NEW YORK, NY and WINDHOEK, NAMIBIA -- (Marketwired) -- 08/20/15 -- 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 announced the Company has acquired the remaining 10% ownership stake of its previously 90% owned mining rights to the 125,000 square acre Aukam property, inclusive of its 140,000 tonne heaps and existing adit infrastructure.
In November of 2013, Next Graphite successfully acquired 90% of the prospecting license and rights to conduct operations in the Aukam license area. The previous owner was Gazania Investments Two Hundred and Forty Two (Proprietary) Limited ("Gazania"), from which the Company acquired the license. The Aukam property is the only mine in Namibia which has produced graphite. Under agreement, the purchase price was fully paid by Next Graphite on March 14, 2014.
On June 19, 2015, an Agreement for the sale of the remaining 10% of Gazania's license ownership was finalized. The purchase prices that have been paid by the Company for the entire ownership of the license now totals $255,000.
As a result of this latest purchase Next Graphite, Inc. currently has 100% ownership rights to the prospecting license that provides rights to conducting prospecting, exploration, testing and mining of graphite on the 125,000 acre Aukam property.
As previously reported, Next entered into a Joint Venture Agreement with Micron Investments Pty. Ltd. on June 8, which allows for Micron to earn up to 63% of the license after it has built a processing plant and fulfilled other stipulations in the agreement favourable to Next Graphite. Micron recently transitioned into a planned acquisition by Caribou King Resources, Ltd, (TSX VENTURE: CKR) (FRANKFURT: CB8) (OTCBB: CBULF) and they are now Next Graphite's JV partner.
"The purchase of the remaining 10% ownership of the Aukam license is further evidence of the Company's belief in the future mining potential of this large site," said Cliff Bream, CEO of Next Graphite. "Our independent Preliminary Economic Assessment report stated that in addition to the valuable mining heaps already on the surface that can be commercialized, there is an estimated 4 million tonnes of reserve of high-grade graphite from hydrothermal source. We and our joint venture partner fully intend to exploit these resources," Bream said.
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.
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.
Source: Next Graphite, Inc.