THUNDER BAY – Mining – KWG Resources Inc. has been granted an extension of the conditional listing approval to complete the previously announced private placement of units of flow-through shares and share purchase warrants. The TSX Venture exchange has given the company until September 5th, 2013 to complete the balance of the placement of units.
A first tranche of $300,000 has closed. Each unit comprises one flow-through treasury share and one warrant which may be exercised to acquire a further flow-through share for $0.10 at any time within three years. The units may be acquired by qualified investors for a subscription of $0.05 each.
THUNDER BAY – Benton Resources Inc. have announced the company has executed an agreement (the “Agreement”) with Alabama Graphite Corp. (CNSX:ALP) (“Alabama Graphite”) pursuant to which Alabama Graphite has purchased a 100% interest in the 16 claim units recently staked by the Company located approximately 25 km east of Zenyatta Ventures Ltd.’s new hydrothermal graphite discovery.
Under the Agreement, Alabama Graphite will, upon regulatory approval, pay the Company $8,000 and issue to the Company, 2 million Alabama Graphite common shares with the following restrictions;
- 500,000 common shares with the standard 4 month trading restriction legend from the date of issuance;
- 500,000 common shares with a 10 month trading restriction legend from the date of issuance;
- 500,000 common shares with a 16 month trading restriction legend from the date of issuance; and
- 500,000 common shares with a 22 month trading restriction legend from the date of issuance.
Benton will also retain a 2% NSR with Alabama Graphite having the right to buy back 50% of the NSR (i.e. 1%) for $1 million.
Stephen Stares, Company President and CEO commented, “We are pleased to sell our interest in this project to Alabama Graphite, a company focused on the exploration and development of graphite prospects so that we may continue to focus on our core precious and base metal assets. Our shareholders will benefit from the upside of discovery not only on this project but on all of Alabama Graphite’s projects through our approximate 6.6% interest in their issued and outstanding shares. We look forward to the advancement of the project and wish them success in their efforts”.
Zenyatta describes the mineralization as the “largest and only high-purity hydrothermal graphite deposit being developed in the world”. Benton staked the ground based on a search and evaluation of historical data in the region which showed that conductive horizons exist on the property.
OTTAWA – Focus Graphite Inc. are reporting pilot plant test results from its flagship Lac Knife high grade flake graphite project located in the Grenville Geological Province of northeastern Québec. This work was performed as part of the ongoing Lac Knife concentrator flowsheet design process. The graphite concentrates generated from the pilot flotation plant will be subjected to further purification tests as part of ongoing metallurgical studies.
- The average grade of the coarse size fraction (+ 80 mesh) was 98.3% Total Carbon* (“Ct”) compared with 97.4% Ct in the Phase 2 Locked Cycle Tests** (“LCTs”)
- The average grade of the medium size fraction, less than 80 mesh and greater than 150 mesh in size, was 98.2% Ct compared with 97.4% Ct in the Phase 2 LCTs
- The average grade of the size fraction greater than 200 mesh was 98.0% Ct compared with 97.2% Ct in the Phase 2 LCTs
- The average carbon content of the pilot plant campaign was 96.6% Ct compared to 96.4% Ct reported in the Company’s July 9, 2013 press release on the final results of the Phase II LCTs. It is important to note that these results were achieved despite the fact that the less than 200 mesh fraction was not subjected to another cleaning circuit in the pilot plant run as was done in the LCTs, meaning the carbon content of the overall sample would likely have been even higher.
- These results indicate that all three concentrate size fractions may be easier and more cost effective to beneficiate into technology grade graphite due to the high grade carbon content obtained from the pilot plant testing. Higher concentrate grades translates into reduced levels of impurities that have to be removed in the thermal or hydrometallurgical purification processes.
Prime Minister Announces Mining Support
YELLOWKNIFE – Prime Minister Stephen Harper today announced support for a new mining sector-skills training program in the Northwest Territories and in the Kitikmeot region of Nunavut, which will help Aboriginal participants acquire the skills they need to fill local jobs in the rapidly expanding mining industry. The Prime Minister was accompanied by Leona Aglukkaq, Minister of the Environment, Minister of the Canadian Northern Economic Development Agency (CanNor) and Minister for the Arctic Council, Joe Oliver, Minister of Natural Resources, Bernard Valcourt, Minister of Aboriginal Affairs and Northern Development, Bob McLeod, Premier of the Northwest Territories, Senator Dennis Patterson and Ryan Leef, Member of Parliament for Yukon.
“The North’s rapidly growing extractive industry is driving prosperity and creating demand for local skilled workers,” said Prime Minister Harper. “The support being provided today will help Aboriginal participants in the North gain the training they need to access the jobs and prosperity being gen