Eagle Graphite Commences Exploration Program On Its Plant Site
TORONTO, ONTARIO--(Marketwired - April 30, 2015) - Eagle Graphite Inc. (TSX VENTURE:EGA) (FRANKFURT:NJGN) ("Eagle Graphite" or the "Company") is pleased to announce it has initiated the 2015 exploration program on its plant site, located 35 kilometres west of Nelson, British Columbia, Canada.
The Company intends to explore a significant portion of its 200 hectare ("ha") plant lease, including the location known as the "Beau Zone". This flake graphite prospect was discovered in 2002 at an outcrop exposure above Koch Creek, approximately 100 metres from the graphite processing plant, followed by a further discovery of graphite mineralization in an electrical grounding drill hole drilled adjacent to the plant. In the subsequent seven diamond drill hole program, also conducted in 2002, a graphite zone was transected in five of the holes.
The Company is now resuming the exploration work at the plant area. Planned activities between now and June 2015 include surface trenching and diamond drilling, making continuous refinements to the program as new information becomes available. Eagle Graphite's current National Instrument 43-101 compliant resource estimate does not include any mineralization from this area.
Jamie Deith, President and CEO, states "We are excited to have this work underway. We anticipate that within a few months, we will have greatly improved our understanding of the structural geology of the deposit. While there is no certainty of establishing any incremental resource estimate, we would be very pleased if it does turn out that way. Having a resource available this close to our plant could significantly broaden our options for further development of the project."
About Eagle Graphite
Eagle Graphite Inc. is an Ontario company that owns one of only two natural flake graphite production facilities in North America, located 35 kilometres west of the city of Nelson in British Columbia, Canada, and 70 kilometres north of the state of Washington, USA, known as the Black Crystal graphite quarry. The Company's shares are listed on the TSXV under the symbol "EGA" and on the Frankfurt Stock Exchange under the symbol "NJGN".
Edward Nunn, P.Eng., a "Qualified Person" as defined by NI 43-101, has approved the scientific and technical information in this press release.
Cautionary Statements
Disclosure Regarding Forward-Looking Statements: This press release contains certain "forward-looking information" within the meaning of applicable securities legislation. Such information is based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking information and accordingly, readers should not place undue reliance on such information. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. In evaluating forward-looking information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward looking information. The statements in this press release are made as of the date of this release. The Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Company or its securities, its financial or operating results, as applicable.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Contact
Eagle Graphite Inc.
Jamie Deith
President & Chief Executive Officer
(604) 909-4237
jdeith@eaglegraphite.com
Eagle Graphite Inc.
Dan Hamilton
Chief Financial Officer
(647) 260-0470
dhamilton@eaglegraphite.com