VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/24/13 -- Homestake Resource Corporation ("Homestake") (TSX VENTURE: HSR)(FRANKFURT: B6IH) announces that its board of directors has approved an advance notice policy (the "Policy") for the purpose of providing shareholders, directors and management of Homestake with a clear framework for nominating directors. The Policy is designed to further Homestake's commitment to: (i) facilitating an orderly and efficient annual general or, where the need arises, special meeting, process; (ii) ensuring that all shareholders receive adequate notice of the director nominations and sufficient information regarding all director nominees; and (iii) allowing shareholders to register an informed vote after having been afforded reasonable time for appropriate deliberation.
The Policy contains a provision requiring advance notice to Homestake in certain circumstances where shareholders of Homestake nominate individuals for election to the board of directors. The Policy establishes deadlines by which director nominations must be submitted to Homestake prior to any annual or special meeting of shareholders and also outlines the information that must be included in the notice to Homestake for an effective nomination to occur.
The deadline for notice to Homestake in the case of an annual meeting of shareholders is not less than 30 days nor more than 65 days prior to the date of the annual meeting; provided, however, that in the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement.
In the case of a special meeting (which is not also an annual meeting) of shareholders called for the purpose of electing directors (whether or not called for other purposes), the deadline for notice to Homestake is no later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.
The Policy is effective as of January 23, 2013. The full text of the Policy is available via SEDAR at www.sedar.com or upon request of Homestake's Corporate Secretary at (604) 684-9384.
About Homestake Resource Corporation
Homestake owns a 100 percent interest in the Homestake Ridge project, located in the Kitsault Mineral district in northwestern British Columbia. The project is being advanced as a potential high-grade underground mining operation. At a 3.0g/t AuEq cut-off and based on drilling completed through 2010, the project contains an estimated NI43-101 compliant Indicated Resource of 191,000oz gold and 1,350,000 oz silver (215,500oz AuEq) plus an Inferred Resource of 530,000 oz gold and 13,470,000oz silver (775,900oz AuEq)(1) at the Main Homestake and Homestake Silver deposits.
To date, 251 holes were drilled for a total of 70,533 metres, and multiple exploration targets remain to be tested on the large 2585-hectare property. Agnico-Eagle has assumed project management under an option agreement to fund exploration and development costs of $25.3 million over a 5-year period to earn a 65% interest in the property.
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