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First Graphite Announces Option Agreement for Mt. Heimdahl Property

Posted by AGORACOM-JC at 12:59 PM on Wednesday, March 28th, 2012

VANCOUVER, BRITISH COLUMBIA–(Marketwire – March 28, 2012) –

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

First Graphite Corp. (the “Company”) (TSX VENTURE:FGR) is pleased to announce that it has entered into a mining option agreement (the “Option Agreement”) dated March 26, 2012, with Thomas Lewis (the “Optionor”), pursuant to which the Optionor has granted the Company an option (the “Option”) to acquire a 100% interest in certain claims located in the Slocan Valley region of the province of British Columbia (the “Mt. Heimdahl Property”).

The Mt. Heimdahl Property, totalling approximately 1045 hectares is located in the Valhalla Ranges, in high-grade metamorphic rocks of the Valhalla Complex, within the Omineca Crystalline Belt. Infrastructure is well developed in the Mt. Heimdahl Property area, as the property is approximately 35 kms south west of Nelson BC, or alternately 41 kms north east of Castlegar. There are existing forestry roads, and a high-tension power line that runs through Koch Creek, approximately 8 kms south of the property, where Eagle Graphite’s beneficiation plant is located.

In consideration of the grant of the Option, the Company will pay $5,000 and issue 100,000 common shares of the Company to the Optionor within five business days of the date that the TSX Venture Exchange issues its approval of the agreement (the “Approval Date”). In order to maintain and exercise the Option, the Company must, by the first anniversary of the Approval Date, issue to the Optionor an additional 100,000 common shares of the Company and pay the Optionor an additional $5,000.

This news release contains certain statements that may be deemed “forward-looking statements”. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although First Graphite Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of First Graphite Corp.’s management on the date the statements are made. Except as required by law, First Graphite Corp. undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.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 news release.

Read more: http://www.digitaljournal.com/pr/641771#ixzz1qR2L7IRv

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This entry was posted on Wednesday, March 28th, 2012 at 12:59 pm and is filed under Graphite. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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