Apr 3 2013
Western Graphite Inc. is pleased to announce that it has acquired 100% of the "Pure Flake" graphite property in BC. The flagship project "Pure Flake property" is located in British Columbia, Canada and is comprised of five contiguous mineral claims covering approximately 6,088 acres.
Western Graphite now has its flagship property nearby one of the very few producing natural flake graphite mines in North America. The Pure Flake property is also closely located to the US border for easy and cost efficient exportation of the property's graphite. Western Graphite is excited to be an early mover in an emerging graphite camp with current production in close proximity to our project area. The company is fortunate to add this asset to its property portfolio.
The company's second property "Amorf Graphite Property" is located in Southern Turkey and is comprised of 1,225 acres. The Amorf property is also in close proximity of a sea port which will allow for easy exporting to international markets by sea. Demand for graphite in Europe is on the rise and is expected to increase exponentially. Our Turkish property is perfectly positioned to begin to export our raw materials into Europe by ship. Amorf property is currently not fully acquired, 50% of the agreement has been accomplished and the remaining 50% is still owed to the property owner. The financial terms of the agreement are a sale price of the Amorf property for the amount of $3 million USD in stock and cash.
Today graphite prices are soaring and expected to continue to increase as demand for clean energy increases. The strong growth in graphite demand is driven by a combination of steady growth in traditional uses such as steel production, lubricants, brake linings and Lithium Ion batteries as well as double digit growth from new applications, this includes portable electronics and hybrid and electric vehicles as well as developing markets such as solar and wind power, pebble bed nuclear reactors and fuel cells. With graphite expected to play a significant role in tomorrow's high tech electronics, lightweight vehicles and in a majority of clean energy technologies, demand is expected to continue to expand rapidly. Western Graphite aims to develop and then advance its project into production to capture these favorable graphite market conditions.
Source: http://www.westerngraphite.com/