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Balmoral Reports Results From 2013 Annual General Meeting

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Balmoral Reports Results From 2013 Annual General Meeting






Balmoral Resources Ltd. (TSX VENTURE:BAR)(OTCQX:BALMF) today reported that the shareholders of the Company have ratified the Advance Notice Policy previously enacted by the Board of Directors at the Company’s recently completed annual general meeting. In addition, the shareholders approved the necessary alterations to the Articles of the Company to facilitate the inclusion of the advance notice provisions.

The shareholders also re-approved the Company’s Stock Option Plan and certain amendments to said plan, approved the re-appointment of Smythe Ratcliffe, Chartered Accountants, as the auditors of the Company for the fiscal year ending December 31, 2013 and re-elected all current members of the Board of Directors of the Company (Hendrik Van Alphen, Lawrence Talbot, Gordon Neal and the Company’s President & CEO, Darin Wagner). Over 92% of votes cast were cast in favour of all motions.

The Advance Notice Policy and the Advance Notice Provisions provide shareholders, directors and management of the Company with a clear framework for nominating directors of the Company. Among other things, the Advance Notice Policy and the Advance Notice Provisions fix a deadline by which holders of record of Common Shares must submit director nominations to the secretary of the Company prior to any annual or special meeting of shareholders and set forth the specific information that a shareholder must include in the written notice to the secretary of the Company for an effective nomination to occur.

Detailed voting results on all resolutions submitted to the shareholders at the 2013 annual general meeting are contained in the “Report of Voting Results” which is available under the Company’s profile on SEDAR ( or upon request by contacting the Company’s Corporate Secretary at (604) 638-3664.

Corporate Update

Balmoral continues to have a strong working capital position of over $10.0 million dollars. In recognition of the continued difficulties in the junior resource industry, management and the Board of Directors of the Company have undertaken an austerity program which is designed to reduce the overhead of the Company, on a go forward basis, by a minimum of 20% without affecting the current exploration plans.

Initial plans are now in place for the summer 2013 exploration program on the Company’s Detour Trend Gold Project in Quebec. The Board of Directors has approved an exploration budget of $3.8 million dollars for the balance of the 2013 calendar year, which is in keeping with the Company’s current flow-through financing commitments for 2013. After a highly successful expansion program completed during the winter of 2013 on the Company’s Martiniere Property, the summer 2013 program will focus on the further delineation and expansion of the Company’s high-grade gold discoveries at Martiniere and on continued advancement of a number of high-priority targets throughout the 650 square kilometre Detour Gold Trend Project area, including discoveries in the Grasset and Detour East areas.

Geophysical and geochemical crews will be mobilized to the Martiniere Property over the next 2-3 weeks with drilling anticipated to commence in mid-July and continue through the summer months. The goal is to complete between 12,000 and 15,000 metres of drilling between July and early October.

GTA Resources and Mining Inc. has advised the Company that its Phase 4 drilling program on the Company’s Northshore Property in Ontario has now been completed. Results from three additional holes are now pending, including an initial test of the former producing Northshore Mine system.

About Balmoral Resources Ltd

Balmoral is a Canadian-based precious metal exploration and development company focused on high-grade gold discoveries along the Detour Gold Trend in Quebec, Canada. With a philosophy of creating value through the drill bit and with a focus on proven productive precious metal belts, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery and definition of high-grade, Canadian gold assets.

Posted June 19, 2013

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