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Selwyn Resources Says All Of Its Board Nominees Elected; Corporate Update In The Works

Selwyn Resources (CVE:SWN) says that each of its director nominees were elected to its board of directors at the company's annual and general special meeting of shareholders, who voted against the voluntary liquidation of the company.

In a statement released Tuesday, Selwyn said that following a thorough review of the company by its new board, it plans to provide a general corporate update.

Last week, Selwyn announced the repayment of its loan with Waterton Global Value, L.P., with the news coming just days after the Vancouver-headquartered base metals and exploration and development company announced that it had completed the sale of its remaining interest in the Selwyn project in the Yukon to Chihong Canada Mining.

Upon the transaction closing, Selwyn Resources received $40 million in cash from Chihong Canada, which constituted the balance of the $50 million purchase price.

The announcement also came the day after the company unveiled an updated and improved preliminary economics report for its ScoZinc mine in Nova Scotia, which it is now focused on restarting. Selwyn had said that dependent on the results of the company's annual and special meeting that just passed, the $50 million arising from the sale of the Selwyn project is earmarked to be spent on restarting production at the ScoZinc zinc-lead project.

The company took the step of improving the economics of the mine ahead of the meeting, with lower operating costs and a higher net present value.

It released the results of the preliminary economic assessment (PEA) for the Atlantic Canada mine last Tuesday, updated from the prior report released at the end of 2012. The newest report includes an expansion of the mine plan, and new metallurgical data based on additional engineering undertaken in the first quarter of 2013.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.