NEW YORK, NY / ACCESSWIRE / August 10, 2016 / Next Graphite, Inc. (OTC PINK: GPNE) ("Next Graphite," "GPNE" or the "Company"), a graphite exploration/development stage company in the African Republic of Namibia, is pleased to announce significant progress in completing an assessment of graphite reserves at its Aukam graphite site.
- A survey of the old mine workings has been completed and survey plans have been submitted to the Department of Mines, as per regulations.
- Mechanical scaling down of bad hangings has been completed in both Adit 1 and Adit 2. Split sets have been installed in sections of the Adits and iron bar and timber platforms have been installed.
- A magazine, to house explosives cartridges, has also been built and the Company is awaiting inspection by relevant authorities.
- Blasting of the bad ground that could not be bared down or supported by split Bars will be done as soon explosives arrive on site. Holes for this purpose have been drilled.
In addition, old mine workings are being cleaned both for safety and to allow geological mapping. The geological mapping will allow siting of exploration drill holes underground that will probe the down-dip extension of the ore body.
"I am very pleased with the continued progress at our Aukam site," said Cliff Bream, CEO of Next Graphite. "Geological mapping, drilling, metallurgical test works and market research by our joint venture has all contributed to this progress and to our upcoming feasibility assessment of the reserves at Aukam. We will continue our work quantifying this assessment."
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 and produced USD $30 million of graphite at today's prices. The site is located on approximately 96,000 acres (34,082 hectares) in southern Namibia close to the port city of Luderitz and is estimated to contain a significant amount of high grade, vein type graphitic material.
The property hosts three underground adits that were mined periodically between 1940 and 1974. Five dumps from the historical mining occur on the property and 73 samples from the lower three dumps were assayed and averaged 42% Cg. Next Graphite's joint venture is planning a bulk-sampling program at Aukam, and the joint venture has a letter of intent to sell the graphitic material produced during the program. Next also intends to put the historical mine back into production and is working on an application for a mining license. The Company's joint venture in Namibia maintains high safety and environmental standards and has a comprehensive strategy of social engagement.
For more information, please visit: www.nextgraphite.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.
SOURCE: Next Graphite, Inc.