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Arrowhead Reports Graphite Horizon on Gateau Property, Quebec

Posted by AGORACOM-JC at 1:38 PM on Thursday, May 17th, 2012

VANCOUVER, BRITISH COLUMBIA–(May 17, 2012) – Arrowhead Gold Corp. (“AWH”) (TSX VENTURE:AWH) Arrowhead is pleased to announce that after a review of previous drilling completed on the Gateau property in 2008, it has been determined that drill hole GAT-08-01 intersected 48 metres of coarse-grained graphite mineralization from 57 to 105 m. The graphite horizon is within a basalt unit just below a contact with a quartzite unit. An airborne survey completed over the property in 2011 outlined an electromagnetic conductor approximately 7.5 km long in an east to west direction. This conductor is coincident with and appears to be caused by the graphite horizon. Up to five other conductive horizons were identified by the airborne survey and may also be related to graphite mineralization. The drilling was done to test a uranium target so no analytical work to measure the carbon content of the graphite was completed. The drill core is still on site at the property.

The Gateau property is located roughly 240 km northeast of Chibougamau and consists of 75 claims in one contiguous claim block covering 3,975 hectares of the Chibougamau Mining District of Quebec. Arrowhead intends to send a crew to the property in order to re-examine the graphite horizon in GAT-08-01 and prospect the electromagnetic conductors for graphite.

Mark Fekete, P.Geo., a “qualified person” as defined in Section 1.2 in and for the purposes of National Instrument 43-101, reviewed the technical content of this release.

On Behalf of the Board of Arrowhead Gold Corp.,

Steve Smith, President

This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements.

To view the map associated with this press release, please visit the following link: http://media3.marketwire.com/docs/GateauAirborneMap.pdf.

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.

Contact Information

 

Arrowhead Gold Corp.
Steve Smith
604 642-0115
604 642-0116 (FAX)
[email protected]
www.arrowheadgold.com

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China Carbon Graphite Reports First Quarter 2012 Results

Posted by AGORACOM-JC at 12:53 PM on Thursday, May 17th, 2012

NEW YORK, NY–(Marketwire – May 16, 2012) – China Carbon Graphite Group, Inc. (OTCBB: CHGI) (“China Carbon” or the “Company”), the largest wholesale supplier of fine-grain and high-purity graphite in China and one of the nation’s top manufacturers of carbon and graphite products, today announced its financial results for the first quarter ended March 31, 2012.

First Quarter (Q1) 2012 Highlights:

  • Gross profit margin grew from 22.5% in Q1 2011 to 29.0% in Q1 2012
  • Continues to advance its product mix optimization process, with higher margin products made from fine grain and high purity graphite key development priorities
  • Work in progress increased as high-end products made from fine grain and high purity graphite have longer production cycles

Summarized Q1 2012 Results:

Q1 2012 Q1 2011 CHANGE
Revenue $ 10.1 million $ 11.5 million -1.4 million
EBIDTA* $ 2.29 million $ 2.52 million -0.23 million
Net Income $ 0.25 million $ 0.33 million -0.08 million
Adjusted Net Income $ 0.91 million $ 0.63 million 0.28 million
EPS (Diluted)** $ 0.01 $ 0.01 –
Adjusted EPS $ 0.04 $ 0.03 0.01
* Please see the accompanying Non-GAAP EBITDA and Adjusted Net measurements below the “Business Outlook Section.”
** Earnings per diluted share of $0.01 on 23.6 million shares. For Q1 2011, China Carbon reported fully diluted earnings per share of $0.01 on 22.6 million shares.

“We continued to focus on developing our higher margin business this past quarter and see an improvement of gross profit rate and a deduction of our general and administrative expenses,” said Donghai Yu, Chief Executive Officer of China Carbon. “When comparing Q1 2011 with Q1 2012, we raised the percentage of our sales of fine grain and high purity graphite products, which are both higher margin products compared to our other business segment, graphite electrodes, while running at 75% of our 30,000 ton annual production capacity. Moreover, when further comparing these two quarters, raw material prices continued to increase, resulting in the average unit-selling price of our products increasing 49 percent with the average unit-selling price of our high purity graphite products increasing 47 percent in particular. We anticipated this trend and were able to offset rising graphite prices by making advance deposits to suppliers with available cash to lock in favorable prices.”

Mr. Yu added, “While our increase in inventories this past quarter is a reflection of the rise in the cost of raw materials, it is also a result of an increase in the amount of our work in progress. Our high-end products made from fine grain and high purity graphite require longer production cycles, causing our work in progress to increase during the quarter. We feel comfortable with our order book that the robust demand for our fine grain and high purity graphite products will continue into 2012, and we anticipate that we will see improved demand for our ultra-high graphite electrodes during this time as well.”

First Quarter 2012 Financial Results

Revenue

China Carbon had sales of $10.1 million in Q1 2012 compared to sales of $11.5 million in Q1 2011, a decrease of $1.4 million. This decrease was mainly attributable to a decrease of $654,030 in the sales of the Company’s low-end graphite electrodes products, as well as a $223,034 decrease in sales of China Carbon’s other products, during Q1 2012, which is a reflection of the Company’s decision to focus on the manufacturing and selling of its higher margin products.

China Carbon’s Q1 2012 sales included $1.1 million in graphite electrodes, $4.5 million in fine grain graphite, and $4.4 million in high purity graphite. In Q1 2011, the Company’s sales included $1.8 million in graphite electrodes, $4.7 million in fine grain graphite, and $4.6 million in high purity graphite. When further comparing Q1 2011 with Q1 2012, the average unit-selling price of China Carbon’s products increased 49% and the average unit-selling price of its high purity graphite products increased 47%. The increase in the average unit-selling price of high purity graphite is due to a large demand for such products in the market in addition to an increase in the cost for raw materials. The manufacturing of solar and mold products increased the demand for China Carbon’s products as raw materials during this time as well.

Cost of Sales & Gross Margin

China Carbon’s cost of goods sold consists of the cost of raw materials, utilities, labor, and depreciation expenses in its manufacturing facilities. The Company’s cost of goods sold was $7.1 million in Q1 2012 compared to cost of goods sold of $8.9 million in Q1 2011, a decrease of $1.8 million. This decrease was directly associated with the decrease in China Carbon’s sales.

China Carbon’s gross margin however increased from 22.5% for Q1 2011 to 29.0% for Q1 2012. This increase reflects the variance in China Carbon’s product mix, which is attributable to an increase of percentage in the Company’s sales of fine grain graphite products and high purity graphite products, which are higher margin products compared to graphite electrodes and other products.

EBITDA

China Carbon’s EBITDA in Q1 2012 was $2.29 million compared to $2.52 million in Q1 2011, a decrease of $0.23 million or 10.0%. EBITDA includes warrant expenses and non cash stock compensation totaling $658,662 for the three months ended March 31, 2012.

Net Income

As a result of the factors described above, China Carbon’s net income was $0.25 million in Q1 2012 as compared to $0.33 million in Q1 2011, a decrease of $0.8 million.

Business Outlook

“While we continue to grow our fine grain and high purity graphite businesses, we are confident that our top line results will be better in future quarters as the demand for graphite electrodes improves,” commented Mr. Yu. “We project increasing demand in the fine grain, high purity and ultra-high power graphite electrode markets to continue in 2012, especially from China’s evolving iron, steel, automobile, aerospace and defense industries. In particular, steel plants in China have been modernizing their current facilities with Electric Arc Furnaces, fueling the demand for large size ultra-high power graphite electrodes.”

“Notably, the margin for large size ultra-high power graphite electrodes is high due to the shortage of supply compared to demand,” remarked Mr. Yu. “Accordingly, we are working hard to get our new facility that specializes in the manufacture of fine grain and high purity graphite products completely up and running, as this facility will double our annual production capacity to 60,000 tons and will enable us to manufacture a new product: ultra-high power graphite electrodes with a diameter ranging from 600 to 800 millimeters. By improving our production capacity and capabilities in regards to these products, and by enhancing our ultra-high graphite electrodes business, we believe that we will see better financial results in upcoming quarters.”

Non-GAAP Financial Measures
Quarter Ended March 31
2012 2011
Net income $ 253,117 $ 333,049
Interest expense $ 1,229,745 $ 713,531
Tax – $ 750,000
D&A $ 805,333 $ 433,355
Warrant $ 479,563 $ (56,152)
Non-cash Stock Compensation $ 179,100 $ 292,266
Adjusted EBITDA $ 2,290,000 $ 2,522,201

The presentation of these non-GAAP financial measures should be considered in addition to our GAAP results and is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

Management generally compensates for limitations in the use of non-GAAP financial measures by relying on comparable GAAP financial measures and providing investors with a reconciliation of non-GAAP financial measures only in addition to and in conjunction with results presented in accordance with GAAP. We believe that these non-GAAP financial measures reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business.

About China Carbon Graphite Group, Inc.

China Carbon Graphite Group, through its affiliate, Xingyong Carbon Co., Ltd., manufactures graphite and carbon based products in China. The company is the largest wholesale supplier of fine-grain and high-purity graphite in China and one of the nation’s top overall producers of carbon and graphite products. Fine grain graphite is widely used in smelting for colored metals and rare earth metal smelting as well as the manufacture of molds. High purity graphite is used in metallurgy, mechanical industry, aviation, electronic, atomic energy, chemical industry, food industry and a variety of other fields. In September 2007, the Company was approved and designated by the Ministry of Science & Technology as a “National Hi-tech Enterprise,” a distinction that the Company still holds. Of the more than 400 carbon graphite producers in China, China Carbon is the only non-state-owned company to receive this honor. For more information, please visit www.chinacarboninc.com.

Safe Harbor Statement

This release contains certain “forward-looking statements” relating to the business of the Company and its subsidiary companies. These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors set forth in the Company’s annual report on Form 10-K and quarterly reports on Form 10-Q.

PART 1 – FINANCIAL INFORMATION
Item 1. Financial Statements.
China Carbon Graphite Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
March 31,
2012		 December 31,
2011
(Unaudited) (Audited)
ASSETS
Current Assets
Cash and cash equivalents $ 369,701 $ 521,450
Restricted cash 6,844,280 11,694,820
Accounts receivable, Net 13,965,540 12,541,321
Notes receivable 332,953 188,880
Advance to suppliers 11,181,489 5,921,970
Inventories 41,846,277 37,430,248
Prepaid expenses 283,543 452,730
Other receivables, net of allowance of $24,614 562,178 513,000
Total current assets 75,385,961 69,264,419
Property And Equipment, Net 36,550,515 36,719,595
Construction In Progress 7,124,665 6,414,847
Land Use Rights, Net 10,498,909 10,699,059
Total Assets $ 129,560,050 $ 123,097,920
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable and accrued expenses $ 1,863,141 $ 1,340,498
Advance from customers 1,966,338 1,360,989
Short term bank loans 45,893,200 45,488,600
Notes payable 10,798,400 16,763,100
Other payables 3,294,113 3,227,067
Loan from unrelated parties 9,331,437 –
Dividends payable 33,117 28,099
Total current liabilities 73,179,746 68,208,353
Amount Due To A Related Party 5,672,033 5,542,855
Warrant Liabilities 654,368 174,805
Total Liabilities $ 79,506,147 $ 73,926,013
Redeemable convertible Series B preferred stock, $0.001 par value; 3,000,000 shares authorized; 331,810 and 426,110 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively $ 398,172 $ 511,332
Stockholders’ Equity
Common stock, $0.001 par value; 100,000,000 shares authorized 23,495,708 and 22,981,408 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively $ 23,495 $ 22,981
Additional paid-in capital 17,426,463 17,054,045
Accumulated other comprehensive income 8,367,439 7,943,542
Retained earnings 23,888,106 23,640,007
Total stockholders’ equity 49,665,731 48,660,575
Total Liabilities and Stockholders’ Equity $ 129,560,050 $ 123,097,920
The accompanying notes are an integral part of this statement.
China Carbon Graphite Group, Inc and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Income
For the Three Months Ended March 31, 2012 and 2011
(Unaudited)
Three months ended March 31,
2012 2011
Sales $ 10,061,210 $ 11,463,335
Cost of Goods Sold 7,143,606 8,883,262
Gross Profit 2,917,604 2,580,073
Operating Expenses
Selling expenses 46,798 49,863
General and administrative 851,399 1,554,062
Depreciation and amortization 57,004 46,601
955,201 1,650,526
Operating Income Before Other Income (Expense) 1,962,403 929,547
Other Income (Expense)
Interest expense (1,229,745 ) (713,531 )
Interest income 22 –
Other income, net – 60,880
Change in fair value of warrants (479,563 ) 56,152
(1,709,286 ) (596,499 )
Net Income $ 253,117 $ 333,049
Dividend Distribution (5,018 ) –
Net Income Available To Common Shareholders $ 248,099 $ 333,049
Other Comprehensive Income
Foreign currency translation gain 423,897 268,248
Total Comprehensive Income $ 677,014 $ 601,297
Share Data
Basic earnings per share $ 0.01 $ 0.02
Diluted earnings per share $ 0.01 $ 0.01
Weighted average common shares outstanding,
basic 23,315,645 21,630,421
Weighted average common shares outstanding,
diluted 23,647,455 22,615,787
The accompanying notes are an integral part of this statement
China Carbon Graphite Group, Inc and Subsidiaries
Condensed Consolidated Statements of Cash Flows
For the Three Months Ended March 31, 2012 and 2011
(Unaudited)
Three months ended March 31,
2012 2011
Cash flows from operating activities
Net Income $ 253,117 $ 333,049
Adjustments to reconcile net cash provided by operating activities
Depreciation and amortization 805,333 433,355
Stock compensation – 266,100
Change in fair value of warrants 479,563 26,166
Change in operating assets and liabilities
Accounts receivable (1,310,189 ) (4,042,607 )
Notes receivable (142,124 ) 45,906
Other receivable (44,531 ) (48,297 )
Advance to suppliers (5,197,009 ) (4,954,347 )
Inventories (4,075,391 ) (853,608 )
Prepaid expenses 169,188 121,970
Accounts payable and accrued liabilities 594,274 220,570
Advance from customers 592,123 2,774,722
Taxes payable (110,310 ) 488,552
Other payables 133,762 737,742
Net cash used in operating activities (7,852,196 ) (4,450,727 )
Cash flows from investing activities
Acquisition of property and equipment (15,831 ) (4,572 )
Construction in progress (651,528 ) (1,554,319 )
Net cash used in investing activities (667,359 ) (1,558,891 )
Cash flows from financing activities
Proceeds from issuing common stock 50,000 –
Proceeds from warrants exercise – 371,398
Dividends paid for series B preferred stock – (49,388 )
Proceeds from short-term bank loans 4,755,000 5,783,600
Payment to short-term bank loans (4,755,000 ) (684,900 )
Proceeds from loan from unrelated parties 9,313,808 –
Proceeds (payments) for related party 79,727 (436,462 )
Proceeds from stock not yet issued 77,500 –
Restricted cash 4,945,200 (3,698,460 )
Proceeds from notes payable 10,778,000 5,479,200
Payment to notes payable (16,880,250 ) –
Net cash provided by financing activities 8,363,985 6,764,988
Effect of exchange rate fluctuation 3,819 2,932
Net (decrease) increase in cash (151,749 ) 758,303
Cash and cash equivalents at beginning of period 521,450 296,312
Cash and cash equivalents at end of period $ 369,701 $ 1,054,615
Supplemental disclosure of cash flow information
Interest paid $ 984,830 $ 713,531
Non-cash activities:
Deemed preferred dividend reflected in paid-in capital $ – $ 57,500
Preferred stock conversion to common stock $ 94 $ 613
Reclassfication of warrant liability with equity $ – $ 14,993
Issuance of common stock for compensation $ – $ 266,100
The accompanying notes are an integral part of this statement.

Contact Information

 

Investor Contact:

Mr. Kevin Fickle
President
NUWA Group, LLC
Tel: +1-925-330-8315
Email: [email protected]

Company Contact:

Mr. Donghai Yu
China Carbon Graphite Group, Inc.
Tel: +1-626-589-6525
Email: [email protected]

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Uranium North Discovers Significant Graphite on Amer Property and Stakes New Ground

Posted by AGORACOM-JC at 10:51 AM on Wednesday, May 16th, 2012

VANCOUVER, BRITISH COLUMBIA–(May 16, 2012) – Uranium North Resource Corp. (“Uranium North” or the “Company”) (TSX VENTURE:UNR) announces that it has identified significant amounts of graphite on its 100% owned Amer Lake Property in Nunavut. Multiple graphite bearing beds ranging from 15 to 25 metres thick have yielded up to 4.13% graphite.

Graphitic beds have been intersected by two reverse circulation drill holes 3.1 kilometres apart as well as a core hole drilled 15 kilometres to the east. The same graphitic units have been identified in three surface outcrop exposures spanning an area of 22 x 10 kilometres.

The graphitic rocks are flat lying and occur in a basin scale stratigraphic unit that is a minimum of 60 metres thick and is expected to extend over a 26 x 8 kilometre area based on geological mapping.

“We are quite excited by the fact that the graphite at Amer occurs in thick extensive beds, not small thin veins. The thickness, grade and lateral extent of these graphite beds clearly represents a large scale deposit target for the company and depending on the nature of the graphite; this is a very significant discovery. With the future outlook of graphite and uranium, the Amer Lake property is highly valuable,” says Mark Kolebaba, President and CEO of Uranium North Resources.

Six test samples were randomly selected from two reverse circulation drill holes 3.1 kilometres apart and submitted for analysis to determine the graphitic carbon (Cg) content. The results from the analysis are shown in the table below.

Sample (Cg) %
54268 4.13
54271 3.2
54272 3.84
89474 0.6
89477 3.22
89482 3.77

Analysis method is Infrared

Samples have been submitted for mineral liberation analysis (MLA) to determine the nature and particle size of the graphite.

Graphite beds that outcrop at surface along the paleo-basin margins should be mapped in detail and sampled systematically. A 2000 to 3000 metre drill program with drill hole spacing at 500 to 1000 metres is required to test the grade, thickness and lateral extent of the graphite units across the basin.

Graphite at Amer Lake was recognized during the company’s uranium exploration program. The presence of graphite was investigated as a reducing environment favorable for uranium precipitation. This new graphite discovery increases the attractiveness of the Amer property where we have an existing uranium resource with potential to expand. Since the discovery of graphite on Amer, the company has staked additional claims over areas with known outcropping graphitic rocks.

The project is 70 kilometres from an all season road to Baker Lake and sea access.

Bruce Kienlen, P.Geol, and Graham Gill, P.Geo, are Qualified Persons as defined by National Instrument 43-101 reviewing the data in this news release.

On behalf of Uranium North Resources

Mark Kolebaba, President and CEO

Forward-Looking Information

This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address exploration drilling, activities and events or developments that Uranium North Resources Corp. (the “Company”) expects to occur, are forward-looking statements. Although the Company 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 developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

“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.”

Contact Information

 

Uranium North Resource Corp.
Heather Kays
Corporate Communication
604-484-7120
604-484-7143 (FAX)
[email protected]
www.uraniumnorth.com

Source: http://www.marketwire.com/press-release/uranium-north-discovers-significant-graphite-on-amer-property-and-stakes-new-ground-tsx-venture-unr-1658046.htm

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Lomiko CEO Paul Gill on Quebec graphite acquisition

Posted by AGORACOM-JC at 2:18 PM on Tuesday, May 15th, 2012

Lomiko Metals Inc TSXV:LMR announced a letter of agreement to acquire a 100% interest in the Quatre Milles West Property in south Quebec. Under the agreement, Lomiko pays three vendors a total of $3,000 and issues 1.8 million shares. The vendors retain a 2% NSR, half of which Lomiko may buy for $1 million.

The 2,180-hectare property covers the western extension of the geology that hosts the graphite-bearing structures shown in historic drilling at the company’s Quatre Milles Property. The combined property now covers two claim blocks, one eight kilometres by seven kilometres, and the other seven kilometres by five kilometres, bringing the expanded Quatre Milles Property from approximately 1,600 hectares to 3,780 hectares.

Lomiko plans an exploration program for the Quatre Milles Property including mapping, prospecting and drilling to test and confirm historic high-grade graphite intersected previously by Graphicor Resources in a 26-hole, 1,625-metre drill program.

Given the price tag—there’s no major cash outlay and the shares over time are very reasonable—we’ve basically doubled our potential here with a similar geological setting—Paul Gill

CEO Paul Gill tells ResourceClips.com, “The geologist we’re working with, Jean-Sébastien Lavallée, identified this property a little while ago and brought it to our attention. He’s part of a group that includes Zimtu Capital TSXV:ZC and the vendor of the original Quatre Milles Property, Michel Robert. Given the price tag—there’s no major cash outlay and the shares over time are very reasonable—we’ve basically doubled our potential here with a similar geological setting. It’s perfect for us. The EM conductor over similar geology at the original Quatre Milles Property has good results, so we anticipate good results from the new property. So, after we issue 1.8 million shares and pay $3,000, we’ll own that property 100%, subject to a 2% NSR.”

Lomiko has a $307,000, 16-hole drill program scheduled for its original Quatre Milles Property.

“We’ll be working the first property, so we’ll have our crew do some initial work on the new property and identify targets there too,” Gill says. “Probably the first thing to do there is an EM survey. The crew will be on the original property very shortly, and drilling could start in June.”

The company also has the 5,407-hectare Vines Lake Property in north BC, adjacent to China Minerals Mining’s TSXV:CMV Table Mountain Project.

“China Minerals is doing $3 million of work on their property,” Gill points out. “We’re going to do some work up there too. We’ve had good results, and I’m about to put a new PowerPoint presentation on our website with the zinc, gold and silver finds at Vines Lake. It’s very interesting that there’s an electromagnetic anomaly in the very far northeast of our property, which is nearest to the Table Mountain Mine. There’s actually a hole that occurs in the rock based on the electromagnetics. That’s the area where we had intensive gold and silver finds, so that’s very good news because it looks like there’s a faulting or some sort of system that pushed up through those rocks. So we want to explore that. We want to look at the large zinc anomaly as well for outcrops.”

Gill concludes, “We’re excited about the upcoming drill program at Quatre Milles, and we’re at the point where we can add a lot of value to the company based on the results.”

View Company Profile

Contact:
A. Paul Gill
CEO
604.729.5312

Read a feature story about Lomiko Metals.

Disclaimer: Lomiko Metals Inc is a client of OnPage Media, and the principals of OnPage Media may hold shares in Lomiko.

Source: http://resourceclips.com/2012/05/15/lomiko-ceo-paul-gill-on-quebec-graphite-acquisition/

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Logan Copper Acquires Former High Grade Noranda Graphite Property

Posted by AGORACOM-JC at 5:03 PM on Monday, May 14th, 2012

Up to 85 % Graphite drilled

DELTA, BC, May 14, 2012  – Logan Copper Inc. (the “Company”, “Logan Copper”, “LC”), (TSX.V: LC) is pleased to announce the acquisition of a third Graphite property in Quebec.

This new property, the Carheil Graphite Property (Carheil) was acquired through Quebec’s Gestim system. Carheil encompasses approximately 5,400, 100% owned, contiguous acres with no NSR or work commitment attached.

The Carheil property is located approximately 280 km NNW of Val-d’Or, QC and is approximately 120 km north of La Sarre, QC.  Aurizon Mines Ltd.’s producing Casa-Berardi Gold Mine is located approximately 19 km south of LC’s Carheil property.  There is an existing road crossing the property which leads to the BHP Billiton Ltd.’s past-producing Selbaie Zinc Mine which is located approximately 20 km east of LC’s Carheil property.

Mr. Thal S. Poonian, President and CEO of Logan Copper commented “LC believes that the Carheil property has the potential to become its flagship graphite property.  We look forward to verifying the historical results and defining the project potential”.

A percentage (6.67% or 360 acres) of the 5,400 acre Carheil property was formerly explored by Noranda Exploration Co. Ltd. (Noranda).  In August 1975 Noranda completed a geophysical survey covering approximately 300 acres of the Carheil graphite property.

Noranda completed two diamond drill holes in the surveyed area in May of 1978.  The first hole was lost in overburden while the second hole number 2-78 was drilled to a depth of 497 feet.  Historical diamond drill core log report number GM33862 returned results as follows:

 

“157 – 227 feet about 5% graphite
240 – 425 feet 20 – 60% graphite
428 – 453 feet about 85% graphite”

The hole was drilled at dip collar -55o and the core size was AQ.

The historical, non-43-101 compliant, geophysical survey report filed with the Quebec Ministry of Natural Resources, report number GM: 31366, reported the following.

Magnetic Survey

Assessment Data

 

“The instrument used was a McPhar M700 Fluxgate Magnetometer.  Readings were taken at all of the 100′ stations. The usual diurnal and datum adjustments were made and the corrected results were plotted and then contoured.  Som 355 (base, sub-base and line) stations were read in the period August 4-12, 1975 by personnel of Noranda Exploration Co.”

Magnetic Results

 

“The magnetic suggest a formational strike of 125o.   There is one closure inside the 1000 gammae contour.  This extends from about 1550N on Line 16E to about 1500N on Line 20E.”

Horizontal E. M. Survey

Assessment Data

 

“The instrument used was a Geonics EM17 Horizontal Loop.  Readings were taken at all of the 100′ line stations.  Some 245 of these were taken concurrently with the magnetic work by” Noranda’s “crew.”

E.M. Results

“Three conductors were located.  These are: –

 

AA. This intermittent conductor possibly extends across the grid.  It is rather weak in amplitude and the conductivity is only fair.  On Lines 12E and 16E it lies on the north flank of the magnetic closure mentioned above.  The strike is approximately 125o.
BB. This conductor may be traced across the grid.  The amplitude and conductivity are good to excellent especially on Lines 8E, 12E, 16E, 24E, 28E and 32E.  The strike is as above.
CC. This conductor has fair amplitude and conductivity.  The apparent strike of 60o is rather puzzling unless one assumes the conductor is caused by a fault or shear.”

Conclusion

 

“Conductor BB should be drilled on Line 16E.  Sufficient footage should be allowed to cover the suggested conductor width of 150′ and the possible intersection of conductor CC.”

The historical data quoted herein was obtained from government files and other historical data and has not and cannot be verified as it is based on reports obtained and prepared by previous operators. The Company has not completed the work necessary to verify the results and is not treating the results as NI 43-101 defined resources verified by a qualified person. The Company views this historical data as relevant and a significant indication of the projects mineral potential. This property will require considerable further evaluation which the Company intends to carry out in due course.

LC’s technical team, led by Mr. Roger LeBlanc, P. Eng, Geo., will review the available data and commence exploration of the Carheil property as soon as possible.  LC’s goal is to obtain a 43-101 compliant resource estimate for this property.

Roger LeBlanc, P.Eng, is a qualified person pursuant to National Instrument 43-101, and has reviewed and approved the technical disclosure of this news release.

Historical Reserves, Resources, or Results

Any data regarding historical reserves, resources, or results cited herein as historical are not compliant with National Instrument 43-101- Standards of Disclosure for Mineral Projects (“NI 43-101″) nor current unless otherwise specified. They are derived from historical documents and represent that at sometime in the past the then current operators undertook an estimate of the size or metal content of the deposit based on economic factors that existed at that time. If they are included herein, it is for illustrative purposes only and should not be relied upon as factual.

Investors are cautioned that a qualified person has not completed sufficient work and the information has NOT undergone rigorous geological review and QA/QC testing by a Qualified Person as defined in NI 43-101. Neither the Company nor its personnel treat this data as a current mineral resource, reserve, or results as defined under NI 43-101, nor do they rely upon them for evaluation purposes. However, this data is being used as a guide to exploration as the Company develops data to support any potential future mineral resource estimates in accordance with the requirements of NI 43-101.

WE SEEK SAFE HARBOR

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Zenyatta Ventures; 450 Metre Step-Out Drill-Holes Intersect Wide Zones of Graphite Breccia

Posted by AGORACOM-JC at 1:56 PM on Monday, May 14th, 2012

THUNDER BAY, ONTARIO–(May 14, 2012) – Zenyatta Ventures Ltd. (“Zenyatta” or “Company”) (TSX VENTURE:ZEN) is pleased to provide the following update on the current drilling campaign on the Albany Graphite Deposit.

Drill hole #5 (Z12-4F5) was collared 450 metres (‘m’) east of the original discovery drill hole (Z11-4F1) and drilled in a northerly direction. Significantly, upon passing through the overburden/limestone, the hole immediately intersected graphitic breccia which shows the deposit coming to near surface in this area as well. A wide zone (94.0m) of graphitic breccia was intersected from 44.0m to 138.0m followed by a zone of graphitic overprinting from 138.0m to 214.0m. Assays should be received within the next 12-14 business days.

Drill hole #4 (Z12-4F4) was collared from the same setup as hole #5 but drilled in a southerly direction. From 47.0m to 61.8m the drill hole intersected a zone of graphitic veining and breccia followed by graphitic overprinting from 61.8m to 170.0m. At the 170.0m point, the drill encountered mechanical problems related to a detached drill string. The drill string could not be re-attached and the hole was subsequently abandoned. This particular area of the geophysical anomaly will be re-drilled at a later date.

A plan map, section and additional photos can be found on the website at www.zenyatta.ca.

Aubrey Eveleigh, President and CEO stated “Holes 4 and 5 were large step-outs to the east where we continue to encounter wide zones of graphitic mineralization. This confirms that the eastern continuation of the airborne geophysical anomaly is caused by the same graphite-rich body. The Company is very pleased with these latest drilling results that continue to expand this large and unique graphite deposit.”

The next drill-holes, #6 and #7, will be drilled 100m west and east of the discovery hole #1 respectively. Drill hole #6 has just commenced and should be complete in the next few days.

The graphite discovery is located 30km north of the Trans Canada Highway, power line and natural gas pipeline. A rail line is located 70km away and an all-weather road approximately 4-5km from the graphite deposit. The Albany graphite deposit is near surface, underneath glacial till overburden.

Mr. Aubrey Eveleigh, P.Geo., President and CEO, is the “Qualified Person” under NI 43-101 and has reviewed the technical information contained in this news release.

This News Release includes certain “forward-looking statements”. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management’s expectations. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company’s mineral properties, and the Company’s financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company’s forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

Neither 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.

Contact Information

Zenyatta Ventures Ltd.
807-346-1660
[email protected]
www.zenyatta.ca

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Electrifying transportation — Focus CEO Gary Economo on Quebec graphite

Posted by AGORACOM-JC at 12:31 PM on Monday, May 14th, 2012

Focus Metals Inc (TSXV:FMS) and L’institut de recherche d’Hydro-Québec announced a licensing agreement enabling Focus to develop a graphite-purification facility and a graphite-anode production facility for lithium-ion batteries. Under the agreement, Focus will build new purification and production facilities, which the company will own and manage. IREQ will provide technical support and cooperate in future technology improvements.

Subject to positive economic analysis, the purification facility will produce up to 15,000 tonnes of spherical battery-grade flake graphite by 2015, using graphite from the company’s Lac Knife Project in Quebec. The anode facility will produce up to 5,000 tonnes of anodes. Costs of the facilities and financing have yet to be determined. The battery-grade process will be incorporated into Lac Knife’s PEA scheduled for June.

In exchange for the technology licence, technological support and future processing improvements, IREQ will receive a licensing fee over a three-year period, representing less than 10% of the current working capital, as well as a royalty on future sales. IREQ is recognized as a global leader in the development of advanced materials for battery manufacturing. It holds over 100 patent rights and 15 licences for battery materials used by some of the world’s most successful battery manufacturers and materials suppliers. IREQ also partners with private-sector companies to build electric-vehicle and hybrid-electric-vehicle charging stations.

 

Focus President/CEO Gary Economo tells ResourceClips.com, “Hydro-Québec has been engaged in the electric-vehicle sector for many, many years. They’ve developed these lithium-battery technologies with a couple of thoughts in mind. One was for hydro-energy storage, and the other was for the transportation sector. They’ve invested a lot of money in both areas. They had a company which was slightly ahead of its time in the electric-vehicle market. It ended up getting sold to a French conglomerate. Hydro-Québec also invested in motor drives for electric vehicles in a subsidiary called TM4 and a bunch of other investments. Their mandate is to advance the electrification of the transportation industry. They have major, major projects in that sector, as well as in energy storage and data transmission through powerlines, like the smart-grid program. They spend an awful lot of time, money and effort in advancing the use of hydro.

“We’re hoping the spherical-graphite production facility will open by the end of 2013. For the first 12 months, it would produce about 10,000 tonnes of 95% material. [The 2015 goal is 15,000 tonnes.] The production plant for anodes and the mine itself are targeted to open at the same time.

“I don’t think there’s a market for other graphite in batteries, apart from spherical graphite. Spherical graphite provides the best capacities and best performance for batteries. The market is constantly looking to improve performance, cost, weight, size and everything else.”

Responding to a Reuters story that stated battery manufacturers prefer synthetic graphite, Economo says, “Synthetic graphite is being used in lithium batteries. Battery manufacturers need consistency from their suppliers. So when they say synthetic graphite is easier to control, I think they’re saying their suppliers are controlling the quality of the material from one batch to another. When you order natural graphite from a distributor, you don’t know what mine it’s coming from. There’s a variety of batches, and it’s very difficult for a battery manufacturer to maintain quality control. Synthetic graphite is a lot more consistent, so a lot of battery manufacturers have opted to use it, even though it’s two to three times more expensive. Those are the companies making very high-quality, high-end batteries. Companies like that are very excited to see people like us come into the market with a very large deposit so we can guarantee them a consistent supply of product.”

Economo continues, “Graphite prices are not going to go through the roof. They’re stabilized; they’re going to run about $1,800 to $2,000 a tonne. Producing a tonne of 95% concentrate is expensive, if you have a low-grade deposit. We’re lucky that we have a 16% grade. Our cost to produce a tonne of 95% material is fairly low. It’s about $350 a tonne right now. So we have a huge margin available to us. That’s especially important because the price of graphite isn’t going to increase. The market can’t accept it. There is a demand for graphite and a need for it from lithium-ion battery manufacturers, but new mines will open to satisfy that demand. I don’t see prices rising.

“The automotive sector is one area we’re interested in, of course. But there are others we’re going after too. For example, two major growth areas are notebook computers and tablets. Until recently a lot of the batteries were ni-cad or nickel-metal-hydride. Now, with the ultra-thin, ultra-light computers and tablets, it’s all lithium. They’re looking at producing 450 million tablets in five years. The number is just astounding. If you look at electric handtools, every one of them is changing from nickel-metal-hydride to lithium-ion batteries. That’s another huge market. I went to the hardware store the other day to buy a lawnmower. They had five gas-powered models and seven electric.

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“The automotive sector might not catch on as fast as some people think it will,” Economo cautions. “Personally I think it’ll take more time because to have that amount of vehicles on the streets you also need the infrastructure. If you go to China, India or Europe, you’ll see some of the motorcycles and even bicycles are electric. It’s mandated now in China that they can’t have any more gas-powered mopeds. So there’s a huge, huge market for graphite in the lithium-battery sector, even without the automotive industry. I think the automotive business will just be the icing on the cake.”

Focus holds a 40% interest in Grafoid Inc, a joint venture created to find proprietary methods of manufacturing graphene from graphite mined at Lac Knife.

“It’s going really, really well,” Economo says. “Grafoid’s working on a number of projects for some major corporations in terms of R&D and developing patents and intellectual property. We need to prove the scalability of the process. A pilot plant is being built, and it will be ready and operable in five weeks. So as soon as we have the material from our drill program we’ll be able to get that plant going and prove the scalability of the manufacture of graphene. We make graphene now, but it’s in small batches in a lab environment. We want to scale it to large batches and see how big the batches can be.”

The pilot plant’s location is secret.

“There are signs of industrial espionage,” Economo reports. “We’ve seen it, and we want to be extra careful. There are people out there who have tried, and will continue to try, to get trade secrets.”

As for the Lac Knife Project, “Our PEA is scheduled for June 7. We don’t need a feasibility study. We’ll have offtake agreements and financing to take us into production. We’re working on five different companies for potential offtakes.”

The company has additional claims in Quebec’s Tetepisca region and in the region of Timcal Graphite & Carbon’s Lac-des-Îles Graphite Mine. “We have an exploration program in which geologists will visit all the claims, Economo says. “That starts next week. We have a big drill program starting next month up at Lac Knife. We want to see how big this thing is. It’s open at all directions and at depth. We also want to get some material because some of our potential clients will test it. We also want to have some material for our graphene development.”

Focus Metals is changing its name to Focus Graphite.

“Our new name has been approved by shareholders. We’re just doing the paperwork and filing it with the exchange. So I would say it takes effect now.”

Economo concludes, “Over the last couple of years we’ve de-risked and advanced this discovery to the point that, with our scoping study next month, we’ll be ready to go to permitting and take it to production. We’re well financed; we have $27 million in the bank. We’re an exceptionally advanced company with a business plan to take advantage of the upstream products, as opposed to just mining graphite and selling it in bulk. We want to take advantage of the value-add that we can bring to a particular customer. So our focus, no pun intended, is to provide customer solutions for technology graphite applications. We’re looking forward to our scoping study and signing our offtake agreements and getting the permitting done so we can get some graphite out of the ground.”

View Company Profile

Read an interview about Focus’ Kwyjibo REE-Copper Project.

Read a feature story on Focus Metals.

Disclaimer: Focus Metals Inc is a client of OnPage Media, and the principals of OnPage Media may hold shares in Focus Metals.

Read more articles like this at resourceclips.com.

All information on this website is: (a) for informational purposes only; (b) not to be used or construed as an offer to sell, a solicitation of an offer to buy, or an endorsement, recommendation, investment advice or sponsorship of any entity or security; and (c) not necessarily reflective of the views or policy of the Financial Post. Prior to making any investment decision, it is strongly recommended that you seek advice from a qualified investment advisor. The Financial Post does not provide or guarantee any financial, legal, tax or accounting advice or advice regarding the suitability, profitability, or potential value of any particular investment, security or information source, especially as it relates to mining companies. For further details, please Section 22 of http://www2.canada.com/aboutus/termsofservice.html.

Source: http://business.financialpost.com/2012/05/14/electrifying-transportation-focus-ceo-gary-economo-on-quebec-graphite/

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Northern Graphite Signs Two Agreements for Further Spherical Graphite Testing

Posted by AGORACOM-JC at 10:33 AM on Monday, May 14th, 2012

OTTAWA, ONTARIO–(May 14, 2012) – Northern Graphite Corporation (TSX VENTURE:NGC)(OTCQX:NGPHF) is pleased to announce that it has engaged Hazen Research of Golden, Colorado and the National Research Council Canada (“NRC”) to continue testing and optimizing its process for manufacturing spherical graphite which is used to make the anodes in Lithium ion batteries.

Northern has developed a proprietary process for producing spherical graphite from the graphite concentrate that will be produced from the Company’s 100% owned Bissett Creek deposit. Northern’s spherical graphite has already been evaluated in Lithium/graphite battery test cells and the performance of these cells demonstrated that it meets or exceeds current commercial performance requirements and that Bissett Creek graphite does not contain any impurities that negatively affect cell performance.

Hazen Research has been retained to confirm laboratory results using bench scale models of commercial purification equipment that will be employed in the full scale process. It is anticipated that this program will be followed by a pilot plant test and then engineering and design work to define the capital and operating costs of a commercial facility to upgrade Bissett Creek graphite concentrate into spherical graphite.

The National Research Council of Canada has been engaged to carry out ongoing testing of Northern’s spherical graphite in Lithium/graphite batteries in order to optimize and customize its performance to meet the specifications of potential offtake and strategic partners and customers. NRC has advanced battery testing capabilities with various chemistries and is the Government of Canada’s premier organization for research and development.

Gregory Bowes, Chief Executive Officer, commented that: “Value added processing such as the manufacture of spherical graphite is a big part of Northern Graphite’s strategy to create value for shareholders.” He added that: “By developing our own process we can ensure that it is optimized for our production, we can develop our own intellectual property and we do not have to pay royalties to third parties.”

About Spherical Graphite

Spherical graphite is used to make the anodes in Li ion batteries and is manufactured from the flake concentrate produced by graphite mining operations. The upgrading process consists of micronizing the graphite flakes, rounding them to create a spherical or “potato” shape, and purifying them to increase the carbon content to 99.95%. Almost all spherical graphite is currently produced in China and purified using strong acids which results in large volumes of acidic and toxic waste. This method is not environmentally sustainable as the demand for, and production of, Li ion batteries increases. It is also inconsistent with the green energy objectives of the hybrid and all electric car industry. The high quality and purity of graphite from Bissett Creek has enabled the Company to develop a proprietary purification technology that is environmentally friendly and sustainable. The objective is to provide Li ion battery manufacturers with a stable, secure source of supply that is produced in an environmentally acceptable manner.

Don Baxter, P.Eng, President of the Company and a “Qualified Person” under 43-101, is responsible for and has reviewed and approved the technical content of this press release.

The Graphite Market

Graphite prices have increased substantially due to the ongoing modernization of China and other emerging economies which has resulted in strong demand from traditional steel and automotive markets. In addition, new applications such as lithium ion batteries, vanadium redox batteries, fuel cells and nuclear power have the potential to create significant incremental demand growth. The manufacturing of Li ion batteries requires up to 30 times more graphite than lithium and their use in the growing EV/HEV market is expected to require significant increases in graphite production. However, graphite production and exports from China, which produces 70% of the world’s supply, are expected to decline and an export tax and a licensing system have been instituted. As a result, both the European Union and the United States have declared graphite a supply critical mineral.

Northern Graphite Corporation

Northern Graphite Corporation is a Canadian company that has a 100% interest in the Bissett Creek graphite deposit located in eastern Ontario. Northern Graphite is well positioned to benefit from this compelling supply/demand dynamic with a high purity, large flake, scalable deposit that is located close to infrastructure. A bankable final Feasibility Study (“FS”) is expected to be completed before the end of the second quarter, 2012. Permitting is expected to be completed by the end of the summer following which mine construction can commence, subject to the results of the FS and financing. Additional information on Northern Graphite can be found under the Company’s profile on SEDAR at www.sedar.com and on the Company’s website at www.northerngraphite.com.

Hazen Research

Hazen Research, Inc. is an employee-owned firm, located in Golden, Colorado, that performs industrial research and development for clients in the mineral, chemical, energy, and environmental fields. Services include laboratory-scale research on new processes or the adaptation of known technology to new situations, followed by pilot plant demonstration, preliminary engineering, and cost analysis. Projects range from beaker- scale experiments and analyses to multimillion-dollar continuous pilot or demonstration plants. Hazen has developed hundreds of hydrometallurgical, pyrometallurgical, and mineral beneficiation processes for most commercial metals and industrial minerals, and for many inorganic chemicals and has been involved in over 10,000 projects.

This press release contains forward-looking statements, which can be identified by the use of statements that include words such as “could”, “potential”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “likely”, “will” or other similar words or phrases. These statements are only current predictions and are subject to known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from those anticipated by the forward-looking statements. The Company does not intend, and does not assume any obligation, to update forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by applicable securities laws. Readers should not place undue reliance on forward-looking statements.

Neither 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.

Contact Information

  • Northern Graphite Corporation
    Gregory Bowes
    CEO
    (613) 241-9959Northern Graphite Corporation
    Don Baxter P.Eng
    President
    (705) 789-9706
    www.northerngraphite.com

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Lomiko Metals Significantly Expands its Quatre Milles Graphite Property

Posted by AGORACOM-JC at 9:25 AM on Monday, May 14th, 2012

May 14, 2012 — Vancouver BC – LOMIKO METALS INC. CA:LMR -13.64% LMRMF -10.14% DE:DH8B -18.75% (the “Company” or “Lomiko”) is pleased to announce that it has signed a letter agreement with three vendors to acquire a 100%-interest in the 2,180 hectare Quatre Milles West Property, located in southern Quebec.

The Quatre Milles West Property covers the western extension of the geology that hosts the drilled graphite bearing structures at the Company’s Quatre Milles Property. The combined property now covers two separate claim blocks, one 8 km by 7 km, and the other 7 km by 5 km, which brings the expanded Quatre Milles Property from approximately 1,600 hectares to 3,780 hectares.

To earn its 100%-interest, Lomiko must pay C$3,000 and issue 1,800,000 shares, subject to TSX Venture Exchange acceptance and grant the vendors a 2% NSR of which the first 1% may be purchased for $1 million.

The underlying geology of the Quatre Milles West Property consists of intercalated aluminous biotite paragneiss with graphite, biotite feldspar paragneiss, marble with graphite at contact with other units, quartzite and calc-silicate lithologies of the Central Metasedimentary Belt of the Grenville Province.

A map showing the expanded property will be posted to the Company’s website at: http://www.lomiko.com/properties/quatre.html

The Company is currently planning an exploration program for the Quatre Milles Property including mapping, prospecting and diamond drilling to test and confirm the areas of historical high-grade graphite intersected previously by Graphicor Resources Inc. (“Graphicor”) on the property.

Lomiko’s Quatre Milles Graphite Property

The Quatre Milles Property is road accessible and is located approximately 175 km northwest of Montreal and 17 km due north of the village of Sainte-Veronique, Quebec.

The property was originally staked and explored by Graphicor in the summer of 1989 based on the results of a regional helicopter-borne EM survey. The underlying geology consists of intercalated biotite gneiss, biotite feldspar gneiss, marble, quartzite and calc-silicate lithologies of the Central Metasedimentary Belt of the Grenville Province.

Historical Highlights

Graphicor completed reconnaissance mapping and prospecting as well as ground geophysics and a 26 hole diamond drill program totaling 1,625 metres. The work identified several conductive trends in the central portion of the property and at least three, relatively flat lying graphitic beds.

23 of the initial 26 drill holes intersected graphite concentrations with a highlight of 8.07% Cgf over 28.60 metres in hole Q90-7. The highest individual assay was reported in hole Q90-10 reporting 15.48% Cgf over 0.50 metres.

Southwestern Quebec is host to some of the most favourable geological terrain for graphite exploration in Canada and is known for hosting graphite resources, including the Lac Des Iles mine operated by Timcal. Lac des Iles is the largest of two Canadian graphite producers. It has been in production for over 20 years and produces graphite products of various sizes and purities.

Jean-Sebastien Lavallee (OGQ #773), geologist, a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical content of this release.

For more information, review the website at http://www.lomiko.com , contact A. Paul Gill at 604-729-5312 or email: [email protected]

On Behalf of the Board

“A. Paul Gill”

Chief Executive Officer

We seek safe harbor. Neither 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.

 

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Blair Way of Strike Graphite Interviewed by miningfeeds.com

Posted by AGORACOM-JC at 10:35 AM on Friday, May 11th, 2012
Blair Way, Strike’s newly appointed CEO, is looking forward to putting his project development skills to work.

On January 25, 2012, Strike Gold changed its name to Strike Graphite (Stock Profile – TSXV: SRK). In doing so, the company communicated quite clearly to the investment community that Strike had found its focus. Strike was an early-mover in the graphite sector and was able to secure three projects, two in Saskatchewan and one in Quebec, before a flood of junior miners arrived on the scene.

With three projects on the books Strike Graphite was still missing something – a Chief Executive Officer – but in early April the upstart company found their man when Blair Way was appointed to the position.

Blair Way is not a serial entrepreneur. On the contrary, he has held senior management positions at major and mid-tier mining companies. Most recently he served as Vice President Project Development for Ventana Gold – a Vancouver-based gold mining company advancing projects in Colombia that was acquired by Brazilian billionaire Eike Batista for $1.4 billion. Prior to Ventana, he served as President and Project Director, Oceanagold Philippines, overseeing the construction of the Didipio gold copper project; and, earlier in his career served as Project Director for BHP Nickel projects.

We connected with Mr. Way this morning after the release of another encouraging drill hole from Strike’s Simon Lake graphite project in Saskatchewan to get his take on Strike Graphite and the graphite sector now that he’s had a few months to find his footing.

Blair, thanks for joining us, you are relatively new to Strike Graphite – what drew you to an early stage company?

I was attracted to Strike Graphite because of the brownfield nature of these projects and the opportunity to utilize my development skill-set to fast track the projects and grow the company rapidly. I see graphite as a race to production and that is the environment I thrive in.

For those who are not familiar with graphite – please tell our readers about the sector and some of the key drivers.

The main drivers for graphite are grain, grade and metallurgy. These are the key aspects of a graphite deposit. It must be large flake and high-grade to command the best pricing in the market. The metallurgy must be straight forward. There are some deposits that have more complicated metallurgical processes, not to say any are as complicated as a nickel or zinc deposit, but the more straight forward the process the lower the cost of production.

The current graphite market, primarily for steel, refractory, lubricants and auto parts consumes in the order of 1.2 million tons per annum with the majority of the production from China and India. The largest mine is under 40,000 tons per annum which is quite a small operation in terms of an open pit mine with grades in excess of 10%.

The estimated demand growth over the next 8 years is in excess of a further 800,000 tons per annum. At 40,000 tons per mine that is 20 mines coming on stream in the next 8 years. That is a tall order. So additional high-grade production must come online to meet this growing demand and command the best market pricing.

Graphite emerged as the new “belle of the ball” of the junior resource markets – some say taking the place of Rare Earths – what do you make of this comparison?

I can see how people make this comparison, but it is only partially true. The graphite space is getting a lot of attention these days which is similar to the Rare Earths of a few years back as the market sees it as a new emerging metal, but that’s not true. Graphite has been around for decades and has only just recently commanded attention due to some of the emerging uses for graphite. This attention is really where the similarity ends.

Graphite is a much better understood market with strong current and emerging uses. It is much easier to find in large quantities and, metallurgically speaking, it is immensely more simplistic. Graphite tends to be relatively shallow occurring so it is amenable to very simple open pit mining. Processing is by known floatation technology to achieve the most effective concentration. Further concentration is also achieved by existing technology to tailor it to the end user as required.

All this lends itself to a very cost effective mine and plant. For example, a billion dollar gold deposit would be lucky to develop a mine and processing facility for under $300 million after spending in the order of $30 million to get it to feasibility stage. In comparison a billion dollar graphite deposit and associated mine and processing facility could get through feasibility study and in production for under $100 million. If you compared this to rare earth, nickel or zinc deposits the numbers are even more favorable for a graphite business model.

Today you announced the second drill results from Strike’s Simon Lake project in Saskatchewan – tell us about the project and the recent results.

We are very pleased with our preliminary drill results. Our historical data indicated to us that we could encounter the grain, grade and metallurgical attributes required for a graphite discovery. The base metal exploration drilling undertaken on the property in the 70′s and the associated drill logs enabled us to focus our EM survey which identified a 24 kilometer long conductor which we are currently drilling key targets on. The preliminary data from our drill holes continue to reinforce our theory and we are very excited to see our lab test results in the coming weeks.

You have two other projects, Deep Bay East in Saskatchewan and the Wagon property in Quebec – are you equally excited about the potential of these projects?

These projects are equally exciting and we are undertaking ground work on these properties also. We will work towards defining focused drill programs for the fall on all our properties and depending on the results from this summer’s work we will then focus our resources on those that have the greatest potential with the aim to achieve an NI43101 resource by early 2013.

You recently announced a $3 million financing at $0.30, what milestones do you hope to reach with the proceeds once closed?

These proceeds will enable us to continue on our aggressive exploration programs on our three properties to move them toward a resource. Our next milestone is our NI 43-101 resource. It is a great time to be in this sector and we believe our brownfield projects enable us to be a front runner in this race to production.

Disclosure: at publication date Strike Graphite is a client of MiningFeeds.

Source: http://www.miningfeeds.com/2012/05/10/interview-blair-way-strike-graphite/

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