Donkin Mine Regulator Approves Phase II Report
Donkin Mine Regulator Approves Phase II Report
HALIFAX, Nova Scotia, March 14, 2024 -- Morien Resources Corp. (" Morien" or the " Company") (TSX-V:MOX), today
provides an update on the Donkin Coal Mine (“Donkin” or the “Mine”) in Nova Scotia, owned and operated by Kameron
Collieries (“Kameron”), upon which Morien has a 2% to 4% royalty interest.
The Nova Scotia Department of Labour, Skills and Immigration (“LSI”), a provincial regulator for the Donkin Mine (“Donkin” or
the “Mine”), concluded its review of an independent engineer’s report on tunneling and ground control plans at Donkin.
As stated by LSI – “After a thorough internal review and consulting with third-party experts to ensure recommendations have
been satisfied, the Department has lifted the existing Compliance Order. The company can now reopen for year-round
operation if it chooses to do so.”
Today’s news follows Kameron’s decision on November 10, 2023, to lay off its remaining hourly workforce at the Mine and to
place the operation into an idled state with no timeline to resume operations. This decision was made in consideration of a
prolonged Stop Work Order (“SWO”), and associated Compliance Order, in effect since July 15, 2023, put in place by LSI in
response to a roof fall incident on July 15, 2023, where no one was injured, nor any equipment damaged.
Morien is of the opinion that any potential return to production at Donkin is not conditioned solely upon the lifting of the
Compliance Order, but will be contingent, in part, on improving certain regulatory-related processes that ensure long-term,
stable production.
Morien will continue to work diligently to advocate for a potential return to production and will provide further updates to its
shareholders and investors as to the status of operations at the Mine as they become available.
About Morien
Morien is a Nova Scotia based, mining development company created in 2012 to be a vehicle of direct prosperity for Nova
Scotians, its largest shareholder group. Led by Nova Scotians, Morien’s primary assets are a royalty on the sale of coal from
the Donkin Mine in Cape Breton, Nova Scotia, and a royalty on the sale of crushed stone from the permitted Black Point
Quarry Project, in Guysborough County, Nova Scotia. Morien’s management team exercises ruthless discipline in managing
both the assets and liabilities of the Company. The Company’s management and its Board of Directors consider shareholder
returns to be paramount over corporate size, number or scale of assets and industry recognition. The Company has
51,292,000 issued and outstanding common shares and a fully diluted position of 53,992,000. Further information is available
at www.MorienRes.com.
Forward-Looking Statements
Some of the statements in this news release may constitute "forward-looking information" as defined under applicable
securities laws. These statements reflect Morien's current expectations of future revenues and business prospects and
opportunities and are based on information currently available to Morien. Morien cautions that actual performance will be
affected by a number of factors, many of which are beyond its control, and that future events and results may vary
substantially from what Morien currently foresees. Factors that could cause actual results to differ materially from those in
forward-looking statements include risks and uncertainties described in documents filed by Morien with the Canadian
securities regulators on SEDAR+ (www.sedarplus.ca) from time to time. Morien cautions that its royalty revenue will be based
on production by third party property owners and operators who will be responsible for determining the manner and timing for
the properties forming part of Morien’s royalty portfolio. These third party owners and operators are also subject to risk factors
that could cause actual results to differ materially from those predicted herein including: volatility in financial markets or
general economic conditions; capital requirements and the need for additional financing; fluctuations in the rates of exchange
for the currencies of Canada and the United States; prices for commodities including coal and aggregate; unanticipated
changes in production, mineral reserves and mineral resources, metallurgical recoveries and/or exploration results; changes in
regulations and unpredictable political or economic developments; loss of key personnel; labour disputes; and ineffective title
to mineral claims or property. There are other business risks and hazards associated with mineral exploration, development
and mining. Although Morien believes that the forward-looking information contained herein is based on reasonable
assumptions (including assumptions relating to economic, market and political conditions, the Company’s working capital
requirements and the accuracy of information supplied by the operators of the properties in which the Company has a royalty
interest), readers cannot be assured that actual results will be consistent with such statements. Morien expressly disclaims
any intention or obligation to update or revise any forward-looking information in this news release, whether as a result of new
information, events or otherwise, except in accordance with applicable securities laws. All dollar values discussed herein are in
Canadian dollars. Any financial outlook or future-oriented financial information in this news release, as defined by applicable
securities laws, has been approved by management of Morien as of the date of this news release. Such financial outlook or
future-oriented financial information is provided for the purpose of providing information about management's current
expectations and plans relating to the future. Readers are cautioned that such outlook or information should not be used for
purposes other than for which it is disclosed in this news release.
Neither the 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.
For more information, please contact:
Dawson Brisco, President & CEO
Phone: (902) 403-3149
or
John P.A. Budreski, Executive Chairman
Phone: (416) 930-0914
www.MorienRes.com