Morien Receives First Minimum Royalty Payment from Vulcan Materials
Morien Receives First Minimum Royalty Payment from Vulcan
Materials
October 4, 2017 – Halifax, Nova Scotia – Morien Resources Corp. ("Morien" or the
"Company") (TSXV:MOX), today announced that it has received its first minimum royalty
payment of C$25,000 from Vulcan Materials Company (“Vulcan”), the owner of the Black Point
Aggregate Project (“Black Point”) in Guysborough County, Nova Scotia.
Morien is entitled to receive from Vulcan a C$25,000 payment per quarter, beginning on
September 30, 2017, until sales commence or until Vulcan’s Option to Lease or Lease on Black
Point is terminated (“Minimum Royalty”). The Minimum Royalty shall be increased or
decreased annually in accordance with changes to the PPI*, commencing July 1, 2018. All
Minimum Royalty payments shall be credited against future production royalty payments
payable to Morien.
* PPI: US Bureau of Labour Statistics Producer Price Index for crushed and broken granite.
About Black Point
Vulcan, the United States’ largest producer of construction aggregates, purchased Morie n’s
rights to Black Point in Q2-2014 for milestone payments totalling $1.8 million and an industry
competitive production royalty payable on all material sold from Black Point over the estimated
50-year life of the mine. The first milestone payment of $1,000,000 was paid on signing of the
agreement, a second payment of $400,000 was paid following the receipt of positive provincial
and federal environmental approvals for Black Point, and a final $400,000 payment is due upon
the completion of related and pending permitting agreements for Black Point. Upon
commencement of aggregate production, the production royalty payable to Morien is projected
to provide annual revenues between $100,000 and $750,000.
The provincial and federal environmental approvals for Black Point were granted to Vulcan in
Q2-2016 and provided the terms and conditions for the development of a large-scale, bulk
tonnage construction aggregates operation along the s outhern shore of Chedabucto Bay in
Guysborough County, Nova Scotia, for export via ocean going vessels, to the U.S. Eastern
Seaboard and Caribbean markets.
About Morien
Morien is a Canadian mining exploration and development company, focused on unique mineral
industry opportunities in North America with a strong cash position and two, long-life royalty
assets in Nova Scotia, Canada; the Donkin Coal Mine which entered production in Q1-2017; and
the Black Point Aggregate Project which is recently permitted and progressing toward a
development decision. Morien has 53,947,864 issued and outstanding common shares and a
fully diluted position of 57,614,614. 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 informati on
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 Morien’s annual information form filed with the Canadian Securities regulators on
SEDAR (www.sedar.com). 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 gold, 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 bu siness 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, 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) a ccepts responsibility for the
adequacy or accuracy of this release.
For more information, please contact:
John P.A. Budreski, President and CEO
Phone: (416) 930-0914
or
Dawson Brisco, P.Geo, VP Corporate Development
Phone: (902) 466-7255
www.MorienRes.com