Plexmar shareholders approve arrangement with Dia Bras

QUEBEC, QC, Oct. 29, 2012 /CNW/ - Plexmar Resources Inc. (TSX-V: PLE) ("Plexmar") announced today that Plexmar shareholders have approved a statutory plan of arrangement with Dia Bras Exploration Inc. (TSX: DIB) ("Dia Bras"). The arrangement was approved by the affirmative vote of approximately 85% of the votes cast by Plexmar shareholders and a related continuance resolution received the affirmative vote of approximately 91% of the votes cast.  The arrangement, which is subject to final court approval at a hearing to be held at 10:00 a.m (Toronto time) on November 13, 2012, and other customary closing conditions, is expected to close on November 14, 2012.

Pursuant to the arrangement that was announced on September 18, 2012, Dia Bras will acquire all of the outstanding common shares of Plexmar at a price of $0.01 per common share, payable in cash and subject to adjustment, as described in the definitive arrangement agreement entered into by Plexmar and Dia Bras.

At the annual and special meeting held today, Plexmar shareholders also voted to:

• Re-elect Guy Bédard, Kenneth B. Crema, Richard R. Faucher and Terence R. Ortslan to serve as directors of Plexmar until the next annual meeting of shareholders or until such director's successor is duly elected; and
• Re-appoint Samson Bélair / Deloitte Touche s.e.n.c.r.l., chartered accountants of Québec (Québec) as auditors for Plexmar until Plexmar's next annual shareholders' meeting or until a successor is nominated.

About Dia Bras

Dia Bras is a Canadian and Peruvian listed (TSX-V: DIB, BVL: DIB) exploration and mining company focused on precious and base metals in Chihuahua State, other areas of northern Mexico, and most recently at its Yauricocha silver-lead-zinc-copper-gold mine in Peru. The Company is accelerating exploration at the Yauricocha property as well as pursuing the development and exploration of its most advanced Mexican assets - the Bolivar Property (copper-zinc-silver) and the Cusi Property (silver-lead) and is exploring in Mexico several precious metal targets such as La Sidra gold project at the Bolivar Property, Las Coloradas silver project at Melchor Ocampo (Zacatecas State), the Bacerac silver project (Sonora State), and the La Verde gold project at the Batopilas Property (Chihuahua State).  Dia Bras is also exploring base metal projects in Mexico such as the Corralitos intrusion-hosted molybdenum deposit.

About Plexmar

Plexmar is a Canadian exploration company focused on acquiring, exploring and developing gold mineral properties. Its main asset is Bolsa del Diablo, a gold project in northern Peru, which covers an area of nearly 22,000 ha and is located near the border with Ecuador. In total, Plexmar owns 100% of 39 concessions and has the right to acquire 100% of 1 more concession through an option agreement.

Additionally, Plexmar owns the Malin Plant located 125 km northeast of Trujillo in northern Peru.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward-looking Statements

Except for statements of historical fact, all statements in this news release without limitation regarding new projects, acquisitions, future plans and objectives are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.

 

SOURCE: Plexmar Resources

For further information on Dia Bras Exploration Inc. visit www.diabras.com or contact:

Daniel Tellechea
President & CEO
Dia Bras Exploration Inc.
1 [phone] 

Matt Morrish
Director, Investor Relations
Dia Bras Exploration Inc.
1 [phone]

For further information on Plexmar Resources Inc. visit www.plexmar.com or contact:

Guy Bédard
President
Plexmar Resources Inc. 
1 [phone]