CALGARY, ALBERTA -- (Marketwired) -- 04/30/13 -- Torch River Resources Ltd. ("Torch" or the "Company") (TSX VENTURE: TCR) (FRANKFURT: WNF) (PINK SHEETS: TORVF), is pleased to announce that effective immediately, Mr. Paul Ogilvie, former CEO of Canada Carbon Inc., has been appointed to Chairman of the Board and CEO of Torch. Dr. William Pfaffenberger, former CEO and currently President of Torch River Resource, commented, "We are pleased to have Mr. Ogilvie as CEO and Director of our company as we begin the first step to becoming a leading carbon company".
Paul Ogilvie commented, "Over the coming months we hope to complete acquisitions of lump graphite properties, appoint a management team, and be well on our way to building a 100% pure play lump graphite company. We expect the management team in particular to be one of the best in the graphite business". The Company plans to acquire three to four lump graphite properties in Quebec with a goal to be in production within 24 months. Mr. Ogilvie went on to state: "The Company believes this near term production plan is feasible as lump projects typically have low capital requirements when being brought into production. Lump graphite, like that mined in Sri Lanka, is typically found in very high grade veins and can be produced in some cases almost as a finished customer-ready product. As such, we are confident the property acquisitions we intend to complete will be timed perfectly to undertake a broad sampling, mapping and exploration program this summer".
The Company has not yet acquired any such properties and there is no certainty such properties will be acquired, and if acquired, in the absence of a feasibility study, there is no certainty that the proposed operations will be economically viable.
Dr. Pfaffenberger further commented: "It has been Torch's goal to find carbon projects which can cash flow quickly and have low capital expenditures. Our Board is very excited about this new direction for Torch." To that end the Company, subject to approval of the TSX Venture Exchange ("TSX-V"), plans to change its name to Saint Jean Carbon Inc. The proposed name change reflects the evolution of the Company towards a Quebec base of operations where the primary target properties are located.
Lump or Vein graphite is considered to be one of the rarest, commercially valuable, and highest quality types of natural graphite. It occurs in veins along intrusive contacts in solid lumps and is only actively mined in Sri Lanka (Mores, 2007). Given the carbon content typically found with lump/vein graphite recovery operations and costs will normally be lower than flake or amorphous graphite recovery. In addition, vein graphite is suitable for many of the same applications as flake graphite giving it a distinct competitive edge in terms market prices and product applications.
Mr. Ogilvie has been a driving force in the natural graphite sector since 2006. He has successfully identified and assembled outstanding graphite projects beginning with his active efforts to reorganize Industrial Minerals Inc. (now Northern Graphite Corporation) and its Bissett Creek project in Northern Ontario in early 2007. That project is now fully engaged in pre-production plans. In 2010 he continued his mine development initiatives with an agreement to develop the Uley Graphite project near Port Lincoln, Australia. While that project is currently seeking full development funding, it represents the quality of vision and development potential that Mr. Ogilvie will bring to Torch River Resources.
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