VANCOUVER, CANADA / ACCESSWIRE / May 2, 2014 / Alabama Graphite
Corp. (the "Company") (CSE: ALP) (OTC: ABGPF) (FRANKFURT: A1G WKN:
A1J35M) (ISIN# CA0102931080) is pleased to announce that it has
received conditional approval to list its common shares on the TSX
Venture Exchange (the "TSXV"), and that it intends to voluntarily
delist its common shares from the Canadian Securities Exchange (the
"CSE"). The Company is in the process of delisting its common
shares from the CSE and the shares will commence trading on the
TSXV at market open on May 5, 2014. The Company's trading symbol
"ALP" will remain the same.
The Company also announces that it has been actively advancing
its Coosa Project in Alabama since the publication of its technical
report on the project issued by Metal Mining Consultants Inc. and
dated September 5, 2013 (the "Technical Report"). As part of the
grant of conditional approval by the TSXV, the Company has been
required to provide an update on the progress of its exploration
program at the Coosa Project as detailed in the Technical Report.
The Technical Report contained a recommended exploration program,
the costs of which are set out below:
Original Exploration Program Costs as per NI 43-101 Technical
Report
---------------------------------------------
| | |
|-------------------------------------------|
|Regional Exploration |$ |
|(Mapping and Surface |35,000 |
|Sampling) | |
|-------------------------------------------|
|Geophysics (EM Survey) |$ |
| |150,000 |
|-------------------------------------------|
|Earth Moving and Pad Construction|$ |
| |100,000 |
|-------------------------------------------|
|Exploration Drilling |$ |
| |600,000 |
|-------------------------------------------|
|Assays (Surface and Core Samples)|$ |
| |190,000 |
|-------------------------------------------|
|Environmental and Reclamation |$ |
| |75,000 |
|-------------------------------------------|
|Metallurgical Tests |$ |
| |300,000 |
|-------------------------------------------|
|Project Total ($ USD) |$ |
| | |
| |1,450,000|
---------------------------------------------
The Technical Report was revised on March 26, 2014 to better
delineate the recommended exploration program into two phases,
while keeping the aggregate cost of the exploration program the
same. A copy of the revised Technical Report has been SEDAR filed
with this news release.
The detailed breakdown of the two-phase program is outlined
below:
Phase 1 Exploration Program Costs
--------------------------------------------------------------
| | |
|------------------------------------------------------------|
|Regional Exploration (Mapping and Surface Sampling)|$ |
| |35,000 |
|------------------------------------------------------------|
|Geophysics (EM Survey) |$ |
| |150,000 |
|------------------------------------------------------------|
|Assays (Surface Samples) |$ |
| |90,000 |
|------------------------------------------------------------|
|Pad Construction |$ |
| |30,000 |
|------------------------------------------------------------|
|Resource Definition Drilling (4,000 feet) |$ |
| |200,000 |
|------------------------------------------------------------|
|Assays (Core Samples) |$ |
| |30,000 |
|------------------------------------------------------------|
|Project Total ($ USD) |$ |
| |535,000 |
--------------------------------------------------------------
Phase 2 Exploration Program Costs
--------------------------------------------
| | |
|------------------------------------------|
|Earth Moving and Pad Construction|$ |
| |70,000 |
|------------------------------------------|
|Exploration Drilling (8,000 feet)|$ |
| |400,000 |
|------------------------------------------|
|Assays (Core Samples) |$ |
| |70,000 |
|------------------------------------------|
|Environmental and Reclamation |$ |
| |75,000 |
|------------------------------------------|
|Metallurgical Tests |$ |
| |300,000 |
|------------------------------------------|
|Project Total ($ USD) |$ |
| |915,000 |
--------------------------------------------
The total cost of Phase 1 & 2 will be US$1,450,000.
As of March 31, 2014, the Company has spent US$247,213 of the
budget for the proposed program, some of which are categorized as
Phase 1 program costs and some of which are categorized as Phase 2
program costs. The breakdown of the expenditures incurred and the
work performed are as follows:
Phase 1 Expenditures incurred as of March 31, 2014
-----------------------------------------
| | |
|---------------------------------------|
|Regional Exploration |$ |
|(Mapping and Surface |31,500 |
|Sampling)1 | |
|---------------------------------------|
|Geophysics (EM Survey)2 |$ |
| | |
| |165,097 |
|---------------------------------------|
|Assays (Surface Samples)3 |$ |
| |14,849 |
|---------------------------------------|
|Metallurgical Tests4 |$ |
| |27,287 |
|---------------------------------------|
|Environmental and Reclamation5|$ |
| |8,480 |
|---------------------------------------|
|Project Total ($ USD) |$ |
| | |
| |247,213 |
-----------------------------------------
Notes:
1. Regional Exploration (Mapping and Surface Sampling) - Surface
sampling has been actively conducted across the project area.
2. Geophysics (EM Survey) - A TDEM / Magnetometer / Radiometric
airborne survey was completed in March 2014 by Prospectair
Geosurveys and the final results have been reported by the
Company.
3. Assays (Surface and Core Samples) - The aforementioned
surface samples were analyzed by ActLabs of Ancaster, Ontario and
the results have been reported by the Company and are summarized
below.
4. Metallurgical Tests - Preliminary metallurgical tests on four
samples have been completed. These tests were conducted at both SGS
and ActLabs in Ontario. A microscopic analysis of in situ flakes
was also conducted by RJ Lee Group. Additional samples are
currently being processed by SGS.
5. Environmental and Reclamation - Reclamation work has been
completed as required.
The Company will spend an additional US$287,787 to complete the
Phase 1 work program.
The assay results from an initial round of 424 samples were
reported in a news release dated March 3, 2014. The table below
summarizes the results and provides the true width of continuous
channel samples whose grade exceeded 3.0%Cg. In addition, 129
samples are currently being processed by ActLabs. An additional 120
samples are currently awaiting shipment to the lab for
assaying.
--------------------------------------------------------
|Sample ID|Sample Width (feet)|True Width (feet)|C(g) %|
|------------------------------------------------------|
|CS-04 |35 |26.8 |3.01 |
|------------------------------------------------------|
|CS-49 |30 |23.0 |3.14 |
|------------------------------------------------------|
|CS-55 |25 |19.2 |2.97 |
|------------------------------------------------------|
|CS-67 |25 |19.2 |3.37 |
|------------------------------------------------------|
|CS-71 |25 |19.2 |3.62 |
|------------------------------------------------------|
|CS-82 |15 |11.5 |4.67 |
|------------------------------------------------------|
|CS-87 |30 |23.0 |3.27 |
|------------------------------------------------------|
|CS-88 |25 |19.2 |4.83 |
|------------------------------------------------------|
|CS-90 |30 |23.0 |5.28 |
|------------------------------------------------------|
|CS-99 |35 |26.8 |3.67 |
|------------------------------------------------------|
|CS-114 |30 |23.0 |3.26 |
|------------------------------------------------------|
|CS-126 |20 |15.3 |3.91 |
--------------------------------------------------------
The preliminary results of the airborne geophysical survey were
reported in a news release dated April 8, 2014. The survey showed a
strong EM response over the drill grid with good correlation with
the known limits of mineralization. In addition, several areas
showing strong EM responses with associated magnetic lows were
identified and are currently the subject of further
investigation.
No results from the metallurgical testing have been released to
date due to the small number of samples processed. The Company has
sent additional samples for metallurgical testing and will announce
results once the data is received.
The steps required to complete phase one of the exploration
program are as follows: to expand surface sampling and mapping into
areas identified as high-priority by the airborne geophysical
survey; to conduct ground geophysics over areas where surface
sampling has indicated graphite as the conductor in the airborne EM
survey; to prepare pads for a preliminary drilling program using a
sonic drill; and to continue metallurgical testing of both the
defined Coosa mineral resource estimate as well as new areas
defined by sonic drilling.
Further to the press release issued by the Company on May 1,
2014 appointing Ron S. Roda as Chief Executive Officer, Corporate
Secretary and Director, he has also been appointed a member of the
audit committee.
Scott E. Wilson and Stuart Redwood, independent Qualified
Persons for the Company, as defined by National Instrument 43-101,
have reviewed and approved the contents of this press release.
About Alabama Graphite:
Alabama Graphite Corp., through its wholly-owned subsidiary,
Alabama Graphite Company Inc., is a graphite exploration and
development company whose flagship project "The Coosa Graphite
Project" in Coosa County, Alabama is located in an area with
significant historical production of crystalline flake graphite.
The Company published an inaugural mineral resource estimate in
July 2013 and is continuing to define the footprint of the "The
Coosa Graphite Project" and to start work on the 100% owned "Hearst
Graphite Property" in Northern Ontario. For further information and
updates on the Company please visit www.alabamagraphite.com.
ALABAMA GRAPHITE CORP.
Ron S. Roda
President & Chief Executive Officer
(609) 785-1581
rroda@alabamagraphite.com
www.alabamagraphite.com
THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED AND DOES NOT
ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT
OF THIS NEWS RELEASE.
Forward looking information
This release contains "forward-looking information" within the
meaning of applicable Canadian securities legislation, including
predictions, projections and forecasts. Forward-looking information
include, but are not limited to, statements that address
activities, events or developments that the Company expects or
anticipates will or may occur in the future, including such things
as future business strategy, competitive strengths, goals,
expansion, growth of the Company's business, operations, plans and
with respect to exploration results, the timing and success of
exploration activities generally, permitting time lines, government
regulation of exploration and mining operations, environmental
risks, title disputes or claims, limitations on insurance coverage,
timing and possible outcome of any pending litigation and timing
and results of future resource estimates or future economic
studies.
Often, but not always, forward-looking information can be
identified by the use of words such as "plans", "planning",
"planned", "expects" or "looking forward", "does not expect",
"continues", "scheduled", "estimates", "forecasts", "intends",
"potential", "anticipates", "does not anticipate" or "belief" or
describes a "goal" or variation 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.
Forward-looking information is based on a number of material
factors and assumptions, including, the result of drilling and
exploration activities, that contracted parties provide goods
and/or services on the agreed timeframes, that equipment necessary
for exploration is available as scheduled and does not incur
unforeseen break downs, that no labour shortages or delays are
incurred, that plant and equipment function as specified, that no
unusual geological or technical problems occur, and that laboratory
and other related services are available and perform as contracted.
Forward-looking information involves known and unknown risks,
future events, conditions, uncertainties and other factors which
may cause the actual results, performance or achievements to be
materially different from any future results, prediction,
projection, forecast, performance or achievements expressed or
implied by the forward-looking information. Such factors include,
among others, the interpretation and actual results of current
exploration activities; changes in project parameters as plans
continue to be refined; future prices of graphite; possible
variations in grade or recovery rates; failure of equipment or
processes to operate as anticipated; the failure of contracted
parties to perform; labour disputes and other risks of the mining
industry; delays in obtaining governmental approvals or financing
or in the completion of exploration, as well as those factors
disclosed in the company's publicly filed documents. Although the
Company has attempted to identify important factors that could
cause actual actions, events or results to differ materially from
those described in forward-looking information, there may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such information. Accordingly, readers should not
place undue reliance on forward-looking information.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE
REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS
NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH
DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING
INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY
OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE
TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME.
SOURCE: Alabama Graphite Corp.
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