▪ DRILLING CONTRACT
AWARDED TO FORAMEX
▪ AGAT LABORATORIES SELECTED
FOR ANALYTICAL WORK
/NOT FOR DISTRIBUTION TO UNITED
STATES NEWS WIRE SERVICES OR FOR DISSEMINATION
IN THE UNITED STATES/
MONTREAL,
Oct. 29, 2013 /CNW/ - Mason
Graphite Inc. ("Mason Graphite" or the "Company") (TSXV: LLG)
announces that it has awarded a drilling contract to Foramex, a
diamond drilling specialized company based in Rouyn-Noranda, Quebec, for its upcoming
exploration campaign. The Company has also selected AGAT
Laboratories, a highly specialized science and laboratory service
provider, to conduct analytical work on the drill core at its
facilities in Mississauga,
Ontario.
Non-brokered Private Placement
Mason Graphite has closed its previously
announced non-brokered private placement of common shares (the
"Offering"). Mason Graphite issued 153,000 common shares at a price
of $0.40 per share for gross proceeds
of $61,200. The proceeds of the
Offering will be used for general corporate purposes.
The common shares issued pursuant to the
Offering will be subject to a four month hold period that expires
on March 1, 2014. The Offering
remains subject to final acceptance by the TSX Venture
Exchange.
Grant of Stock Options
In accordance with its stock option plan, Mason
Graphite has granted 525,000 stock options to officers of the
Company. Such options may be exercised at a price of $0.38 per common share for a period of five years
from the date of grant and vest in three equal installments over a
period of two years, with the first installment vesting on the date
of grant, the second installment vesting on the first anniversary
of the date of grant and the third installment vesting on the
second anniversary of the date of grant. The stock option
grant is subject to the approval of the TSX Venture Exchange.
Qualified Person
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 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.
For more information about Mason Graphite, visit
www.masongraphite.com or contact info@masongraphite.com.
Stay Connected: Twitter: @MasonGraphite
Facebook: /MasonGraphite
On behalf of Mason Graphite Inc.:
Benoît Gascon, President & CEO
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 Company 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 Company; (xii) the risks
associated with the various environmental regulations the Company
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.