Homestake Resource Corporation Adopts Advance Notice Policy for Director Nominations
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/24/13 -- Homestake Resource Corporation ("Homestake") (TSX VENTURE: HSR)(FRANKFURT: B6IH) announces that its board of directors has approved an advance notice policy (the "Policy") for the purpose of providing shareholders, directors and management of Homestake with a clear framework for nominating directors. The Policy is designed to further Homestake's commitment to: (i) facilitating an orderly and efficient annual general or, where the need arises, special meeting, process; (ii) ensuring that all shareholders receive adequate notice of the director nominations and sufficient information regarding all director nominees; and (iii) allowing shareholders to register an informed vote after having been afforded reasonable time for appropriate deliberation.
The Policy contains a provision requiring advance notice to Homestake in certain circumstances where shareholders of Homestake nominate individuals for election to the board of directors. The Policy establishes deadlines by which director nominations must be submitted to Homestake prior to any annual or special meeting of shareholders and also outlines the information that must be included in the notice to Homestake for an effective nomination to occur.
The deadline for notice to Homestake in the case of an annual meeting of shareholders is not less than 30 days nor more than 65 days prior to the date of the annual meeting; provided, however, that in the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement.
In the case of a special meeting (which is not also an annual meeting) of shareholders called for the purpose of electing directors (whether or not called for other purposes), the deadline for notice to Homestake is no later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.
The Policy is effective as of January 23, 2013. The full text of the Policy is available via SEDAR at www.sedar.com or upon request of Homestake's Corporate Secretary at (604) 684-9384.
About Homestake Resource Corporation
Homestake owns a 100 percent interest in the Homestake Ridge project, located in the Kitsault Mineral district in northwestern British Columbia. The project is being advanced as a potential high-grade underground mining operation. At a 3.0g/t AuEq cut-off and based on drilling completed through 2010, the project contains an estimated NI43-101 compliant Indicated Resource of 191,000oz gold and 1,350,000 oz silver (215,500oz AuEq) plus an Inferred Resource of 530,000 oz gold and 13,470,000oz silver (775,900oz AuEq)(1) at the Main Homestake and Homestake Silver deposits.
To date, 251 holes were drilled for a total of 70,533 metres, and multiple exploration targets remain to be tested on the large 2585-hectare property. Agnico-Eagle has assumed project management under an option agreement to fund exploration and development costs of $25.3 million over a 5-year period to earn a 65% interest in the property.
Homestake holds an option to acquire a 100% interest in the 623-square-kilometre Kinskuch project, located adjacent to, and to the southeast of, the Homestake Ridge project. Diamond drilling along the Illiance trend on the Kinskuch property during 2011 was successful in intersecting high-grade silver/lead/zinc VMS mineralization in three of four holes. Surface soil and rock-chip sampling along the trend in 2012 extended mineralization to a 4.5 kilometre strike-length; Homestake will be aggressively exploring this trend in 2013.
Homestake owns a 10.19 percent equity interest in Bravada Gold Corporation (TSX VENTURE: BVA) which is exploring and developing numerous gold/silver projects in several of Nevada's prolific gold belts. At the advance-stage Wind Mountain project, BVA has received a positive PEA from an independent engineering company for an open-pit/heap-leach operation. Bravada is currently conducting additional exploration at Wind Mountain under a funding and option agreement with Argonaut Gold Corporation.
ON BEHALF OF THE BOARD
Joseph A. Kizis, Jr., President and Director
1. The current estimate was prepared by Roscoe Postle Associates Inc.
(RPA). Mineral Resources on the Main Homestake deposit were estimated
previously in 2010 using a block model constrained by 3D wireframes of
the mineralized zones. Mineral Resources on the Homestake Silver deposit
were estimated in 2011 using a block model constrained by pierce points
projected to 2D surfaces. The Main Homestake block model comprised an
array of blocks measuring 5 m x 5 m x 5 m, with grades for Au, Ag, and
Cu interpolated using ID3 weighting. The Homestake Silver block model
comprised an array of blocks measuring 10m x 10m. At a 3.0g/t AuEq. cut-
off, the models identified an indicated resource of 888,000 tonnes
averaging 6.7g/t Au, 47.2g/t Ag and 0.15% Cu and a cumulative inferred
resource of 4,060,000 tonnes averaging 4.3g/t Au, 158g/t Ag.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for the company's projects, and the availability of financing for the company's development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Homestake Resource Corporation does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
Neither 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.
Contacts:
Homestake Resource Corporation
Liana Shahinian
1-888-456-1112 or 604-641-2773
liana@mnxltd.com
www.homestakeresource.com