Frontier Rare Earths Report of Voting Results at AGM
May 13, 2013 (Source: Frontier Rare Earths) — Frontier Rare Earths Limited (TSX: FRO) (“Frontier” or the “Company”) is pleased to advise, in accordance with section 11.3 of National Instrument 51-102 – Continuous Disclosure Obligations, of the following voting results from the Company’s Annual General Meeting held on May 10, 2013 in Luxembourg.
A total of 74,583,469 voting shares representing 83.28% of the Company’s issued and outstanding shares were voted in connection with the meeting. Shareholders voted in favour of the election of director nominees as follows;
|Nominee Votes For||Votes For||Percentage of total votes excluding non-votes|
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Shareholders voted in favour of all other items of business being
• The appointment of auditors
• The approval of the unconsolidated Luxembourg Gaap financial statements
• The Equity Compensation plan
• The changes to the articles of association required to allow the directors determine the number of nominees to put forward at each AGM and to allow the directors appoint addition directors between meetings.
• A proposal to allow the directors take all such action required to allow them set the date and time of the next AGM, including amending and re-stating the articles if necessary
About Frontier Rare Earths Limited (TSX: FRO): Frontier Rare Earths Limited (www.frontierrareearths.com) is a mineral exploration and development company principally focused on the development of rare earths projects in Africa. Frontier’s flagship asset is the Zandkopsdrift rare earth project, which is located in the Northern Cape Province of South Africa and is one of the largest, highest grade undeveloped rare earth deposits worldwide. Frontier has a direct 64% interest and an 85% economic interest in Zandkopsdrift following the acquisition by its strategic partner Korea Resources Corporation of an initial 10% interest in Zandkopsdrift. In March 2012 Frontier filed a Preliminary Economic Assessment (“PEA”) on the Zandkopsdrift project prepared in accordance with National Instrument 43-101. The results of the PEA indicated that the proposed development of the Zandkopsdrift Project is both technically feasible and economically robust with a low risk profile. In conjunction with the PEA a mineral resource estimate for Zandkopsdrift confirmed 42.5m tonnes at an average grade of 2.23% containing approximately 940,000 tonnes total rare earth oxides (applying a 1% cut-off) and with 78% of the mineral resource in the indicated category. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Fiona Harper, Pr.Sci.Nat, was the independent qualified person from Venmyn Rand (Pty) Ltd. responsible for the PEA. For additional quality assurance program and the quality control measures applied, as well as other relevant technical information in respect of the Zandkopsdrift project, please refer to our technical report entitled “Amended Independent Technical Report on the Results of a Preliminary Economic Assessment of Frontier Rare Earths Limited’s Zandkopsdrift Rare Earths Project, Located in the Northern Cape Province Of South Africa”, dated March 30, 2012, which is available on SEDAR at www.sedar.com.
Frontier is listed on the main board of the Toronto Stock Exchange and currently has 89,562,781 shares outstanding. Frontier is well funded, with approximately $47 million in cash (excluding amounts owing by Kores in respect of its obligation under the Strategic Agreement to pay 10% of all operating costs and expenses related to Zandkopsdrift from July 2012 onwards) and no debt, and this strong cash position is expected to be sufficient to fully fund the completion of Prefeasibility and Definitive Feasibility Studies on Zandkopsdrift and work on Frontier’s other proposed exploration and development programs.
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