Investors in the ScoZinc mine in Gays River said Tuesday all aspects of a plan to reboot the operation are under review.

Board members of Selwyn Resources Ltd. agreed to the move after voting down a controversial proposal to liquidate the company and sell the shuttered Colchester County mine.

“It’s impossible to comment on the future of the mine at this point, as the strategic review will consider all factors,” Ben Cubitt, a newly elected member of the board, said after the company’s annual general meeting in Vancouver.

Cubitt is affiliated with Samara Capital Inc., the Toronto firm and Selwyn investor that pushed for liquidation.

Samara Capital and some other investors wanted to distribute to shareholders $40 million generated by the sale of Selwyn’s half interest in a project in northern Canada.

Selwyn previously planned to put the $40 million toward the cost of restarting ScoZinc.

Current management at Selwyn, including president and chief executive officer Harlan Meade, remains in place following the annual general meeting. Meade was unavailable for comment, with his office reporting he had departed for vacation for a couple of weeks.

There is a new board of directors in place with a plan to complete a strategic review as soon as possible.

“The review is underway as we speak,” Cubitt said.

The ScoZinc mine closed when zinc and lead prices tumbled during the 2008-09 global financial crisis and the automobile sector in the United States and Canada sank into financial despair.

Selwyn bought the mine in 2011 for $10 million and said a resumption of production would be linked to an anticipated recovery of international zinc and lead prices.

Zinc and lead prices traditionally move in sync with the health of the automobile sector, according to many analysts.

After weeks of speculation about the company’s future, the proposal to liquidate Selwyn Resources was rejected by shareholders representing an 87 per cent interest in the business.

“Following a thorough review of the company by the new board of directors, the company plans to provide a general corporate update in due course,” said a Selwyn news release.

“The company is also reporting that shareholders did not vote in favour of the voluntary liquidation of the company.”