Electra Stone Ltd. Announces 2015 Production Results and Appointment of Mr. Froc, P.Eng as Vice President of Operations
21.01.2016 | Accesswire
VANCOUVER, BRITISH COLUMBIA / ACCESSWIRE / January 21, 2016 / Electra Stone Ltd. (TSX Venture: ELT) ("Electra") or the ("Company") announces 2015 annual production and sale of 65,540 tonnes of chalky geyserite from its Apple Bay Quarry. Chalky Geyserite, also known as aluminum silica, is an integral ingredient in the production of cement. Approximately 20% of cement contains chalky geyserite. Year-over-year production was 13% higher with no notable operational changes.Mr. John Costigan, President and CEO of Electra Stone Ltd, commented, "2015 was an average, to a lower than average production year for the Apple Bay Quarry. Moving forward into 2016 we will be taking a closer look at the quarry focusing primarily on operational improvements to lower the overall cost per tonne. This may require additional capital investment for needed infrastructure upgrades. The Company is exploring the potential of increasing the quarry's annual production by adding new product buyers. We believe there is strong economic potential in the Apple Bay quarry if the presented capital costs, and ongoing operational costs can be supported by current market prices."
Mr. Costigan continued, "The overall quarry review and operations will be directed by Mr. Neil Froc, PEng whom has now been promoted to our Company's Vice President of Operations. He brings the expertise and experience to provide the Company with a solid plan to ensure mining standards are maintained at a high level, operational efficiencies are optimized and new clients are developed and provided with a high quality product".
About Electra Stone
Electra Stone Ltd. is building a vertically integrated public Nephrite Jade mining, trading & marketing company. Electra is focused on international market growth and trade of Nephrite Jade from British Columbia into Asian markets with a specific focus on China. Electra also continues to operate its Apple Bay aluminum-silica quarry on Vancouver Island, which has been in continuous operation, since 2003.
For further information and sales enquires on Electra Stone Ltd. please visit www.electrastone.com
Or contact: Tyler Lowes 604-681-1568.
On behalf of the Board of Directors,
"John Costigan"
President and Director.
Forward Looking Statement
This document contains forward-looking statements. Forward –looking statements in this news release include completion of a financing and use of proceeds. Forward information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Factors which may prevent the forward looking statements from coming to fruition include that we may not agree on terms with the investor and we may receive not regulatory or shareholder approval. Forward-looking information is provided as of the date hereof and is based on current expectations, including, but not limited to timing of mineral resource estimates, future exploration or project development programs and the impact on the Company of these events. We assume no responsibility to update, or revise them to reflect new events or circumstances, except as required by law. For a detailed list of risks and uncertainties as it relates to Electra Stone Ltd., please refer to the Company's 2014 Annual Financials filed with SEDAR.
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 adequacy or accuracy of this news release.