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LINCOLN SHAREHOLDERS REJECT BOARD

SPILL BID BY ASIAN INTERESTS

Shareholders in South Australian iron ore explorer, Lincoln Minerals Limited (ASX:
“LML”), have today outrightly rejected a bid by Singapore and Malaysia-based
investors to unseat the current Board and install their own directors.
Five resolutions tabled by major Lincoln shareholder, Mr Eng Hoe Lim, were all
rejected by the Company’s shareholders.
Mr Lim had sought to install himself and two other Singapore and Malaysia-based
investors, Mr Freddy Kah Hong Chan and Mr George Filmeridis, as Directors of
Adelaide-based Lincoln, and to remove current Directors, Mr Robert Althoff and Mr
Peter Cox.
The vote - at an Extraordinary General Meeting in Adelaide – paves the way for
Lincoln to focus fully on its active exploration schedules.
“This vote shows the faith that our shareholders have in the professional credentials
and mining industry experience of our current Board and management team,” Lincoln
Minerals’ Managing Director, Dr John Parker, said after the meeting.
“More importantly, it will allow us to really bed down significant exploration
programs underway on Eyre Peninsula, rather than be distracted, as we have been in
recent weeks, by having to defend the significant growth achievements made by the
current Board since the Company listed just 16 months ago.
“These have included the identification of significant iron ore exploration targets near
Port Lincoln, the discovery of lateritic nickel-cobalt near Cleve, uranium near Kimba
and the successful application for a $100,000 PACE grant to drill our Torrens
Project.”
The Company has a portfolio of iron ore, uranium, gold, base metal (lead-zinc-coppernickel-
silver) and Olympic Dam style iron oxide copper-gold-uranium projects
covering some 4,753 square kilometres of the Gawler Craton.
The portfolio includes the Gum Flat, Wanilla and Cummins iron ore projects, the
Cockabidnie nickel-cobalt project and Wilcherry uranium project – all on Eyre
Peninsula.
Drilling commenced last week at its uranium prospects near Wilcherry on northern
Eyre Peninsula, and next week will see the start to a major drilling campaign on
Lincoln’s flagship Gum Flat iron ore project near Port Lincoln.