May 1, 2015, Toronto: Great Lakes Graphite Inc. (“Great Lakes”, “GLK” or the “Company” TSX-V:GLK, OTC:GLKIF, FWB:8GL) announces that as a result of a continuous disclosure review by the staff of the Ontario Securities Commission, it is issuing the following news release to retract and clarify its disclosure.
Restricted Disclosure of Economic Analysis
NI 43-101 restricts the disclosure of the results of an economic analysis prior to completing at least a Preliminary Economic Assessment based on at least inferred mineral resources to support the disclosure.
The Company’s corporate presentation dated April 2015 contained statements which may have been potentially misleading, in that they related to topics such as forecast production rates from the Lochaber Graphite Project and to potential future graphite prices. Given that the Company has not yet defined a NI-43-101-compliant mineral resource on the property, it is potentially misleading for the Company to disclose information related to anticipated economic viability and planned production.
Upon receipt of the comment letter from the Ontario Securities Commission, the Company immediately updated the corporate presentation on its website to remove the remarks in question.
About Great Lakes Graphite: Great Lakes Graphite Inc. is an industrial minerals company focussed on bringing carbon products to a well defined market through a vertically integrated supply chain.
As there is currently no significant graphite production in North America, Great Lakes Graphite has the ability to become one of the first domestic suppliers to a growing regional customer base that requires high quality natural graphite, where pricing and demand continue to rise.
The Company, through strategic acquisitions and capable management intends to become a leader in the industrial minerals marketplace.
The Company through its Innovations Division is currently recommissioning an Ontario based Micronization Facility for re-start in late 2015 to achieve the following objectives:
- Establish a position in the upgraded graphite products market with North American customers.
- Create a competitive and disruptive advantage by leveraging existing assets.
- Pursue an accelerated timeline to cash flow and revenue by micronizing and upgrading flake graphite, enabled by supply agreements with current graphite producers.
The Lochaber Graphite Deposit is located just 30km east of Ottawa, in 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 currently has 95,304,075 shares outstanding (139,012,966 fully diluted).
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