Big North Graphite Completes Third Consecutive Month of Graphite Sales; Processing Facility Nears Completion
October 9, 2013 (Source: The Newswire) — BIG NORTH GRAPHITE CORP. (TSX-V: NRT) (the “Company” or “Big North”), is pleased to announce that the Company has completed a third consecutive month of amorphous graphite sales. The month’s sales totaled 197 tons, with the graphite screened to a ¾ minus product at the Company’s processing facility located in Sonora, Mexico. The finished graphite product was sold and delivered to a customer within Mexico. Further, the Company is nearing completion of its previously announced processing facility (see News Release dated April 22, 2013).
The equipment, purchased in the Southwestern US, is currently being tested in Arizona and will soon be shipped to the Company’s processing facility located near La Colorada, Mexico. With the addition of this crushing circuit, the Company will be able to crush and size the current stockpile of oversize material to a 1/4 minus product, giving Big North the ability to market a variety of sizes of graphite. In addition to the implementation of equipment at Big North’s processing facility, the Company is continuing test mining at the Nuevo San Pedro Mine and continues to purchase graphite from local miners to be processed and sold from the processing facility.
Big North President Spiro Kletas stated, “This marks our third consecutive month of sales of amorphous graphite from our projects in Sonora, Mexico. We are pleased to have made this level of progress in such a short period. The Company will continue to focus on increasing production, enhancing processing, growing sales and securing long-term offtake partners. The completion of the processing facility will be very beneficial to Big North achieving such goals.”
Big North, through its Mexican subsidiary Grafito la Barranca SA de CV, holds a 100% interest in the Aki Wiki concession and has a 50/50 joint venture on the Nuevo San Pedro Project. Both concessions are located in the San Jose de Moradillas region, a region that has produced graphite for more than 100 years. San Jose de Moradillas is located approximately 45 kilometers southeast of the city of Hermosillo, Mexico.
Big North Issues Stock Options
The Company also announces that its Board of Directors has approved the grant of 1,050,000 stock options to directors, officers, employees and consultants of the Company pursuant to the Company’s approved stock option plan. The options are exercisable at a price of $0.10 per share and have a term of five years from the date of grant.
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About Big North Graphite Corp.
Big North is a graphite development and exploration company focused on select projects in Mexico and Canada. The Company acquired three past producing amorphous graphite mines in Sonora, Mexico and is working towards accelerating the restart of the Nuevo San Pedro amorphous graphite mine. Big North is currently in the test mining phase at Nuevo San Pedro. The Company completed its first sale of amorphous graphite in August of 2013.
Recently, Big North announced that the Company had started the assembly of a processing plant that will be used for crushing, screening, sizing and drying of graphite to the specifications of future customers. Further, the Company has commenced a strategy of buying unprocessed amorphous graphite from local miners who do not possess the ability to process or ship to end users. Big North also owns high priority, large flake graphite exploration projects in Ontario and Quebec, Canada.
ON BEHALF OF THE BOARD
(signed) “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.
The Company has not established mineral resources and has not completed a valid mining study (as defined by NI 43-101) to support its production decision at the Nuevo San Pedro Mine. Historically, a production decision under these circumstances results in much higher economic or technical risk. Furthermore, without a pre-feasibility or feasibility study and a graphite reserve, there can be no assurance that operations at Nuevo San Pedro will be profitable.
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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>