JV Partner, Caribou King Resources (TSX VENTURE: CKR), Funds Latest Phase of Bulk Testing Program
NEW YORK, NY and WINDHOEK, NAMIBIA -- (Marketwired) -- 10/08/15 -- 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 prepared a 1,000kg sample from one of the Company's lower adits on its Aukam Property. This most recent round of testing and grading have been funded by the Company's joint venture with Caribou King Resources, Ltd. (TSX VENTURE: CKR).
The test samples were taken as part of a 25 MT bulk sampling program from the lower adit at the Company's Aukam project. These samples are believed to be representative of the product found throughout the underground adit. Samples will be delivered to Lilhof Enterprises ("Lilhof"), formerly Gecko Laboratories of Swakopmund, Namibia, for testing and grading. The specific methods used by Lilhof to test the samples include:
- Crushing and grinding to 218 Microns
- Dual Flotation
- Drying and particle size analysis
The lab will prepare 80 kilograms of processed graphite which Next Graphite and Caribou King Resources will distribute to customers for their testing of the graphitic product and validation for use in their manufacturing applications. Results from this customer review process are expected to provide details of additional processing required, if any, specific to their manufacturing requirements. Additional tests will also be conducted on 84 sub-samples to provide an accurate assessment of the purity and grade of graphite from the lower adit, one of three existing adits, on Next Graphite's Aukam property. The property's adits were mined periodically between 1940 and 1974 and produced a recorded total of 26,740 tonnes of lump graphite. The high-quality, vein-type graphite (also known as lump graphite) is hosted within a shear zone in which underground mine workings show well-mineralized structures that are believed to continue down-dip.
"Our JV with Caribou King Resources is providing us the expertise, capital and future customer relationships needed to commercialize our assets," began Cliff Bream, CEO of Next Graphite. "While we continue our plans to process our on-site 140,000 MT heaps, we are also validating areas on our property that can provide a steady flow of graphite rich rock to continually service demand for vein, lump graphite, the highest standard of natural graphite available to manufacturers."
Next Graphite and Caribou King Resources anticipate results from testing and grading in one month with customer review and validation to occur in the weeks following. Both companies intend to publish results of both phases of this program.
About Next Graphite, Inc.:
Next Graphite, Inc. is an exploration / development stage company targeting the growing global graphite production industry with the Company's 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 commencing in 2015.
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.