Big North Announces Exercise of Option on Grand Lac du Nord Graphite Project in Quebec
17.11.2014 | The Newswire
Vancouver, November 17, 2014 / Big North Graphite Corp. (TSX-V: NRT) (the "Company" or "Big North"), announces that it has exercised its option (the "Option") to acquire a 100% interest in the Grand Lac du Nord Graphite Property located in eastern Quebec pursuant to the terms of an option agreement (as amended) among the Company, Zimtu Capital Corp. ("Zimtu") and three of Zimtu's prospecting partners (see the Company's press release dated April 11, 2012 for further details). As consideration for the exercise of the Option, Big North previously issued an aggregate of 3,000,000 common shares of the Company, paid $80,000 and incurred $150,000 in exploration expenditures. The optionors will retain a 2% net milling royalty on the property, 50% of which can be purchased by Big North for $1,000,000.
About the Grand Lac du Nord Graphite Project
The Grand Lac du Nord Property (the "Property") consists of one contiguous claim block totaling approximately 2,009 hectares (20.09 km2) located approximately 140 kilometers northwest of Sept-Iles, Quebec. The property is accessible via paved and logging roads.
The Property was previously explored by SOQUEM, Inc. following up on airborne electromagnetic (EM) anomalies. A 2012 exploration program completed by Big North Graphite Corp., consisting of graphite grab and channel sample assay results, confirmed a multiple graphite bearing structure covering an area approximately 4 kilometres by 2 kilometres.
About Big North Graphite Corp.
Big North is a graphite development and exploration company focused on select projects in Mexico and Canada, including the past producing El Tejon flake graphite mine and mill in Oaxaca, Mexico. Big North is poised to capitalize on the increasing strategic demand for graphite throughout the world, a demand that is being driven by the growth in new, green technologies including the lithium ion batteries that are being used in hybrid and fully electric vehicles.
For further information please contact Spiro Kletas at (604) 629-8220.
ON BEHALF OF THE BOARD
(signed) "Spiro Kletas"
Spiro Kletas, President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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