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Piedmont Mining Company Reports on Annual Meeting of Stockholders
RENO, Nev.-(Business Wire)-August 27, 2008 - Piedmont Mining Company, Inc. (OTC BB: PIED) held its annual meeting of stockholders on Monday, August 25, 2008 in Sacramento, California. Proxies representing approximately 63% of the outstanding shares were returned and voted at the meeting. Accordingly, a quorum was established for the transaction of business.
More than 99.6% of the proxies returned voted in favor of the five Directors standing for re-election, an overwhelming show of support for management. Likewise, more than 99.6% of the proxies returned also voted in favor of the appointment of Dale Matheson Carr-Hilton LaBonte LLP as the Company’s independent registered public accounting firm for its next fiscal year.
Since two-thirds of the shareholders were required to vote in favor of reincorporating the Company in Nevada and proxies representing only 63% of the shares were returned, the Company will remain a North Carolina corporation.
The currently depressed market conditions for junior gold stocks were discussed as well as the acute shortage of physical gold and silver.
Piedmont is an exploration-stage company, exploring for gold and silver in Nevada. It has entered into agreements with experienced and respected exploration groups on 7 properties in Nevada. It participates through funding exploration costs utilizing highly skilled people only on an as needed basis thus minimizing G&A costs. It can drop properties that don’t meet expectations. The Company’s Common Stock is traded on the OTC Bulletin Board under the symbol: PIED.
FORWARD-LOOKING STATEMENTS: “Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements relating to the company’s business activities and other statements in this press release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. and are based on current expectations. Words such as expects, anticipates, intends, plans, believes, estimates and similar words and expressions are intended to identify such forward-looking statements that involve risks difficult to evaluate. Actual results can vary due to many factors such as changes in metal prices, business conditions, the competitive environment, laws and regulations; problems encountered in exploration and obtaining permits; technological advances; shortages of skilled workers, drill rigs and equipment; the need for additional capital and other risks listed in the Company’s Securities and Exchange Commission filings under "risk factors" and elsewhere. Forward-looking statements speak only as of the date they were made. The Company does not undertake any obligation to update forward-looking statements.
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