MONTREAL,
Jan. 17, 2014 /CNW/ - Mason
Graphite Inc. ("Mason Graphite" or the "Company") (TSXV: LLG)
has filed a National Instrument 43-101 compliant technical report
dated January 17, 2014 entitled "NI
43-101 Technical Report on the Mineral Resource Estimation Update
2013 Lac Guéret Graphite Project, Québec-Canada" under its profile on SEDAR at
www.sedar.com and its website at www.masongraphite.com. The
comprehensive report combines the details of the mineral resource
estimate update (the results of which were announced in a news
release dated December 5, 2013) as
well as the results of the Preliminary Economic Assessment
(published June 6, 2013) ("PEA") of
the Company's 100% owned Lac Guéret Project.
Report highlights:
- Large mineral resource increase in the Measured and Indicated
categories from 7.6 million tonnes to 50 million tonnes and an
increase in mineral resources in the Inferred category from 2.8
million tonnes to 11.9 million tonnes (see Table 1 below for
details);
- Excellent PEA results maintained: first 22 years of production
at 27.4 % Cg and low operating costs of $390/tonne;
- Environmental baseline study has been completed and the report
contains the main conclusions showing that there are no
environmental issues that would prevent the project from moving
forward.
Table 1 - Updated Mineral Resource Estimate
on GC Zone, December 5, 2013
Categories |
Unit |
Tonnes ('000) |
Grade (Cg) |
|
Measured (M) |
U1/U2 (5 to 25 %
Cg)
U3 (> 25 % Cg) |
4,052
465 |
13.36%
33.77% |
All
units |
4,517 |
15.46% |
Indicated
(I) |
U1/U2 (5 to 25 %
Cg)
U3 (> 25 % Cg) |
39,300
6,207 |
13.01%
32.32% |
All
units |
45,507 |
15.64% |
M + I |
U1/U2 (5 to 25 %
Cg)
U3 (> 25 % Cg) |
43,352
6,672 |
13.04%
32.42% |
All units |
50,024 |
15.63% |
|
Inferred |
U1/U2 (5 to 25 %
Cg)
U3 (> 25 % Cg) |
9,224
2,637 |
13.27%
30.53% |
All units |
11,861 |
17.11% |
Notes: |
A cut-off grade of 5% Cg was used for this mineral resource
estimate. |
|
See technical report for additional information on mineral
resource estimation methodology. |
The mineral resource estimate update was
prepared by Roche Ltd. Consulting Group ("Roche") and the technical
report was prepared by Met-Chem Canada Inc.
Qualified Persons
Mary-Jean Buchanan, Eng. M.Env., of Met-Chem
Canada Inc., an independent Qualified Person as defined by National
Instrument 43-101, has reviewed and approved the technical content
in this press release pertaining to the PEA.
Martin Perron, Eng., of Roche Ltd. Consulting
Group, an independent Qualified Person as defined by National
Instrument 43-101, has reviewed and approved the technical content
in this press release pertaining to the mineral resource estimate
update.
Martin Magnan, Eng., M.Sc. of Roche Ltd.
Consulting Group, an independent Qualified Person as defined by
National Instrument 43-101, has reviewed and approved the technical
content in this press release pertaining to the environmental
baseline study.
Jean L'Heureux, Eng., Executive Vice President
Process Development for Mason Graphite, and a Qualified Person for
Mason Graphite as defined by National Instrument 43-101, has
reviewed and approved 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, located in northeastern Québec. The
property hosts a National Instrument 43-101 compliant Mineral
Resource featuring 50,024,000 tonnes grading 15.6% Cg, including
6,672,000 tonnes grading 32.4% Cg, in the Measured and Indicated
categories and 11,861,000 tonnes grading 17.1% Cg, including
2,637,000 tonnes grading 30.5% Cg, in the Inferred category (see
press release dated December 5,
2013). Excellent potential exists for further mineral
resource growth. A Preliminary Economic Assessment study was
completed on a 7.6Mt mineral resource estimate from July 2012 which features 22 years of production
at 27.4% Cg and a pre-tax internal rate of return of 33.7% (see
technical report entitled "NI 43-101 Technical Report on the
Mineral Resources Estimation Update 2013 Lac Guéret Graphite
Project, Québec-Canada", dated
January 17, 2014). The Company's
senior management team possesses significant graphite expertise
from their experience at Timcal/Imerys, including Benoît 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
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.
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.