Saint Jean Carbon Acquires Two Past Producing Graphite Mines
OAKVILLE, ONTARIO--(Marketwired - Feb 16, 2016) - Saint Jean Carbon Inc. ("Saint Jean" or the "Company") (TSX VENTURE:SJL), a carbon science company engaged in the development of natural graphite properties and related carbon products, is pleased to announce announce that the Company has entered into two Letters of Intent (LOI) to acquire two past producing hydrothermal lump/vein graphite mines. The first mine is known as the Diamond Graphite Mine and the second is known as the Bell Graphite mine, both located in South Western Quebec.
The Diamond hydrothermal lump/vein graphite mine consists of 31 claims that were in production from 1907 through to 1920. The mill at that time ran two shifts and processed 100 tons per day of mineralized material, netting about 8 tons of concentrate per day.
The Bell hydrothermal lump/vein graphite mine consists of 13 claims. Historically the mine produced about 6,700 tons of graphite between 1906 and 1912. Exploration drilling was performed in the early 1950s which defined the downward extension of Bell Mine graphite deposit.
Paul Ogilvie, CEO, commented: "We are pleased to add the Diamond and Bell hydrothermal lump graphite properties to our growing list of graphite holdings. We believe that in the future as electric cars, home energy storage and graphene applications evolve, the need for significant quantities of the highest quality graphite will grow in demand".
Both transactions are subject to TSX approval. On closing the Company will issue 1,500,000 shares to each of the two claim holder(s), and a .75% (three quarters of a percent) Net Outputs Return (NOR) royalty. The Company looks forward to closing quickly and starting as soon as possible to gather samples for preliminary testing. Christian Derosier, PGeo, PhD. is the qualified person (QP) acting on behalf of Saint Jean Carbon who has reviewed and approved the information in this news release.
About Saint Jean
Saint Jean is a publicly traded carbon science company, with interest in graphite mining claims on three 100% Company-owned properties located in the province of Quebec in Canada. The three properties include the Walker property, a past producing mine, the Wallingford property and the St. Jovite property. For information on Saint Jean's other properties and the latest news please go to the website: www.saintjeancarbon.com
On behalf of the Board of Directors
Saint Jean Carbon Inc.
Paul Ogilvie, CEO and Director
Neither 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 release.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, within the meaning of applicable securities legislation, concerning Saint Jean's business and affairs. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "intends" "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
These forward-looking statements are based on current expectations, and are naturally subject to uncertainty and changes in circumstances that may cause actual results to differ materially. The forward-looking statements in this news release assume, inter alia, that the conditions for completion of the Transaction, including regulatory and shareholder approvals, if necessary, will be met.
Although Saint Jean believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that these expectations will prove to be correct.
Statements of past performance should not be construed as an indication of future performance. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors, including those discussed above, could cause actual results to differ materially from the results discussed in the forward-looking statements. Any such forward-looking statements are expressly qualified in their entirety by this cautionary statement.
All of the forward-looking statements made in this press release are qualified by these cautionary statements. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking information is provided as of the date of this press release, and Saint Jean assumes no obligation to update or revise them to reflect new events or circumstances, except as may be required under applicable securities laws.
Contact
Information Contact :
info@saintjeancarbon.com
(905) 844-1200