HALIFAX, NOVA SCOTIA--(Marketwire - Mar 20, 2013) - Further to our March 18, 2013 press release, Morien Resources Corp. ("Morien" or the "Company") (TSX VENTURE:MOX) is responding to Xstrata Coal''s ("Xstrata") announcement today that it has been unable to find a third party buyer for its 75% stake in the Donkin Coal Project.
Prior to Xstrata''s April 26, 2012 announcement of its intention to sell its 75% interest, Morien designed a strategy regarding Xstrata''s prospective sale and this recent development was anticipated and incorporated into that strategy. Morien has been working with a selection of prospective operating, marketing, coal purchasing and financial partners. Morien and its team will now vigorously pursue this path for the purchase of Xstrata''s 75% interest. Morien looks forward to working with Xstrata and the Province of Nova Scotia to bring this sale process to a successful conclusion.
Morien is a Canadian company engaged in resource development and its principal asset is a 25% interest in the Donkin Coal Project in Nova Scotia. Morien has 4,901,976 options outstanding and 49,256,240 issued and outstanding common shares. Further information is available at www.morienres.com.
This news release may contain forward looking statements based on assumptions and judgments from management regarding future events or results that may prove to be inaccurate as a result of exploration, development and other risk factors.
- Mergers, Acquisitions & Takeovers
- Xstrata Coal