September 17, 2014, Toronto: Great Lakes Graphite Inc. (“Great Lakes” the “Company”) would like to clarify and/or retract certain statements attributed to the Company in a news release entitled “Tesla ‘Gigafactory Will Require 8 New Graphite Mines; Great Lakes Graphite is Fast Tracked to Production” disseminated by Globe Newswire on September 16, 2014. Many of the comments in that news release specifically refer to Great Lakes’ flagship Lochaber graphite project in southwestern Québec.
The Company has not completed a Preliminary Economic Analysis, prefeasibility or feasibility study nor does the Company have a National Instrument (NI) 43-101-compliant resource estimate that would allow it to entertain the completion of those aforementioned analyses and studies. Several of the comments attributed to the Company in the press release would be contingent on having that information available, which, as stated, is not the case. These comments include: a) “fast track to production”; b) presence of “historic reserves”; and c) intention to be “one of the first producers of flake graphite in North America”. The Company retracts these statements.
In addition the Company’s comments regarding projected capital costs are not based on an economic analysis but rather are borne from management’s familiarity and experience with a variety of other graphite projects that personnel have directly participated in over the years. Similarly, references to future graphite products that Company may be in a position to provide and the price of those products were made to highlight the industry requirements and current pricing in general and were not to be taken as an indication of any unique status that Company has at this time. Great Lakes regrets this confusion.
There are no compliant resources or reserves reported from the Lochaber graphite project. The Company is working toward completing an NI 43-101-compliant resource estimate which should be available to Great Lakes in the near future. At this point in time, the Company does not have any other graphite projects in hand other than a strategic alliance with Valterra Resource Corporation (TSXV:VQA) that was announced on May 22, 2014.
This press release has been reviewed for its technical content by John M. Siriunas, P.Eng., a “qualified person” as defined in NI 43-101 and VP Exploration for Great Lakes.
About Great Lakes Graphite: Great Lakes Graphite Inc. is an industrial minerals company with the mandate to bring graphite projects to production through the acquisition and development of high quality natural graphite properties.
Graphite has moved to the forefront of the Industrial Mineral World as a Critical Mineral required for industrial use and as a major component in the development of new technologies particularly with the advancement of battery storage, mobile battery systems and alternative energy infrastructure.
As there are currently no graphite mines producing in North America, Great Lakes Graphite has the ability to become one of the first producers to supply a growing regional customer base that requires high purity graphite, where pricing and demand continue to rise.
The company, through strategic acquisitions and capable management will become a leader in the industrial minerals marketplace. The Company’s flagship graphite property is located in the Lochaber Township of southwestern Québec. The Company has also entered into option and joint venture agreements with Eloro Resources Inc. on the Summit-Gaber Cobalt property located in the La Grande Greenstone Belt in the James Bay region of Québec.
The Company will has 60,764,819 shares outstanding (90,699,322 fully diluted).
For more information, please contact:
Paul A. Gorman, CEO
First Canadian Capital Corp.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.