Saint Jean Carbon Increases Whabouchi Lithium Project
OAKVILLE, ONTARIO--(Marketwired - Sept. 30, 2016) - Saint Jean Carbon Inc. ("Saint Jean" or the "Company") (TSX VENTURE:SJL), a carbon science company engaged in the exploration of natural graphite properties and related carbon products, is pleased to announce the Company has entered in to an agreement to increase its lithium holdings by 27 claims, bringing the total claims to 109. The claims are contiguous with the Whabouchi Lithium Project the Company acquired in August 2016. The new claims are located in the James Bay region of Quebec and lie approximately 45 kilometres southeast of the village of Nemaska. The area is linked by a network of all-season roads to the mining centre of Chibougamau, 300 kilometers to the south. An airport and a network of high-voltage hydroelectric transmission lines service the area.
Paul Ogilvie, CEO, commented: "The added claims gives the Company a significant presence in the region where many other successful development operations are progressing nicely. We feel our properties give us a real advantage in our research and development work, which is being carried out at the universities. This enables us to move closer to being a full electric materials supply company in the future. These expanded claims also offer us greater areas to explore and attract joint venture partners. Our overall strategy to be able to supply the complete chemistry for an lithium-ion battery in future starts with owning the raw material."
The Property is comprised of one large block of 27 mineral claims covering 1,458 hectares (14.5 km2) located on the southern margin of the volcano-sedimentary Mountain Lake belt. The Property neighbours to the north Hinterland Metals Inc. and Durango Resources to the south. The Property is located approximately 15 kilometres southeast of Nemaska Lithium Inc.'s Whabouchi hard-rock (spodumene) lithium project. Nemaska's Whabouchi property contains measured plus indicated resources of 27,991,000 tonnes of 1.57 per cent lithium dioxide. Nemaska recently released a positive feasibility study that includes the construction of a mine and concentrator at Whabouchi and a hydrometallurgical plant in Shawinigan, Quebec. The mineralization hosted on the Company's property is not necessarily consistent with that hosted on Nemaska's, Whabouchi property.
The terms of the purchase of the 27 mineral licenses are a one-time issuance of 1,000,000 shares of the capital stock of the Company to the vendors upon TSX VENTURE approval of the agreement.
The Company will start a compilation of historic geological data relevant to the Property. A multiphase exploration program on the property will commence in late October or early November. The program will consist of prospecting and a detailed mapping of exposures of pegmatite granites, to be followed by ground geophysical surveys. If the initial rock sampling and geophysical results are favourable, a diamond-drilling program will follow.
Christian Derosier, P.Geo., PhD., is the qualified person (QP) as defined in National Instrument 43-101 and, acting on behalf of Saint Jean Carbon, has reviewed and approved the technical content of this news release.
About Saint Jean Carbon
Saint Jean is a publicly traded carbon science company, with interest in graphite mining claims in the province of Quebec in Canada. For the latest information on Saint Jean's properties and news please refer to the website: http://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.