Mar 4 2014
Graphite One Resources Inc. ("Graphite One" or the "Company") is pleased to announce that it has satisfied all of its obligations under the Graphite Creek option agreement by making the final option payment of USD 250,000 and now holds a 100% interest in the high-grade Graphite Creek deposit in Alaska.
The project will now be governed by a 20 year lease with automatic renewal provisions. The lease agreement allows for a 5% net smelter royalty which can be reduced to 3% by cash payment of $2,000,000 for each one percent purchased.
Graphite One has made significant advancements on the property since 2012. The Company, recently reported a NI-43-101 compliant inferred resource of 284.7 million tonnes at 4.5% graphite (including 37.68 million tonnes at 9.2% graphite and 8.63 million tonnes at 12.8% graphite). Please refer to the January 20, 2014 press release for further details on the resource estimate.
The inferred resource suggests that Graphite Creek is the largest and highest grade of known graphite deposits in the United States.
Anthony Huston, President and CEO states, "I am very proud of our team in reaching this milestone. We have succeeded on all fronts, both financially and technically, to now own this asset 100% and will forge ahead to unlock the deposit's value for shareholders."
For complete details of the option agreement that is now complete, please refer to the January 17, 2012 Graphite One press release.
About Graphite Creek
The Graphite Creek Property comprises 129 claims totaling 6,799 hectares on the Seward Peninsula of Alaska, 65 kilometers north (40 miles) of a deep sea port at Nome.
Mineralization at the Graphite Creek Property is characterized by coarse crystalline (large flake) graphite (greater than 80mesh) within graphite-bearing schist(s). Please refer to the January 20, 2014 press release where Graphite One reports a NI 43-101 inferred resource of 284.71 million tonnes at 4.5% graphite (including 37.68 million tonnes at 9.2% graphite and 8.63 million tonnes at 12.8% graphite).
About Graphite One Resources Inc.
GRAPHITE ONE RESOURCES INC. (TSX VENTURE:GPH)(OTCQX:GPHOF) is exploring with the intent to develop the Graphite Creek Project, USA's only advanced staged large-scale, large flake graphite deposit.
https://www.graphiteoneinc.com/
ON BEHALF OF THE BOARD OF DIRECTORS
Anthony Huston
Source: https://www.graphiteoneinc.com/