Electra Stone Ltd. Initiates Cooperative Drill Program at Apple Bay
01.09.2015 | Accesswire
VANCOUVER, BC / ACCESSWIRE / September 1, 2015 / Electra Stone Ltd. ("Electra" or the "Company") (TSX.V: ELT) (FSE: 44E1) is pleased to announce, that as of August 31st, it has initiated a cooperative drill program with Ash Grove Cement Company ("Ash Grove") at Electra's Apple Bay Geyserite Quarry located 35km West of Port Hardy, British Columbia.The overall drill program will comprise 24 drill holes ranging from 14 to 40 meters of percussion drilling for an approximate total of 700 meters. Samples will be taken every 3 meters for a total of approximately 180 samples and prepared for analysis. The purpose of the program is to expand and update the known resource within the Apple Bay mining lease in accordance with Electra's 2015 Mine Plan.
D&B Drilling has been contracted to conduct the estimated five day program which is being coordinated and supported by technical staff from both Electra and Ashgrove. This Cooperative program is part of the initiative by Electra to focus on continuous improvement and the overall development of its Apple Bay Geyserite Quarry.
Electra Stone has provided Ash Grove Cement with a continuous supply of Aluminum Silica known as "Chalky Geyserite" from its Apple Bay Quarry since 2003. The Company anticipates 2015 sales to be approximately 100,000 tonnes amounting to a year on year increase of 60%.
John Costigan, President of Electra states "we are pleased with the progress we have made in the last year at Apple Bay, the increase in sales and cooperation with Ash Grove Cement continues to improve the economic viability of the operation."
About Electra Stone
Electra Stone Ltd. is a mining company concentrating on the development of and exploration for Nephrite Jade and industrial minerals. Electra's recent entrance into the Jade sector was catalyzed by increased global market pressures towards price and demand for BC Nephrite Jade. Electra also continues to operate its Apple Bay aluminum-silica quarry on Vancouver Island, which has been in continuous operation since 2003.
About Ash Grove Cement Company
Ash Grove Cement Company operates cement plants in eight states across the USA. It has a 133 year history of service, reliability and quality. Ashgrove has an annual cement production capacity of 9 million tons and is the 6th largest cement manufacturer in the United States.
National Instrument 43-101 disclosure
Neil Froc, P.Eng, a qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
For further information or interests on Electra Stone or its Apple Bay operations please contact Tyler Lowes at tyler@electrastone.com or call 604-681-1568.
On behalf of the Board of Directors
"John Costigan"
President and Director
Forward-Looking Statements: This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate”, “proposed”, "postulate" “potential” and similar expressions, or are those, which, by their nature, refer to future events. Forward looking statements in the news release included but are not limited to that the private placement will be approved; the private placement will close and that changes will occur to the board of directors. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors, which include that we may not agree with the investor on final documents, the investor may not provide the funding and the private placement may not obtain TSXV approval. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at http://www.sedar.com.