Alabama Graphite Issues Progress Report on Fall Exploration Program at Coosa and Bama Mine Graphite Projects, Alabama
November 14, 2014 (Source: Accesswire) — Alabama Graphite Corp. (the “Company”) (TSX-V:ALP) (OTCQX:ABGPF) (FRANKFURT: 1AG WKN: A1J35M) (ISIN# CA0102931080) is pleased to issue a progress report for both its Coosa and Bama Mine Graphite Projects in Alabama, USA. The Fall exploration program is intended to evaluate new areas at both of the Company’s two advanced stage projects.
At the Coosa Project, surface trenching is underway over the indicated resource on the Coosa Grid, the inferred resource at the Northern Strat Section and several new areas identified through airborne and ground geophysical surveys. To date approximately 10,000 feet of the projected 18,000 feet of trenching have been completed. Following trench excavation, Company personnel create a geologic log of the bedrock and continuously sample the trench on five-foot intervals. The samples along with duplicates and blanks are being assayed at ActLabs of Ancaster, Ontario. The results will be released as soon as they become available. The work is progressing at a rate of over 500 feet per day. While the trenches are reclaimed after they are sampled, the corridors will be used as access for future drilling. The Company expects to complete the trenching program at the Coosa Project by the end of November.
At the Bama Mine Project, the Company is in the final stage of negotiations to complete a Surface Use Agreement prior to starting a trenching program around the historic Bama Mine. This agreement is scheduled to be completed within the next two weeks. A program consisting of 11,500 feet of trenching is anticipated and will be immediately followed up with a ten-hole preliminary sonic drilling campaign. The Company expects to complete trenching and start the sonic drilling program at the Bama Mine by the end of this year.
Finally, samples from both the Coosa and Bama Mine projects have been provided to the SGS Lab in Lakefield, Ontario, for scoping-level evaluations. The trenches will be also used to collect bulk samples for the Company’s ongoing metallurgical testing program as assay results are received and evaluated.
“Because of the large footprint of prospective graphitic rocks on Alabama Graphite’s mineral leases, we have been focused on finding cost-effective solutions for evaluating the potential for near-surface oxidized mineralization. Based on the preliminary results, trenching is proving to be that technique. Excluding assays, our all-inclusive trenching costs are currently averaging about $3 per foot. By comparison, this is less than a tenth of what we have been paying for drilling,” commented Ron S. Roda, CEO. “In addition, our discussions with Metal Mining Consultants confirm that trenching can be used in conjunction with drilling to define and upgrade our resource going forward. We look forward to announcing the results of this exploration this Fall for both the Coosa and Bama Mine Projects.”
Rick Keevil, P. Geo., a Director of the Company and VP of Project Development, is a Qualified Person as defined by National Instrument 43-101, has reviewed the contents of this press release.
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About Alabama Graphite:
Alabama Graphite Corp.’s mission is to become one of the greenest graphite producers in the world. The Company, through its wholly-owned subsidiary, Alabama Graphite Company Inc., is conducting exploration and development both at its flagship Coosa Graphite Project in Coosa County, Alabama, USA and the recently acquired Bama Mine Project in Chilton County, Alabama, USA. These two advanced-stage projects are 100% owned by Alabama Graphite and are on private land. The two projects encompass over 43,000 acres and are located in an area with significant historical production of crystalline flake graphite. The Company has the largest NI 43-101 indicated flake graphite resource in the United States based on drilling 0.18 square miles (0.3% of the total acreage). The Alabama deposits are unique in that a significant portion of the graphite-bearing material is oxidized and has been broken down into an extremely soft rock. Both projects have in place critical infrastructure, are within close proximity to transportation routes and enjoy a hospitable climate allowing for year-round production and delivery. For further information and updates on the Company please visit www.alabamagraphite.com.
ALABAMA GRAPHITE CORP.
Ron S. Roda
President & Chief Executive Officer
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; labour 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 labour 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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