Alabama Graphite Acquires Prior Producing Bama Flake Graphite Mine in Chilton County, Alabama, USA
ACCESS Newswire
Vancouver, BC / ACCESSWIRE / September 18, 2014 / Alabama Graphite Corp. (the "Company") (TSX-V:ALP.V - News) (OTCQX:ABGPF - News) (FRANKFURT: 1AG WKN: A1J35M) (ISIN# CA0102931080) is pleased to announce that it has entered into a mineral lease on a land package that includes the prior producing Bama flake graphite Mine in Chilton County, Alabama, USA. The mineral lease comprises 200 acres and includes both the surface as well as the mineral rights over the historic Bama Mine. The Company has also signed a mineral exploration lease on several parcels comprising 1,160 acres adjacent to the Bama Mine. With the addition of these properties in Chilton County, the Company has a significant foothold within the Alabama Graphite Belt with two advanced-stage projects.
The Bama Mine was the southern-most graphite mine in Alabama and the only one in Chilton County. It was one of the larger graphite mines and included an electrostatic separator in the mill building. As with the other graphite mines in Alabama, the Bama Mine shut down prior to the end of World War II, but not before a substantial volume of ore was extracted from the existing pit. In the late 1940s the US Bureau of Mines sampled all the known occurrences of graphite in Alabama and the published results showed the Bama Mine to be unique. A sample taken from the pit wall not only registered the highest percentage of graphite (7.85% Cg), but also contained 17% jumbo flake (Pallister & Thoenen, 1948).
Thus far, the Company has conducted airborne Time Domain Electromagnetic (TDEM), magnetic and radiometric surveys over the area of interest in Chilton County. Preliminary channel samples have also been collected for both graphitic carbon analyses and metallurgical testing. An exploration program consisting of additional surface sampling, ground-based GEM2 geophysical surveys and sonic drilling is planned to start immediately.
"The Bama Mine is an acquisition that we have been pursuing for several months," stated Ron Roda, President and CEO of the Company. "Our geologists were impressed with its potential literally from the moment they set foot on the property. Whereas our flagship Coosa Project began as a green-fields exploration play, the Bama Mine's history of production suggests it has the potential to quickly move forward. In addition, having two projects in relatively close proximity will allow us to use the same exploration staff and sample-prep facilities. The Company feels its location gives us the best logistical advantages for a flake graphite deposit in North America. Consequently, expanding our footprint in Alabama with a second advanced-stage project is in the best interests of our Company and its shareholders."
Rick Keevil, P. Geo., a Director of the Company and VP of Project Development, is a Qualified Person as defined by National Instrument 43-101, has reviewed the contents of this press release.
About Alabama Graphite:
Alabama Graphite Corp.'s mission is to become one of the greenest graphite producers in the world. The Company, through its wholly-owned subsidiary, Alabama Graphite Company Inc., is conducting exploration and development on its flagship project "The Coosa Graphite Project" in Coosa County, Alabama, USA. The project encompasses over 40,000 acres and is located in an area with significant historical production of crystalline flake graphite. The Coosa Graphite project is 100% owned by the Company and is on private land. The Company's property has in place critical infrastructure, is within close proximity to transportation routes and a hospitable climate allowing for year-round production and delivery. The Company published an inaugural mineral resource estimate in July 2013, which was revised in March 2014, is continuing to define the footprint of the "The Coosa Graphite Project" and will look to expedite work on the 100% owned Bama Project in Chilton County, Alabama, USA. For further information and updates on the Company, please visit www.alabamagraphite.com.
This press release contains forward-looking information under applicable Canadian securities laws ("forward-looking statements") that are based on the beliefs of management and reflect Alabama Graphite Corp.'s current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current view of Alabama Graphite Corp. with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among other things, 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. Forward-looking statements are also based on a number of assumptions, including 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 breakdowns, 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 statements are made based on management's beliefs, estimates and opinions on the date that statements are made and Alabama Graphite Corp. undertakes no obligation to update forward-looking statements (unless required by law) if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
Alabama Graphite Corp cautions that the foregoing list of material factors and assumptions are not exhaustive. When relying on Alabama Graphite Corp. forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and assumptions and other uncertainties and potential events. Alabama Graphite Corp. has also assumed that the material factors and assumptions will not cause any forward-looking statements to differ materially from actual results or events. However, the list of these factors and assumptions is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
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