Morien Announces Kameron Collieries Decision to Place Donkin Mine on Care and Maintenance
Morien Announces Kameron Collieries Decision to Place Donkin Mine
on Care and Maintenance
March 30, 2020 – Halifax, Nova Scotia – Morien Resources Corp. ("Morien" or the "Company")
(TSXV:MOX), has announced that Kameron Collieries ULC (“Kameron”), owner and operator of
the Donkin Coal Mine (“Donkin” or the “Mine”) in Cape Breton, Nova Scotia, has decided to
place the Donkin Mine on care and maintenance. Kameron has issued a public media statement
which is provide below. Morien will provide more information as it becomes available.
Kameron Collieries Media Statement
Kameron Collieries ULC, owner and operator of the Donkin coal mine has decided to cease
production operations due to adverse geologic conditions in the mine.
Following a roof fall in the “Tailgate ” section of the mine on February 13 th, Nova Scotia’s
Department of Labour and Advanced Education (NSDLAE), suspended operations at Donkin
pending an assessment of conditions and proposed remediation plans. No one was injured in the
roof fall. The mine will not be sealed but maintained by a small staff to ventilate and keep the
facility dewatered.
The company is disappointed these circumstances compelled them to make this decision and
wishes to thank its dedicated workforce a nd the local community who supported this important
investment in the region.
About Morien
Morien is a Canadian based, dividend paying, mining development company that holds royalty
interests in two tidewater accessed projects. Prior to being placed on care and maintenance the
Donkin Coal Mine commenced production in 2017 and the Black Point Aggregate Project is
progressing toward a development decision. 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. Morien has 52,862,114 issued
and outstanding common shares and a fully diluted position of 55,592,114. 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. Mori en 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
Morien’s annual information form filed with the Canadian Securities regulators on SEDA R
(www.sedar.com) on April 26, 2016. 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 pr operties 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 gen eral
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 pr oduction, 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 cla ims 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 C anadian 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