The IP survey included three lines as a test of the method over IMAGEM anomalies generated west and east of the Miller pit. Normalized chargeability (NC) was used to compensate for background variations linked to overburden thickness. Accordingly, ten (10) IP anomalies were detected and numbered IP-1 to IP-10. Some anomalies are correlated between lines, with IP-1 extending over 145 metres in a north-south direction, 100 metres west of the mine pit and following a geological contact between marble and quartzite. At one station, the IP-1 conductor is coincident with IMAGEM and Beep Mat anomalies, confirming the presence of a conductive body under shallow overburden. IP-1 appears to follow the southwestern contact of the marble unit with quartzite, and is still open in both directions. IP-4 and IP-5 anomalies are found immediately east of the Miller Pit, where a large graphite vein and brecciated zone are known to occur and where the three other methods also returned conductive signals. IP-7, IP-8 and IP-9 are located over a known geological contact between the marble unit and the paragneiss unit on the eastern part of the survey. The IP survey covered only 0.11 km2 of the Miller property, and therefore the potential for additional anomalous IP responses for the rest of the property still exists.
Remi 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.
The Company also announces that it has completed the sale of its Red Chris South Property located in British Columbia to an arm's length purchaser in consideration of the payment of $90,000 and a 1.5% Net Smelter Return Royalty. The Purchaser has the option of purchasing two-thirds of the 1.5% NSR from Canada Carbon for a cash payment of $1 million. The Purchaser also agreed to arrange a replacement reclamation bond of $8,000 in connection with the transaction.
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 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 13.2 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
CANADA CARBON INC.
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).
Canada Carbon Inc.
(604) 638-0973 (FAX)
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