Focus Graphite Discloses Legal Action
OTTAWA, ONTARIO--(Marketwired - Sep 30, 2015) - Focus Graphite Inc., (TSX VENTURE:FMS) (OTCQX:FCSMF) (FRANKFURT:FKC) ("Focus" or the "Company") announces it has been named as a defendant in a statement of claim filed on behalf of Donald Baxter, the Company's former President and Chief Operating Officer. The statement of claim alleges that Mr. Baxter was wrongfully dismissed by the Company and speculates on reasons why Mr. Baxter was terminated. Mr. Baxter is seeking alleged damages of $450,000 for, among other things, breach of contract, wrongful dismissal and punitive damages. The Company denies all of the allegations made by Mr. Baxter and believes the action to be without merit. The Company will vigorously defend itself against this claim and is presently considering all available actions that it may take in order to protect its rights and reputation, including seeking damages.
About Focus Graphite Inc.
Focus Graphite Inc. is an advanced exploration and development mining company with an objective of producing graphite concentrate at its Lac Knife deposit located south west of Fermont, Québec. In a second stage, to meet Quebec stakeholder interests of transformation within the province and to add shareholder value, Focus is evaluating the feasibility of producing value added graphite products including battery-grade spherical graphite.
The Lac Knife project hosts a Measured and Indicated Mineral Resource Estimate* of 9.58 million tonnes grading 14.77% graphitic carbon (Cg) (432,000 tonnes Measured @ 23.66% Cg and 9,144,000 tonnes Indicated @ 14.35% Cg) as natural flake graphite with an additional Inferred Mineral Resource Estimate* of 3.1 million tonnes grading 13.25% Cg. Focus' goal is to assume an industry leadership position by becoming a low-cost producer of technology-grade graphite concentrate.
The Feasibility Study filed with SEDAR on August 8, 2014 for the Lac Knife Project indicates the project is economically viable and has the potential to become a low cost graphite concentrate producer based on 7.86 million tonnes of Proven and Probable Mineral Reserves** grading 15.13% Cg included in the Mineral Resource (429,000 tonnes Proven @ 23.61% Cg and 7,428,000 tonnes Probable @ 14.64% Cg).
On May 27, 2014 the Company announced the potential for high value added sales in the Li-ion battery sector following battery coin cell tests performed on Spherical Graphite ("SPG") produced from the Lac Knife graphite concentrate. Testing measured the performance metrics and confirmed Focus' capability to tailor lithium ion battery-anode-grade graphite and value added products to meet the most stringent customer specifications.
Focus Graphite is a technology-oriented graphite mining development company with a vision for building long-term, sustainable shareholder value. Focus also holds a significant equity position in graphene applications developer Grafoid Inc.
* Mineral resources are not mineral reserves and do not have demonstrated economic viability
** The Measured and Indicated Mineral Resources are inclusive of those Mineral Resources modified to produce the Mineral Reserve. The reference point for the Mineral Reserve Estimate is the mill feed.
For more information about Focus Graphite, please visit www.focusgraphite.com.
Neither the 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 accuracy of this release.
Contact
Focus Graphite Inc.
Mr. Gary Economo
Chief Executive Officer
+1 613-241-4040
geconomo@focusgraphite.com
www.focusgraphite.com