Toronto, Ontario / ACCESSWIRE / April 21, 2014 / Noble Mineral Exploration Inc. (the "Company", "Noble" or "NOB") (TSX-V:NOB, FRANKFURT:NB7, OTC.PK:NLPXF) is pleased to announce that shareholders at the re-convened annual and special meeting of shareholders held on April 17, 2014, shareholders overwhelmingly approved the sale of the timber and surface rights of Block A of Project 81. The transaction was approved by a vote of 58,325,801 shares voted in favour (94.63%) of the transaction, with 3,310,000 shares having been voted against (5.37%). The purchase price for the property and related assets being sold is $6.8 million, Noble will retain the mineral rights to Block A of Project 81 and a 50% net royalty on carbon credit revenue from Block A of Project 81. Further details of the transaction are available in the information circular and notice of adjournment and addendum prepared and filed by the Company for the meeting of shareholders.
Block A of Project 81 is approximately 145,000 acres or 58,000 hectares in size, is located in the Timmins area of Northern Ontario and makes up the substantial portion of Project 81.
The transaction remains subject to final approval from the TSX Venture Exchange. The parties are working to close the transaction as soon as possible following receipt of that approval.
"We are extremely pleased that this transaction will now proceed." stated Mr. Vance White, President of Noble. "We acquired Project 81 two and a half years ago for $6.5 million. The purpose of the acquisition was to secure the project's mineral wealth potential - rights we have retained and will now seek to more thoroughly explore. We thank everyone involved and look forward to the successful completion of this transaction."
About Noble Mineral Exploration Inc.:
Noble Mineral Exploration Inc. is a Canadian based junior exploration company holding in excess of 72,000 hectares of property in the Timmins, Iroquois Falls and Smooth Rock Falls areas of Northern Ontario. The Company also holds a portfolio of diversified exploration projects at various stages of exploration Gold in the Wawa area of Northern Ontario, and Uranium in Northern Saskatchewan. More detailed information is available on the website at www.noblemineralexploration.com
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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
The foregoing information may contain forward-looking statements relating to the future performance of Noble Mineral Exploration Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company's plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. Noble Mineral Exploration Inc. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
H. Vance White, President
Email: [email protected]
Email: [email protected]
SOURCE: Noble Mineral Exploration Inc.