information". Without limiting the foregoing, the information and any forward-looking information may include statements regarding projects, costs, objectives and future returns of the Company or hypotheses underlying these items. In this document, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or the Company management's good-faith beliefs with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. These risks uncertainties and assumptions include, but are not limited to, those described in the section of the Management's Discussion and Analysis (MD&A) entitled "Risk and Uncertainties" as filed on March 22, 2012 on SEDAR, and could cause actual events or results to differ materially from those projected in any forward-looking statements. The Company does not intend, nor does it undertake, any obligation to update or revise any forward-looking information or statements contained in this document to reflect subsequent information, events or circumstances or otherwise, except as required by applicable laws.

Contact Information

  • MEDIA
    Frederic Berard
    Vice-President
    H+K Strategies
    514-395-0375, ext. 259

    ORBITE
    Jacques Bedard
    CFO
    Orbite Aluminae Inc.
    514-744-6264, ext. 111

    INVESTORS
    Louis Morin
    Investor Relations
    Orbite Aluminae Inc.
    514-591-3988

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

    Nicole Blanchard
    Investors Relations
    Sun International Communications
    450-973-6600