MONTREAL,
Sept. 24, 2013 /CNW/ - Mason
Graphite Inc. ("Mason Graphite" or the "Company") (TSX.V: LLG)
announces that purities of 99.9% graphitic carbon ("Cg") have been
obtained from preliminary studies testing the purification of the
graphite concentrates from its flagship Lac Guéret project located
in northeastern Quebec.
The graphite concentrate of 99.9% Cg was achieved
using a conventional hydrometallurgical process conducted at SGS
Canada Inc. ("SGS") in Ontario,
Canada. The purification trials were conducted on graphite
concentrates that were produced by SGS during recently completed
lock cycle tests. The trials were carried out on three coarse size
fractions of graphite: +48, +80 and +150 mesh.
Benoît Gascon, President and CEO of Mason Graphite,
commented, "Having reached 99.9% Cg from the very first run of
testing, without any optimization, reaffirms our belief in the
exceptional quality of the graphite hosted on our property. These
high purity levels are required in many industrial applications
including electrochemical applications like Lithium-ion batteries
which are used in electric vehicles, portable electronics and
cordless power tools, which represent a significant and growing
market."
The table below presents the complete results for
the caustic bake process trial.
Size fraction |
Graphite (% Cg) |
+48 mesh |
99.6 |
+80 mesh |
99.7 |
+150 mesh |
99.9 |
Mason Graphite will now move forward with larger
scale testing designed to optimize the purification process and
further improve these excellent results.
Upcoming Mineral Resource Estimate and
Technical Report Update
An updated mineral resource estimate for the Lac
Guéret project is underway by Roche Ltd. Consulting Group
("Roche"). All the data obtained from the Company's 2012 drilling
campaign was transferred to Roche on August
1st, 2013 and geological interpretations are
progressing well. This will be followed by 3D modeling of the
mineralization and subsequently an update to the mineral resource
estimate itself, which is expected by the end of November 2013. Upon completion of the foregoing,
the Company's Technical Report for the Lac Guéret project will be
updated accordingly.
The latest mineral resource estimate for Mason
Graphite's Lac Guéret project was published in July 2012 and features 0.3 Mt at 24.4% Cg in the
Measured category and 7.3 Mt at 20.2% Cg in the Indicated category.
These calculations were based on 25 drill holes (obtained from 2003
and 2006), for a total of 2,285 meters of drilling and 908 samples
analyzed.
The new data from the 2012 drilling campaign
which will be used to update the mineral resource estimate
represents an additional 146 holes for a total of 24,345 meters of
drilling and 15,507 samples analyzed.
Quality Control and Assurance
Graphitic carbon (Cg) analyses were performed by
SGS on an Elemental analyzer (Leco) following standard analysis
protocols. All reported results have an associated measurement
uncertainty based on the expected precision and accuracy relating
to the method and sample concentration. Values at 100% should not
be treated as pure products without additional impurity
testing.
Jean L'Heureux, Eng., Mason Graphite's Executive
Vice-President of Process Development and a Qualified Person as
defined by National Instrument 43-101 has reviewed and approved the
scientific and technical content of the purification trials section
of this press release.
Nathalie
Guillemette, P. Geo, a consultant to the Company and a
Qualified Persons as defined by National Instrument 43-101 has
reviewed and approved the scientific and technical content of the
mineral resource estimate section of this press release.
SGS has reviewed and approved the content of the
purification trials section of this press release.
Roche has reviewed and approved the content of
the mineral resource estimate section of this press release.
About Mason Graphite
Mason Graphite is a Canadian mining company
focused on the exploration and development of its 100% owned Lac
Guéret graphite property, which is located in northeastern Québec
near the main service center of Baie-Comeau. The Lac Guéret property currently
hosts a National Instrument 43-101 compliant Mineral Resource (see
news release issued on July 16,
2012), based only on 17% of the known mineralized zone.
Excellent potential exists for mineral growth. The Company has also
completed a Preliminary Economic Assessment study which features 22
years of production at 27.4% Cg and a pre-tax internal rate of
return of 33.7% (see technical report issued by the Company on
June 6, 2013). The Company's senior
management team possesses significant graphite expertise from their
experience at Timcal/Imerys; including Benoit Gascon, CPA, CA, who held executive
positions for 20 years, including over 6 years as President and
CEO; Jean L'Heureux, Eng., Executive Vice-President, Process
Development, with over 20 years of experience; and Luc Veilleux, CPA, CA, Chief Financial Officer
and Executive Vice-President, with 8 years of experience. Timcal,
now owned by Imerys, is one of the largest graphite producers in
the world.
Cautionary Statements Regarding Forward
Looking Information
This press release contains "forward-looking
information" within the meaning of Canadian securities legislation.
All information contained herein that is not clearly historical in
nature may constitute forward-looking information. Generally, such
forward-looking information can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", 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". Forward-looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking information, including but not limited to: (i)
volatile stock price; (ii) the general global markets and economic
conditions; (iii) the possibility of write-downs and impairments;
(iv) the risk associated with exploration, development and
operations of mineral deposits; (v) the risk associated with
establishing title to mineral properties and assets; (vi) the risks
associated with entering into joint ventures; (vii) fluctuations in
commodity prices; (viii) the risks associated with uninsurable
risks arising during the course of exploration, development and
production; (ix) competition faced by the resulting issuer in
securing experienced personnel and financing; * access to adequate
infrastructure to support mining, processing, development and
exploration activities; (xi) the risks associated with changes in
the mining regulatory regime governing the resulting issuer; (xii)
the risks associated with the various environmental regulations the
resulting issuer is subject to; (xiii) risks related to regulatory
and permitting delays; (xiv) risks related to potential conflicts
of interest; (xv) the reliance on key personnel; (xvi) liquidity
risks; (xvii) the risk of potential dilution through the issue of
common shares; (xviii) the Company does not anticipate declaring
dividends in the near term; (xix) the risk of litigation; and (xx)
risk management.
Forward-looking information is based on
assumptions management believes to be reasonable at the time such
statements are made, including but not limited to, continued
exploration activities, no material adverse change in metal prices,
exploration and development plans proceeding in accordance with
plans and such plans achieving their stated expected outcomes,
receipt of required regulatory approvals, and such other
assumptions and factors as set out herein. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in the
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such forward-looking information will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such forward-looking
information. Such forward-looking information has been provided for
the purpose of assisting investors in understanding the Company's
business, operations and exploration plans and may not be
appropriate for other purposes. Accordingly, readers should not
place undue reliance on forward-looking information.
Forward-looking information is made as of the date of this press
release, and the Company does not undertake to update such
forward-looking information except in accordance with applicable
securities laws.
Full technical details and notes for the
Preliminary Economic Assessment ("PEA") can be found in the
technical report entitled "NI 43-101 Technical Report on the
Preliminary Economic Assessment, Lac Guéret Graphite
Project, Quebec, Canada"
dated June 6, 2013 and effective April 22, 2013,
which is available under Mason Graphite's profile on
SEDAR at www.sedar.com and on Mason
Graphite's website at www.masongraphite.com.
A PEA is preliminary in nature and includes
Inferred Mineral Resources, which are considered too geologically
speculative to have mining and economic considerations applied to
them that would enable them to be categorized as mineral reserves.
Mineral resources that are not mineral reserves do not have
demonstrated economic viability. There is no certainty that
the reserves development, production, and economic forecasts on
which the PEA is based will be realized.
Neither the 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.
SOURCE Mason Graphite Inc.