The first mine is known as the Diamond Graphite Mine and the second is known as the Bell Graphite mine, both located in South Western Quebec.
The Diamond hydrothermal lump/vein graphite mine consists of 31 claims that were in production from 1907 through to 1920. The mill at that time ran two shifts and processed 100 tons per day of mineralized material, netting about 8 tons of concentrate per day.
The Bell hydrothermal lump/vein graphite mine consists of 13 claims. Historically the mine produced about 6,700 tons of graphite between 1906 and 1912. Exploration drilling was performed in the early 1950s which defined the downward extension of Bell Mine graphite deposit.
Paul Ogilvie, CEO, commented: "We are pleased to add the Diamond and Bell hydrothermal lump graphite properties to our growing list of graphite holdings. We believe that in the future as electric cars, home energy storage and graphene applications evolve, the need for significant quantities of the highest quality graphite will grow in demand".
Both transactions are subject to TSX approval. On closing the Company will issue 1,500,000 shares to each of the two claim holder(s), and a .75% (three quarters of a percent) Net Outputs Return (NOR) royalty.
The Company looks forward to closing quickly and starting as soon as possible to gather samples for preliminary testing. Christian Derosier, PGeo, PhD. is the qualified person (QP) acting on behalf of Saint Jean Carbon who has reviewed and approved the information in this news release.
