VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/17/13 -- Canada Carbon Inc. (the "Company") (TSX VENTURE: CCB)(FRANKFURT: U7N1) is pleased to announce the acquisition of a 100% interest in three additional claim units contiguous to Canada Carbon's historic Miller Graphite Mine. The claims are located on the NTS map sheet 31G10 near Grenville, Quebec. With this new land acquisition, the Miller Graphite property now covers 13.2 kilometres ("km") 2 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 Quebec 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 Mining Enterprises Inc., 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 Mining Enterprises Inc.
About Miller Graphite Mine
The Miller Graphite Mine, located in Grenville Township 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 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 13.2 km 2 of land and is located 70 km west of Montreal. A main road, located approximately 800 metres from the deposit, is connected by a bush 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.
The Company has terminated its interest in the Walker property in its efforts to streamline its focus and resources on the exploration and development of graphite properties which it feels will provide the greatest benefit to its shareholders. In line with that new focus, Canada Carbon has terminated its previously announced (see March 6th, 2013 release) agreement with CGT Carbon GmbH, A German Specialty Graphite Engineered Products Company.
The Company announces it has granted incentive stock options to certain directors and officers to purchase up to a total of 1,450,000 common shares in the capital stock of the company, exercisable for a period of five years, at a price of $0.10 cents per share.
On Behalf of the Board of Directors
CANADA CARBON INC.
R. Bruce Duncan, President, CEO and Director
ABOUT CANADA CARBON INC. (TSX VENTURE: CCB)
Canada Carbon holds a 100% interest in four strategic graphite properties located in Ontario and Quebec, including 2 past producing graphite mines, the Miller and the Asbury. The Asbury open-pit mine and mill were in operation from 1980 to 1989 and are located north of the Ottawa-Gatineau area. The Miller graphite mine is located northeast of Ottawa in Grenville Township and is reported to have had 25 rail cars of lump graphite shipped from this deposit in the 1900s. The Dun Raven historic graphite deposit is easily accessible a few hours west of Montreal, in Thorne Township. The Maria Graphite Project is located just off the Trans-Canada Highway between the cities of Ottawa and North Bay, Ontario. These claims surround and are contiguous to Northern Graphite's Bissett Creek graphite deposit that reported the extraction of very large high purity flake graphite consistent across the entire resource with overall recovery rates of 97%. (NGC.V News Release 23/04/2012)
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).
"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."
Canada Carbon Inc.
R. Bruce Duncan
Interim Chief Executive Officer & President
(604) 638-0973 (FAX)
Most Popular Stories
- Koch Brothers Step up Anti-Obamacare Campaign
- Obama Administration Releases Proposal to Regulate For-Profit Colleges
- Elizabeth Vargas' Husband Marc Cohn Addresses Rumors
- Quiznos Files for Chapter 11
- Keurig Adds Peet's coffee, Alters Starbucks deal
- U.S. to Relinquish Gov't Control Over Internet
- FDIC Sues Big Banks Over Rate Manipulation
- U.S. Consumer Sentiment Falls in Early March
- Vybz Kartel Convicted of Murder
- SoCalGas Reaches Record Spend on Diversity Suppliers