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.
LML Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
