MONTREAL, QUEBEC--(Marketwire - Oct. 31, 2012) - GeoMegA Resources Inc. ("GeoMegA" or the "Company") (GMA.V) announces the results of its Annual and Special Meeting, held yesterday in Lebel-sur-Quevillon, Quebec. Re-elected to the Board of Directors were: Patrick Godin, Mario Spino, Jean-Charles Potvin, Teodora Dechev, Rejean Talbot and Simon Britt. Mr. Patrick Godin has been re-appointed as Chairman of the Board.
In addition, the Company is pleased to report the re-appointment of PricewaterhouseCoopers, LLP, Chartered Accountants as auditors for the ensuing year.
Chief Financial Officer Appointment
The Company is pleased to welcome Mr. Erik H. Martin as Chief Financial Officer. Mr. Martin, CPA, CMA, has 19 years of financial disclosure and management experience with a focus on publicly listed resource companies.
Mr. Martin will be responsible for financial reporting. He replaces the position previously held on an interim basis by Mr. Mario Spino. Mr. Spino will continue to act as Director of the Company.
Stock Option Grant
Pursuant to the Company's Stock Option Plan, a total of 830,000 stock options at an exercise price of $0.42 per option have been granted to directors, officers and employees. The stock options have a five-year term.
The Montviel Rare Earths Elements/Niobium project benefits from public infrastructure and available labour in the immediate area. The project site is located approximately 100 km north of Lebel-sur-Quevillon (pop. 2,800) and 45 km west of the Cree First Nation of Waswanipi (pop. 1,800) in the southern, developed, part of Northern Quebec. Montviel has permanent access with a high capacity (oversize) logging road connecting to provincial highway 113. Montviel's initial NI 43-101 compliant resource calculation at a base cut-off grade of 1% TREO, released on September 29, 2011, totalled 183.9 Mt averaging 1.45% TREO (including 446 million kg of neodymium) in the Indicated resources category and 66.7 Mt averaging 1.46% TREO (including 160 million kg of neodymium) in the Inferred resources category.
A Preliminary Economic Assessment by G Mining Services Inc. is expected in the first quarter of CY2013. All infrastructures required for mining and processing of the ore should be located on site. Anticipated project energy will be provided by a 45 km long power line connected to the Hydro-Quebec distribution network.
NI 43-101 Disclosure
Alain Cayer, Geo., MSc., VP-Exploration, is the Qualified Persons who supervised the disclosure of the technical information presented in the "About Montviel" section of this news release.
About GeoMegA (ressourcesgeomega.ca)
GeoMegA, which owns 100% of the Montviel Rare Earths/Niobium project, is a Quebec mineral exploration company focused on finding economically viable deposits of Minor Metals in Quebec. GeoMegA is committed to meeting Canadian mining industry standards and distinguishing itself with its expertise, know-how and its support and respect for local communities and the environment.
29,274,113 common shares of GeoMegA are currently issued and outstanding.
/s/ "Simon Britt"
Chief Executive Officer
Cautions Regarding Forward-Looking Statements
This news release contains forward-looking statements regarding our intentions and plans. The forward-looking statements that are contained in this news release are based on various assumptions and estimates by the Company and involve a number of risks and uncertainties. As a consequence, actual results may differ materially from results forecast or suggested in these forward-looking statements and readers should not place undue reliance on forward-looking statements. We caution you that such forward-looking statements involve known and unknown risks and uncertainties, as discussed in the Company's filings with Canadian securities agencies. Various factors may prevent or delay our plans, including but not limited to, contractor availability and performance, weather, access, mineral prices, success and failure of the exploration and development carried out at various stages of the program, and general business, economic, competitive, political and social conditions. The Company expressly disclaims any obligation to update any forward- looking statements, except as required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
President and CEO