Great Lakes Graphite Completes Lochaber Graphite Property Acquisition
January 12, 2015 (Source: Newsfile) — Great Lakes Graphite Inc. (TSXV: GLK) (“Great Lakes” or the “Company”), is pleased to announce that it has exercised its option and completed the acquisition of the Lochaber Graphite Property by issuing the third and final tranche of five million shares to the vendors of the property. Pursuant to and in conjunction with this payment, all related mining claims will be transferred to Great Lakes. CEO Paul Gorman said “Closing this acquisition represents a critical milestone for our Company. Lochaber is a perfect fit with our strategy of identifying, acquiring and advancing assets that can position us to consistently and reliably deliver a long-term supply of high-value graphite products to potential customers. Results from the flake distribution analysis and purity testing already completed underscore the quality of the graphite from this property and are supportive of our model for a small footprint, low-CAPEX approach.”
John Carter, Senior Vice President, also reports “As of the winter break, four of the six drill holes to support the on-going Mineral Resource Estimate by SRK Consulting have been completed. Drilling of the fifth hole is now underway and field work is expected to be completed by mid-January. Visual inspection of the core has confirmed the presence of graphite mineralization in the areas targeted by this drilling campaign.” Drill core is being transported to the Company’s core storage facility in Sudbury, Ontario where it is being logged and selected intersections are being split and prepared for transportation to AGAT Laboratories for Cg (carbon as graphite) analysis.
Get our daily investorintel update
Mr. Martin Éthier, P.Geo., who is a Member of the Order of Geologists of Québec and a “Qualified Person” under NI 43-101, has reviewed and approved the technical content of this press release.
About Great Lakes Graphite: Great Lakes Graphite Inc. is an industrial minerals company with the mandate to bring graphite projects to production through the acquisition and development of high quality graphite flake properties. Graphite has moved to the forefront of the Industrial Mineral World as a Critical Mineral required for industrial use and as a major component in the development of new technologies particularly with the advancement of battery storage, mobile battery systems and alternative energy infrastructure.
As there are currently no graphite mines producing in North America, Great Lakes Graphite has the ability to become one of the first producers to supply a growing regional customer base that requires high quality natural graphite, where pricing and demand continue to rise.
The Company, through strategic acquisitions and capable management will become a leader in the industrial minerals marketplace. The Company’s flagship graphite property is located in Lochaber Township of southwestern Québec. The Company has also entered into option and joint venture agreements with Eloro Resources Inc. (TSXV: ELO) on the Summit-Gaber Cobalt property located in the La Grande Greenstone Belt in the Baie James region of Québec. Further information regarding Great Lakes can be found on the Company’s website at: www.GreatLakesGraphite.com.
Great Lakes Graphite trades with symbol GLK on the TSX Venture Exchange and currently has 78,714,820 shares outstanding (115,278,656 fully diluted).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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>