SOURCE: Macarthur Minerals Limited

Macarthur Minerals Limited

August 31, 2016 08:00 ET

Results of Macarthur Minerals' Annual General Meeting

VANCOUVER, BC--(Marketwired - August 31, 2016) -

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Macarthur Minerals Limited (TSX VENTURE: MMS) (the "Company" or "Macarthur Minerals") pleased to announce that all resolutions were passed at the Annual General Meeting of the Company held today in Brisbane, Australia.

Macarthur Minerals' Chairman, Cameron McCall commented that, "Macarthur takes this opportunity to thank its shareholders for its high level of support. Almost 58% of the Company's shareholders participated in the meeting, with 84 -- 92% of those shareholders voting in support of all resolutions."

Rare Earth Minerals plc ("Rare Earth Minerals") hold 15,000,000 warrants and have now received shareholder approval for the future issue of shares on the exercise of those warrants. The exercise of their warrants, will provide an additional $750,000 to the Company and increase Rare Earth Minerals' interest from 12.29% to 21.89% of Macarthur Minerals' issued capital.

Rare Earth Minerals is a specialist Investment Company with significant interests in the Sonora Lithium Project in Mexico and the Cinovec Lithium Project in the Czech Republic and currently holds 12.29% of Macarthur Minerals.

The results of the Annual General Meeting are set out in Appendix 1.

ABOUT MACARTHUR MINERALS LIMITED (TSX VENTURE: MMS)

Macarthur Minerals Limited is an exploration and development company that is focused on identifying and developing high grade lithium and counter cyclical investments, with significant lithium exploration interest in Australia and Nevada. In addition, Macarthur has two iron ore projects in Western Australia; the Ularring hematite project and the Moonshine magnetite project.

On behalf of the Board of Directors,

MACARTHUR MINERALS LIMITED

"Cameron McCall"

Cameron McCall, Chairman

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Caution Regarding Forward-Looking Statements

Certain of the statements made and information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable securities laws. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based upon information currently available to the Company. With respect to forward-looking statements contained in this press release, assumptions have been made regarding, among other things, the timely receipt of required approvals, the reliability of information, including historical mineral resource or mineral reserve estimates, prepared and/or published by third parties that are referenced in this press release or was otherwise relied upon by the Company in preparing this press release. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include fluctuations in exchange rates and certain commodity prices, uncertainties related to mineral title in the project, unforeseen technology changes that results in a reduction in iron ore demand or substitution by other metals or materials, the discovery of new large low cost deposits of iron ore, uncertainty in successfully returning the project into full operation, and the general level of global economic activity. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

Appendix 1 -- Macarthur Minerals 2016 Annual General Meeting -- Voting Results

   Number of proxy votes received Number of votes cast on a poll
Resolution  For Against Abstain# Total* For Against Total
1 Election of David Lenigas  61,244,697 6,175,027 23,375 67,419,724 61,482,172 6,175,027 67,657,199
 90.84% 9.16% - 100% 90.87% 9.13% 100%
2 Re-election of Alan Phillips  61,860,032 5,582,827 240 67,442,859 Passed on a show of hands
 91.72% 8.28% - 100%
3 Re-election of Cameron McCall  59,559,272 7,883,827 - 67,443,099 59,796,747 7,883,827 67,680,574
 88.31% 11.69% - 100% 88.35% 11.65% 100%
4 Re-election of David Taplin  57,317,857 7,884,727 240 65,202,584 59,795,607 7,884,727 67,680,334
 87.91% 12.09% - 100% 88.35% 11.65% 100%
5 Appointment of Canadian Auditors  65,658,488 5,464,427 240 71,122,915
Passed on a show of hands
 92.32% 7.68% - 100%
6 Approval of the Creation of Rare Earth Minerals as a New Control Person  46,464,672 5,978,427 - 52,443,099 Passed on a show of hands
 88.60% 11.40% - 100%
7 Amendment and Restatement of Employee Share Compensation Plan and Consultant Share Compensation Plan  57,971,097 9,448,627 23,375 67,419,724 58,208,572 9,448,627 67,657,199
 85.99% 14.01% - 100% 86.03% 13.97% 100%
8 Alternative Resolution for Share Compensation Plans^  60,167,922 7,251,802 23,375 67,419,724  
 89.24% 10.76% - 100%
9 Increase Number of Common Shares that may be Issued to Insiders Under the Share Compensation Plans  49,408,808 9,773,702 2,403,865 59,182,510 49,646,283 9,773,702 59,419,985
 83.49% 16.51% - 100% 83.55% 16.45% 100%

* Percentage figures are based on total number of shares voted.
# Abstains are not counted towards the total number of shares voted.
^ As Resolution 7 passed based on the number of proxies received, Resolution 8, an ordinary resolution which dealt with an alternative resolution for the Share Compensation Plans was not put to the Meeting.

A poll was conducted for resolutions 1, 3, 4, 7 and 9 as required under section 87(b) on the Ontario Securities Act.

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