The claims cover the similar lands as the 28 Alaska state mining claims acquired by the company’s subsidiary Graphite One (Alaska) in January 2012.
The subsidiary now owns both the junior and senior state mining claims that overlap and surround the 24 unpatented federal claims that were recently leased from Kougarok.
Graphite One (Alaska) has agreed to pay $50,000 to Ronald after completion of its next financing that raises a minimum amount of $500,000.
The company’s Graphite Creek Property currently includes 56 acquired state claims, 77 staked state claims and 24 leased federal claims.
Graphite One Resources CEO Anthony Huston said: "With this agreement, Graphite One (Alaska) now fully controls, free of any conflicting locations, the right to possess and extract 100% of its identified resource."
As per the terms of the lease, Graphite One (Alaska) may elect to relinquish one or more of the leased claims and thereafter depend on its acquired claims.
The US Department of the Interior, Bureau of Land Management has advised Graphite One that 20 of the leased claims were situated when federal claims could be initiated only for metalliferous minerals and graphite is not a metalliferous mineral.
The Graphite Creek project is progressing from the exploration to the evaluation phase.
