Graphite One Announces Completion of Conversion of Federal Claims to State Claims
VANCOUVER, British Columbia, April 30, 2018 (GLOBE NEWSWIRE) -- Graphite One Resources Inc. (TSX-V:GPH) (OTCQB:GPHOF) (“Graphite One” or the “Company”) announced today that the process of converting the 24 unpatented federal mining claims leased from Kougarok LLC to State of Alaska mining claims is now complete. All resources identified to date within the Company’s Graphite Creek flake graphite deposit are now held by the Company by state mining claims either (1) owned by Kougarok LLC and leased to the Company or (2) owned by the Company directly. Certain prior royalty rights remain unaffected by the conversion.
As Graphite One has previously disclosed in its Management Discussion and Analysis for the three and six months ended June 30, 2017, the conversion described above will relieve the Company of the need to comply with certain federal regulatory requirements since federal lands are no longer involved and is anticipated to simplify the permitting process for the project.
“We’re pleased to see this conversion completed,” said Anthony Huston, CEO of Graphite One, “as we continue to progress what we see as a key critical minerals project at a time of rapidly growing graphite demand.”
The Graphite Creek deposit now comprises 99 active State of Alaska mining claims covering more than 15,800 acres, plus numerous additional pending state mining claims adjoining lands selected by but not yet conveyed to the State of Alaska. Representing the largest natural graphite deposit in the United States, the Company projects annual production of 50,000 metric tons of advanced graphite products. Current U.S. graphite production stands at zero; the U.S. Government recently listed graphite as a critical mineral, vital to the U.S. economy and national security.
About Graphite One Resources Inc.
Graphite One Resources Inc. (TSX-V:GPH) (OTCQB:GPHOF) continues to develop its Graphite One Project (the “Project”), whereby the Company could potentially become an American producer of high grade Coated Spherical Graphite (“CSG”) that is integrated with a domestic graphite resource. The Project is proposed as a vertically integrated enterprise to mine, process and manufacture high grade CSG primarily for the lithium-ion electric vehicle battery market. As set forth in the Company’s NI 43-101 Preliminary Economic Analysis dated effective November 28, 2016, potential graphite mineralization mined from the Company’s Graphite Creek Property is expected to be processed into concentrate at a graphite processing plant. The proposed processing plant would be located on the Graphite Creek Property situated on the Seward Peninsula about 60 kilometers north of Nome, Alaska. CSG and other value-added graphite products, would likely be manufactured from the concentrate at the Company’s proposed graphite product manufacturing facility, the location of which is the subject of further study and analysis. The Company intends to make a production decision on the Project once a feasibility study is completed.
ON BEHALF OF THE BOARD OF DIRECTORS
"Anthony Huston” (signed)
For more information on Graphite One Resources Inc. please visit the Company’s website, www.GraphiteOneResources.com or contact:
Anthony Huston
CEO, President & Director
Tel: (604) 697-2862
Email: AnthonyH@GraphiteOneResources.com
Investor Relations Contact
1-604-684-6730
GPH@kincommunications.com
CAUTIONARY STATEMENT
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.
This release includes certain statements that are deemed to be forward-looking statements. All statements in this release, other than statements that are clearly historical in nature, are forward-looking statements. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “proposes”, “expects”, or “is expected”, “scheduled”, “estimates”, “projects”, “intends”, “assumes”, “believes”, “indicates” or variations of such words and phrases that state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”.
Forward-looking information in this release includes, but is not limited to, statements regarding the expected relief from certain regulatory requirements and anticipated simplification of the permitting process for the Project, stage and progress of development of the Graphite Creek Project including the ability to actually produce spherical graphite, ultimate further and final results of additional test-work, estimated capital and sustaining costs and the availability of equipment, labour and resources required, the anticipated applications of graphite in high-tech, clean tech, energy storage and national security applications and all other anticipated applications, international demand and ability to transport and enter into such markets, are all 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: (i) the results of product development test work may not be indicative of the advancement of the project as anticipated, or at all, (ii) market prices, (iii) exploitation and exploration successes, (iv) continuity of mineralization, (v) uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, (vi) changes in government policies regarding mining and natural resource exploration and exploitation, (vii) competition faced in securing experienced personnel, access to adequate infrastructure to support mining, processing, development and exploration activities and continued availability of capital and financing, and (viii) general economic, market or business conditions. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this press release, and the Company undertakes no obligation to update publicly or revise any forward-looking information, except as required by applicable securities laws. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.
