Big North Graphite commissions NI43-101 Technical Report on Mexico Properties, approves Phase One Exploration Program on Luciana Prospect
January 10, 2013 Big North Graphite Corp. (TSX-V: NRT) (the “Company” or “Big North”), announced today that the Company has contracted R. Tim Henneberry, P.Geo. (British Columbia) of Mammoth Geological Ltd. to complete a NI43-101 Technical Report on the Company’s Mexican graphite projects, including the Nuevo San Pedro and Akiwiki projects. A site visit has been completed.
Mr. Henneberry is geological consultant with 32 year experience in base and precious metals and industrial minerals. Through his wholly owned consulting company, Mammoth Geological Ltd., Mr. Henneberry has completed contracts throughout western Canada, Ontario, the western United States, West Africa, Chile and Mexico. Specific to industrial minerals, Mammoth has completed contracts in dimension stone, aggregate, garnets, phosphate and potash.
Phase One Exploration at Luciana Prospect
A $100,000 first-phase exploration program has been approved and will commence when field conditions permit in 2013. The program is anticipated to consist of an airborne survey and follow-up program of prospecting and sampling with the objective of defining target areas on the property for the establishment of detailed mini-grids, geological mapping and ground geophysical surveys, with the objective of defining drill targets. Golden Valley Mines is the project operator.
The Luciana Prospect is prospective for both gold and REE (Rare Earth Element) mineralization, as it straddles the Cameron Lake Deformation Zone, well known for its spatial association with gold mineralization, and its proximity to the Grevet Carbonatite Complex that is associated with REE mineralization as well as known occurrences over the southern part of the property.
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Big North Graphite also announces that the Company has retained Frontier Consulting Ltd to provide investor relations services to the Company effective January 1, 2013. The services provided by Frontier Consulting will encompass building and maintaining an informed investor audience for the Company and setting up road shows and marketing events.
Frontier Consulting Ltd is at arm’s length to the Company. Principals of Frontier Consulting currently own 948,000 shares of the Company as of the date hereof and may purchase securities in the Company from time to time for investment purposes.
The agreement with Frontier Consulting Ltd is for a one year term. The Company will pay Frontier Consulting a monthly fee of $3,000 (plus applicable taxes) and will grant 50,000 stock options to purchase common shares of the Company which will vest 25 percent per quarter and will be exercisable until the earlier of one year from the date of grant and 90 days following termination of services under the agreement.
The Company also announces that its Board of Directors has approved the grant of 375,000 stock options to directors, officers and consultants pursuant to the Company’s approved stock option plan. The options are exercisable at a price of $0.10 per share, have a term of five years and will vest in accordance with TSX Venture Exchange rules.
The investor relations agreement and the issuance of options are both subject to the approval of the TSXV.
On Behalf of the Board
(signed) “Spiro Kletas” Spiro Kletas President and Chief Executive Officer
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 release.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.
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