Company's 90%-Owned Namibian Subsidiary Receives Namibia's Mining Ministry License #3985
NEW YORK, NY and WINDHOEK, NAMIBIA -- (Marketwired) -- 04/23/14 -- Next Graphite, Inc. (OTCQB: GPNE) ("Next Graphite", or the "Company"), a development stage company in Africa's Republic of Namibia targeting the growing global graphite production industry and market demand, today announced its 90%-owned, Namibia-based operating subsidy has received Namibia's Mining Ministry License #3985. The license is now held by Gazania Investments Two Hundred and Forty Two, LTD ("Gazania"), and will be the object of further exploration, development and production work by Next Graphite.
Namibia's Ministry of Mines and Energy was established in 1990 to administer legislation over land based-resources in Namibia. The Ministry of Mines endeavors to promote the optimal exploitation of Namibia's mineral resources and integrate the mining industry with other sectors of the economy for the socio-economic development of the country. According the Ministry website, www.mme.gov.na, the Ministry's directorate undertakes to: maintain a competitive fiscal and legal framework; promote the minerals sector; proactively develop and implement environmental policies to minimize the impact of the exploitation of Namibia's mineral resources; promote, monitor and ensure safe and healthy conditions for mining industry employees and the public; promote and provide assistance to the small scale mining sector; and stimulate the exploration for new discoveries by actively promoting the minerals sector and developing professional customer-orientated service.
As detailed in the Company's press release on April 3, 2014, Next Graphite, Inc., through its wholly owned subsidiary, African Graphite, Inc., acquired 90% ownership of Gazania, which now holds EPL #3985, covering a natural graphite-rich mining territory and mine on the Aukam Farm, in southern Namibia. Only licensed and approved mining operators can mine resources in Namibia. Next Graphite Inc. is the only, US-listed mining Company which has been granted a license to mine the hydrothermal-based, natural flake graphite found in Namibia.
"I am pleased to report to our shareholders that our work and cooperation with the Aukam Farm License's previous owner has resulted in a quick, and successful application to transfer the EPL #3985 to our Namibian subsidiary," began Cliff Bream, CEO of Next Graphite. "Obtaining our mining license was the last step in our approval process before we begin our next round of geological studies and additional exploration of the license territory. We are eager to validate and test our stockpiles for purity and other deposits of natural, large-flake graphite, some of which are clearly visible in surface deposits. In the coming weeks, we will report additional findings and milestones for our feasibility study plans in 2014 and then our targeted processing and commercialization plans for 2015."
About Next Graphite, Inc.:
Next Graphite, Inc. is a development stage company targeting the growing global graphite production industry with the Company's 125,000-acre Africa-based Aukam Graphite Mine. The Aukam Graphite Mine was established in 1940 in the current Republic of Namibia, produced USD$30 million of graphite at today's prices, and is estimated to hold over 4 million tons of natural, high-grade, large-flake, hydrothermal-sourced graphite deposits. 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-ton stockpile, along with competitive projected mining and processing costs. The completion of GPNE's Aukam Graphite Mine re-launch and development activities is expected to result in a multi-million dollar inward investment into Namibia in 2014-2015.
For more information, please visit: www.nextgraphite.com
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Source: Next Graphite, Inc.