NEW YORK, NY and WINDHOEK, NAMIBIA -- (Marketwired) -- 08/13/15 -- Next Graphite, Inc. (OTC PINK: GPNE) ("Next Graphite", "GPNE" or the "Company"), a graphite exploration/development stage company in Africa's Republic of Namibia, today provided a press release issued by its joint venture partner and recent direct investor, Caribou King Resources (TSX VENTURE: CKR) ("Caribou").
The release confirms Caribou's acquisition of a percentage of profits of Next Graphite's future graphite production and from the Company's near term processing of its reported 140,000 tonne heaps on its Aukam property.
A copy of the release issued today on the Toronto Venture Exchange follows:
AUKAM GRAPHITE MINE ACQUISITION APPROVED
August 13th, 2015, VANCOUVER, B.C. - CARIBOU KING RESOURCES LTD. ("Caribou" or the "Company") (TSX-V: CKR) (CB8-FRANKFURT) (CBULF - USA) announces it has obtained TSX Venture Exchange approval for the recently announced option to acquire an initial 63% of the Aukam Graphite Mine located on 96,000 acres in southern Namibia (see PR dated July 23, 2015). The property hosts three underground adits which were mined periodically between 1940 and 1974 and produced a recorded total of 26,740 tonnes of lump graphite.
A program to obtain a 25 tonne bulk sample of graphite from one of three existing adits at Aukam has recently been completed. The high-quality, vein-type graphite (also known as lump graphite) extracted during the bulk-sampling program is now being tested for quality and purity. The test will further define the characteristics of the material and its suitability for value added manufacturing applications. Aukam graphite is hosted within a shear zone in which underground mine workings still show well-mineralized structures that are believed to continue down-dip.
"We are very excited to add this strategic acquisition to our existing portfolio of solid exploration properties, as it expands Caribou's presence globally and brings the Company a producible, existing mine. Through acquisitions and exploration, Caribou's goal is to expand beyond being solely a mining exploration business and to become a major, integrated global mining company in the graphite space."
Infrastructure at the Aukam Graphite Mine is good, with access to the site possible throughout the year. The site is relatively close to a main tar road and the national power grid passes two kilometres from the property. Water is available in large amounts from underground aquifers with an old pump station at the foot of the mountain which previously supplied mine operations.
The technical contents of this release were approved by Mr. Case Lewis, P.Geo., a Qualified Person as defined by National Instrument 43-101.
Caribou King Resources Ltd. (TSX-V: CKR) is a publicly-traded, Canadian junior exploration company that holds a portfolio of highly prospective graphite projects at various stages of exploration and assessment.
For more information, visit the website at www.caribouking.com.
On Behalf of the Board of Directors,
CARIBOU KING RESOURCES LTD.
"Michael England"
CEO and Director
About Next Graphite, Inc.
Next Graphite, Inc. is an exploration/development stage company targeting the growing global graphite production industry with the Company's 125,000-acre Africa-based Aukam Graphite Project. The Aukam Graphite Mine was established in 1940 in the current Republic of Namibia, produced USD$30 million of graphite at today's prices. The Graphite property is estimated to still contain a significant amount of high grade, vein type graphitic material. Global graphite demand is being driven by the development of new markets for clean and efficient energy alternatives, smart grid infrastructure and military capabilities. Next Graphite has an immediately available, surface-visible, estimated 140,000-tonne mine heaps along with competitive projected mining and processing costs. The completion of GPNE's Aukam Graphite Mine re-launch and development activities are expected to result in a multi-million dollar inward investment into Namibia.
For more information, please visit: www.nextgraphite.com
About Caribou King Resources Ltd.
Caribou King Resources Ltd. (TSX VENTURE: CKR) is a publicly-traded, Canadian junior exploration company that holds a portfolio of highly prospective graphite projects at various stages of exploration and assessment.
For more information, visit the website at www.caribouking.com.
Safe Harbor Statement
This press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon the current plans, estimates and projections of Next Graphite Inc.'s management and are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing products; any projections of sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in Africa, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements. Among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions in Africa, general economic conditions; geopolitical events and regulatory changes, availability of capital, the Company's ability to maintain its competitive position and dependence on key management. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Next Graphite, Inc.
jmattio@nextgraphite.com
www.nextgraphite.com
www.caribouking.com
Source: Next Graphite, Inc.