Canada Carbon Expands Land Position at Miller Graphite Mine
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 15, 2013) - Canada Carbon Inc. (the "Company") (TSX VENTURE:CCB) (FRANKFURT:U7N1) announces that it has entered into a definitive agreement (the "Agreement") to acquire 100% interest in five additional pending claim units contiguous to Canada Carbon's historic Miller Graphite Mine. The pending claims are located 80 kilometres ("km") west of Montreal near Grenville, Quebec. With this new land acquisition, the Miller Graphite property will now cover 15.3 km2 of prospective graphite potential.
Terms of the Agreement
Pursuant to the Agreement, the Company has agreed to issue to Nouveau-Monde Mining Enterprises Inc., a Québec corporation, a total of 75,000 shares payable upon the approval of the transaction by the TSX Venture Exchange (the "Exchange").
Pursuant to the Agreement, the Company has also granted Nouveau-Monde., a 2% Net Smelter Return royalty (the "NSR") which can be reduced at any time to 1% by paying $1,000,000 to Nouveau-Monde.
Rémi Charbonneau, Ph.D., P. Geo #290 (an Associate of Inlandsis Consultants s.e.n.c.) is an Independent Qualified Person under National Instrument 43-101, and has reviewed and approved the technical information provided in this news release.
About Miller Graphite Mine
The Miller Graphite Mine, located in Grenville Township in Quebec is a past graphite and mica producer with unknown graphite reserves remaining. This mine was worked around 1845 and was probably the first graphite operation in Canada. The quantity of produced graphite is unknown but it is reported that 25 rail cars of lump graphite were shipped from this deposit in the year 1900 and sent to the Globe Refining Company of Jersey City, N.J. This yielded thirty-two tons of clean crucible graphite. The Morgan Crucible Company of London and also J.H. Gauthier and Company, Jersey City, used some of this graphite in their crucibles and pronounced it equal to the best graphite known to come from Ceylon (now Sri Lanka). The property covers 15.3 km2 of land and is located 80 km west of Montreal. A main road, located approximately 800 metres from the deposit, is connected by a gravel road to the deposit allowing very easy access. A power line also crosses the property 500 metres south of the deposit. There is no certainty that further exploration will result in the development of similar deposits.
On Behalf of the Board of Directors
R. Bruce Duncan
Interim CEO and Director
"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."
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
