October 8, 2014, Toronto: Great Lakes Graphite Inc. (“Great Lakes” or the “Company”) announces that the existing Agreement between Great Lakes and Eloro Resources Ltd. (“Eloro”; TSXV:ELO) with regard to La Grande Nord Property (the Summit-Gaber property) located in the Baie James region of Québec has been amended. This amendment allows Great Lakes to extend, by one year, the dates for work commitments and remaining payments under the terms of the original agreement and its first amendment. As consideration for the extensions granted by Eloro, Great Lakes has agreed to issue an additional 200,000 common shares to Eloro, subject to TSX Venture Exchange approval.
La Grande Nord Property has historically been the focus of base and precious-metal exploration; however, the presence of mineralization characteristic of cobalt-nickel-silver (“Cobalt-style”) deposits has also been noted. The potential for cobalt mineralization is of great exploration interest to the Company.
John M. Siriunas, P.Eng, VP of Exploration for the Company and a “Qualified Person” under National Instrument 43-101, has reviewed and approved the technical content of this press release.
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 Lochaber Township of southwestern Québec. The Company has also entered into option and joint venture agreements with Eloro Resources Inc.(TSXV:ELO) on the Summit-Gaber Cobalt property located in the La Grande Greenstone Belt in the Baie James region of Québec. Further information regarding Great Lakes can be found on the Company’s website at: www.GreatLakesGraphite.com.
Great Lakes Graphite trades with symbol GLK on the TSX Venture Exchange and post-transaction will have 60,964,819 shares outstanding (89,158,655 fully diluted).
For more information, please contact:
|Paul A. Gorman, CEO
Great Lakes Graphite Inc.
|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.