Alabama Graphite Corp. Announces Appointment of Chief Financial Officer and Publication Date for Preliminary Economic Assessment
October 22, 2015 (Source: Marketwired) — Advancing the only Flake Graphite Project in the Contiguous United States of America
Alabama Graphite Corp. (“AGC” or the “Company“) (TSX VENTURE:ALP) (OTCQX:ABGPF) (FRANKFURT:1AG) is pleased to announce the appointment of Douglas C. Bolton, CPA, CA as Chief Financial Officer, effective immediately. Additionally, AGC announces that it intends to file the National Instrument 43-101 (“NI 43-101”) Preliminary Economic Assessment technical report for the Company’s flagship 100%-owned Coosa Graphite Project, located in Coosa County, east-central Alabama, USA, on SEDAR (www.sedar.com) on November 27, 2015.
Douglas Bolton has more than three decades of public accounting experience, providing audit, accounting, tax, and consulting services to a wide variety of clientele. Throughout his career in public practice, Mr. Bolton has provided audit services to a number of reporting issuers involved in the mining and resource industry, listed on the TSX-Venture Exchange. In addition to his role as Chief Financial Officer for AGC, Mr. Bolton also serves as Director and Chief Financial Officer for Laurion Mineral Exploration Inc., and as interim Chief Financial Officer for Adex Mining Inc. A graduate of York University, Mr. Bolton holds both CPA and CA designations from the Chartered Professional Accountants of Ontario and the Institute of Chartered Accountants of Ontario respectively.
Mr. Bolton succeeds John Morita, CGA who is retiring, effective immediately. Mr. Morita has agreed to serve in an advisory capacity to help ensure a smooth transition. President and Co-Chief Executive Officer, Ron S. Roda stated, “On behalf of the Board of Directors, we are very pleased to have Douglas Bolton join AGC and look forward to working with him as the Company advances. We also wish to thank John Morita for his years of service, dedication and important contributions to the Company. We wish him well in his retirement.”
Donald K. D. Baxter, P.Eng., co-Chief Executive Officer and Executive Director, is a Qualified Person as defined by National Instrument 43-101 (“NI 43-101”) guidelines, and has reviewed and approved the content of this press release.
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About Alabama Graphite Corp.
Alabama Graphite Corp. is a Canadian-based flake graphite exploration and development company. The Company operates through its wholly owned subsidiary, Alabama Graphite Company Inc. (a company registered in the state of Alabama). With the most advanced flake graphite project in the contiguous United States of America, Alabama Graphite Corp.’s objective is to become the first producing American graphite mine this century. A highly experienced team leads the Company with more than a 100 years of combined graphite mining, graphite processing, specialty graphite products and applications, and graphite sales experience. Alabama Graphite Corp. is focused on the exploration and development of its flagship Coosa Graphite Project in Coosa County, Alabama, and its Bama Mine Project in Chilton County, Alabama.
As announced on October 13, 2015, the Coosa Graphite Project hosts an NI 43-101 Indicated Mineral Resource Estimate of 78.5 million tons grading 2.39% graphitic carbon (Cg) – the largest Indicated Mineral Resource of flake graphite in the United States. Please refer to the Company’s technical report titled “Technical Report – Alabama Graphite Corp. – Coosa Project” dated September 5, 2013 prepared by Scott E. Wilson, C.P.G. and Stewart D. Redwood, F.I.M.M.M. and filed on SEDAR at www.sedar.com.
Alabama Graphite Corp. holds a 100% interest in the mineral rights for these two U.S.-based graphite projects, which are both located on private land. The two projects encompass more than 43,000 acres and are located in a geopolitically stable, mining-friendly jurisdiction with significant historical production of crystalline flake graphite in the flake graphite belt of central Alabama, also known as the Alabama Graphite Belt (source: U.S. Bureau of Mines). A significant portion of the Alabama deposits are characterized by graphite-bearing material that is oxidized and has been weathered into extremely soft rock. Both U.S. projects have infrastructure in place, are within close proximity to major highways, rail, power and water, and are approximately three hours (by truck or train) to the Port of Mobile, the Alabama Port Authority’s deep-seawater port and the ninth largest port by tonnage in the United States (source: U.S. Army Corps of Engineers/USACE). The state of Alabama’s hospitable climate allows for year-round mining operations and the world’s largest marble quarry (which operates 24 hours a day, 365 days a year in Sylacauga, Alabama), is located within a 30-minute drive of the Coosa Graphite Project.
Disclaimer for Forward-Looking Information
This press release contains forward-looking information under applicable Canadian securities laws (“forward-looking statements”) that are based on the beliefs of management and reflect Alabama Graphite Corp.’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current view of Alabama Graphite Corp. with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among other things, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of graphite; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labor disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the Company’s publicly filed documents. Forward-looking statements are also based on a number of assumptions, including that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen breakdowns, that no labor shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted.
Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and Alabama Graphite Corp. undertakes no obligation to update forward-looking statements (unless required by law) if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
Alabama Graphite Corp. cautions that the foregoing list of material factors and assumptions are not exhaustive. When relying on Alabama Graphite Corp. forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and assumptions and other uncertainties and potential events. Alabama Graphite Corp. has also assumed that the material factors and assumptions will not cause any forward-looking statements to differ materially from actual results or events. However, the list of these factors and assumptions is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
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