VANCOUVER, British Columbia,
April 26, 2012 /PRNewswire/ --
Terra Firma Resources Inc. (TSX-V: TFR) (the "Company" or
"Terra Firma") is pleased to
announce that it has signed a Mineral Property Option Agreement
(the "Option Agreement") with Standard Graphite Corp. ("Standard
Graphite") pursuant to which Terra
Firma has been granted an option (the "Option") to earn a
100%-interest in the Beidelmann-Lyall Graphite Property
located in Ontario.
Beidelmann-Lyall Graphite Property:
The Beidelmann-Lyall Graphite Property (the "Property")
consists of two claim blocks totaling approximately 625 hectares
located approximately 23 kilometers west of the past-producing
Black Donald Mine. The Black Donald Graphite Mine was one of
the largest and richest Graphite deposits in North America. It had reported historic ore
grades of up to 80% Cg (Carbon Graphite). During the last 10 years
of mine life the average reported grade was 25-30% Cg. 94% of the
total value of Ontario graphite
production during that time came from the Black Donald Mine. The
Beidelmann-Lyall Graphite Property is accessible via paved and
logging roads.
The Company intends to conduct an exploration campaign on the
Property commencing immediately, with a complete compilation of
historic geologic work followed by surface work, trenching and
diamond drilling.
The Option Agreement:
Pursuant to the terms of the Option Agreement, Terra Firma may acquire a 100%-interest in the
Property by making the following cash payments on or before the
dates indicated below:
|
Cash
|
Shares
|
On
signing
|
$10,000
|
0
|
On TSX
Venture Exchange acceptance
|
$25,000
|
400,000
|
Six months
from TSX Venture Exchange acceptance
|
|
350,000
|
Twelve
months from TSX Venture Exchange acceptance
|
|
250,000
|
Twenty
four months from TSX Venture Exchange acceptance
|
|
250,000
|
This news release has been reviewed and approved Victor A. Jaramillo P.Geo. He supervised the
preparation of the technical information in this news release.
Victor A. Jaramillo is a Qualified
Person as defined by National Instrument 43-101.
A finder's fee will be paid in connection with the transaction
in accordance with the policies permitted by the TSX.V. The
transaction is subject to a number of conditions and approvals,
including, but not limited to, required corporate approvals and
TSX.V acceptance.
About Graphite:
The commercial market for graphite is diverse worldwide. The
graphite industry is experiencing an increase in demand from
numerous industrial sectors, spanning both developing and developed
economies. Traditional uses of Graphite include steelmaking,
electrodes in electric arc furnaces, brake linings, pebble bed
reactor linings, and dry lubricants. There has been an escalation
in the use of graphite in clean energies such as lithium ion
batteries and fuel cells, which power hybrid and electric vehicles.
The outlook for high-quality graphite demand is strong due to the
development of new technologies, which use graphite as an essential
component. The United States,
Europe and China have included graphite among a short
list of critical materials.
About Terra Firma Resources Inc.
Terra Firma is a mineral
exploration company and its objective is to develop a balanced
portfolio of properties that exhibit good mineral indicators for
Graphite and Precious Metals, through a combination of grassroots
prospecting, property acquisitions and the formation of strategic
relationships. The Company is currently investigating a number of
potential Graphite prospects.
For further information please contact: Tom Steer, Investor Communications
Tel: (604) 681-5566 E-mail: tomsteer@terrafirmaresources.com
On Behalf of the Board,
Brian Buchanan, Chief Executive Officer and Director
This Terra Firma Release contains certain "forward-looking"
statements and information relating to Terra Firma that are based on the beliefs of
Terra Firma's management as well as
assumptions made by and information currently available to
Terra Firma's management. Such
statements reflect the current risks, uncertainties and assumptions
related to certain factors including, without limitations,
competitive factors, general economic conditions, relationships
with strategic partners, governmental regulation and supervision,
seasonality, technological change, changes in industry practices,
and one-time events. Should any one or more of these risks or
uncertainties materialize, or should any underlying assumptions
prove incorrect, actual results and forward-looking statements may
vary materially from those described herein. Except as required by
law, Terra Firma does not assume the
obligation to update any forward-looking statement.
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 news release
SOURCE Terra Firma Resources Inc.