MacDonald Mines Initiates Shareholder Rights Plan
Published : March 17, 2011
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Keywords :   Chrome | Copper | Market | Nickel | Vanadium |

TORONTO, ONTARIO--(Marketwire - March 17, 2011) - MacDonald Mines Exploration Ltd. (News - Market indicators) ("MacDonald" or the "Company") announces that its Board of Directors (the "Board") approved the adoption of a shareholder right plan (the "Plan") dated March 17, 2011. The purpose of the Plan is to provide both shareholders and the Board sufficient time to adequately consider a take-over bid and to allow for competing and alternative proposals to emerge during the period between the announcement of the proposed take-over bid and the period of review allowed within the Plan. The Plan is similar to those adopted by other Canadian public companies, and MacDonald is currently unaware of any party contemplating or preparing a proposal to acquire control of the Company. The Board had previously approved the adoption of a shareholder rights plan on August 6, 2010, which plan terminated on February 6, 2011.

At the close of business on March 17, 2011, existing shareholders of the Company were granted Rights to acquire additional common shares. The Rights were granted for no cash. These Rights are attached to each share as long as the Plan remains in effect. Each subsequent shareholder who invests in the Company's common shares will also be entitled to the Rights for no consideration.

The value of these Rights are that they allow shareholders, other than the take-over bidder, to purchase, at the Exercise Price one common share of the Company for each common share held. This Right is triggered only if a party attempts to acquire 20% or more of the outstanding shares of the Company and this proposed acquisition does not meet the Permitted Bid requirements set forth within the Plan. Under the Plan, bids that meet certain requirements intended to protect the interests of all Shareholders are deemed to be Permitted Bids. Permitted Bids must remain open for 60 days and must be made by way of a take-over bid circular prepared in compliance with applicable securities laws.

The Board's approval of the Plan is subject to the TSX Venture Exchange's acceptance and will remain in place for six months. It is the Company's intention to seek approval of the Plan from the shareholders at the next Annual and Special meeting of shareholders to be held on or prior to June 30, 2011. 

All capitalized terms within this press release without definition have the meanings attributed to them in the Plan. The shareholder rights plan will be available on SEDAR shortly for those shareholders who wish to view the document in its entirety.

About MacDonald Mines Exploration Ltd.

MacDonald is a mineral exploration company with an established exploration history in the Canadian Northlands. MacDonald has set upon a strategic direction of exploration with particular focus on nickel, vanadium, chrome, copper and zinc in the "Ring of Fire" area of the James Bay Lowlands of Northern Ontario.

As detailed in the Company's recent press releases, MacDonald has multiple mineral plays across multiple properties in the James Bay Lowlands. On its Butler Property, new volcanogenic massive sulphide (VMS) mineralization of substance has been discovered. Four VMS mineralized greenstone fold limbs, all of which have now yielded VMS mineralization over a potential cumulative strike length of approximately 20 kilometres, have been identified and the Butler Property has the potential to host a new VMS camp with characteristics similar to those seen at Matagami or Noranda in Quebec.

MacDonald's highly prospective Semple-Hulbert Property contains very conductive and discrete targets within a layered magnetic structure, which is typical of magmatic massive sulphides containing nickel. The Semple-Hulbert appears to have the potential to host a Voisey's Bay-type nickel deposit.

The Company's Sanderson Property exhibits high-priority nickel and copper targets with geological and geophysical signatures similar to the significant chrome discoveries of Freewest and KWG Spider.

Administration

On March 17, 2011, a total of 750,000 stock options were issued to directors and consultants of the Company in accordance with the terms of the incentive stock option plan of the Company filed with the TSX Venture Exchange and approved by shareholders of the Company on June 17, 2010. The options are exercisable at a price of $0.16 per share for a period of five years.

The Company wishes to clarify its February 16, 2011 press release and note that the expiry date for the 10,935,000 stock options issued at a price of $0.15 per share will be on February 16, 2016.

More detailed information is available on the website at www.macdonaldmines.com.

Cautionary Statement:

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 MacDonald Mines Exploration Ltd. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from MacDonald Mines plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by MacDonald Mines with the TSX Venture Exchange and securities regulators. MacDonald Mines does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

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.

MacDonald Mines Exploration Ltd.
Brent Nykoliation
Vice President, Business Development
(800) 818-5442 or (416) 364-4986
(416) 364-2753 (FAX)
or
MacDonald Mines Exploration Ltd.
Quentin Yarie, P.Geo
Vice President, Exploration
(800) 818-5442 or (416) 364-4986
(416) 364-2753 (FAX)
or
MacDonald Mines Exploration Ltd.
Kirk McKinnon
President & CEO
(800) 818-5442 or (416) 364-4986
(416) 364-2753 (FAX)
info@macdonaldmines.com
www.macdonaldmines.com

MacDonald Mines Exploration Ltd

EXPLORATION STAGE
CODE : BMK.V
ISIN : CA5543243011
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MacDonald Mines is a silver and gold exploration company based in Canada.

MacDonald Mines holds various exploration projects in Canada.

Its main exploration properties are WORTHINGTON, BIG MAC/MACNUGGET, SPIDER #3 (MCFAULD'S LAKE), MCFAULD'S LAKE - MACDONALD and CASSON LAKE / BRUNNE STRINGER in Canada.

MacDonald Mines is listed in Canada and in United States of America. Its market capitalisation is CA$ 2.1 millions as of today (US$ 1.5 millions, € 1.4 millions).

Its stock quote reached its highest recent level on November 22, 1996 at CA$ 7.30, and its lowest recent point on December 09, 2022 at CA$ 0.01.

MacDonald Mines has 60 000 000 shares outstanding.

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Financings of MacDonald Mines Exploration Ltd
11/8/2012Announces Brokered Private Placement
Nominations of MacDonald Mines Exploration Ltd
10/1/2013Appoints Officers
9/13/2013. Announces Resignation of President and CEO
Project news of MacDonald Mines Exploration Ltd
8/11/2009(Mcfauld's Lake - Macdonald)James Bay Property Status and Exploration Update
4/30/2008 Adds to Land Position in James Bay Lowlands; Additional Air...
3/31/2008(Big Mac/macnugget)2,500 Metre Drill Program Underway on Big Mac Property in Ja...
3/13/2008(Big Mac/macnugget)Defines a 20km-Long Zone with Multiple Magnetic and/or Elect...
2/21/2008(Big Mac/macnugget)Intersects 112 Meters Assaying 0.18% Nickel on James Bay Low...
1/21/2008(Big Mac/macnugget) Completes First Phase of Drill Program at McNugget and Join...
Corporate news of MacDonald Mines Exploration Ltd
12/23/2015MacDonald Mines Provides Update on Audit
9/4/2015MacDonald Mines Announces Audit
2/23/2015MacDonald Mines Exploration to Exhibit at the 2015 PDAC Inte...
7/7/2014MacDonald Mines Exploration Announces Results from its Annua...
8/7/2013Announces Fall Drill Program & Results from Spring Explorati...
7/10/2013Announces Results of Annual General Meeting
5/31/2013Announces Proposed Consolidation and Advance Notice Provisio...
5/31/2013Announces Proposed Consolidation and Advance Notice Provisio...
2/21/2013Commences Drilling in James Bay's Ring of Fire
1/9/2013Readies Drill Program on Butler Property in 'Ring of Fire,' ...
9/12/2012VMS Discovery Leads Exploration Program to Larger Target and...
7/20/2011Announces Results of Annual and Special Meeting of Sharehold...
7/4/2011Closes Private Placement with HudBay Minerals and MineralFie...
6/6/2011Announces VMS Assay Results from Butler Lake Project in Ring...
5/10/2011Completes Winter Program at Butler Lake-Assays Pending; Dril...
3/17/2011Initiates Shareholder Rights Plan
2/16/2011Signs Exploration Agreement with Kasabonika Lake First Natio...
9/22/2008Recommences Drilling Program on 5 Project Areas in Ring of F...
6/19/2008Named to 2008 TSX Venture 50(TM)
5/1/2008 with Co-Discoverer of Voisey’s Bay Adds Key Ground in th...
2/15/2008Announces Agreement with MacDonald Mines Exploration Ltd.
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