Saint Jean Carbon Closes Acquisition Wallingford & Saint Jovite
Lump Graphite Properties
OAKVILLE, ONTARIO--(Marketwired - Jan 16, 2014) - Saint Jean
Carbon Inc. ("Saint Jean", the "Company" or "We") (TSX-VENTURE:SJL)
is pleased to announce that it has closed an arm's length
transaction to acquire the Wallingford (the "Wallingford Property")
and Saint Jovite (the "St. Jovite Property" and together with the
Wallingford Property the "New Properties") lump graphite properties
("Transaction").
On closing, the Company issued 1,000,000 shares as partial
consideration for the Wallingford Property and 1,000,000 shares as
partial consideration for the St. Jovite Property all at a deemed
value of $0.06 per share. Additional consideration for the
Transaction included a $2,000 payment on the signing of the term
sheet for each of the New Properties. A further $5,000 payment is
to be made in 2014 for each of the St. Jovite Property and the
Wallingford Property. The Company is required to issue an
additional 500,000 shares for the Wallingford Property and an
additional 500,000 shares for the St. Jovite Property, on the first
anniversary date of the Closing, subject to the mining claims
associated with each respective property producing graphite with a
grade of 30% and a quality of 90% Gc, and an ore quantity of
2,000,000 metric tonnes after the Company has made up to $250,000
in exploration expenditures on each property to verify same. All
securities issued will be subject to a hold period of four months
and one day pursuant to applicable security laws.
The Wallingford Property is located 10 km north of Buckingham
village in the Central Metasedimentary Belt of the Grenville
geological Province, some 182 km west of Montréal. It includes the
historic Wallingford-Buckingham mine, a feldspar and quartz
pegmatite dyke which crosscuts a sillimanite-garnet gneiss. The
deposit was discovered by prospection in 1923 and the mine was in
operation from 1923 to 1938 (SIGEOM database of MRN).
The St. Jovite Property is located 8.5 km south-south-east of
the village of Brebeuf, in the Laurentian region, approximately 153
km northwest of Montreal. It is underlain by metasedimentary rocks
of the Grenville Province which had been invaded by the igneous
rocks of the Morin series. It includes the Brebeuf-SSE deposit
which was mined sporadically from 1954 to 1961. It consists of a
vein type deposit with a most important pegmatitic vein measuring
30 m.
About Lump/Vein Graphite
Lump or Vein graphite is considered to be one of the rarest,
commercially valuable, and highest quality types of natural
graphite. It occurs in veins along intrusive contacts in solid
lumps and is only actively mined in Sri Lanka. As a result of the
carbon content typically found with lump/vein graphite recovery
operations, costs will normally be lower than flake or amorphous
graphite recovery. Lump graphite processing techniques can include
everything from hand sorting of large concentrated samples to
standard crushing, grinding, froth flotation and milling. Lump/vein
graphite is suitable for many of the same applications as flake
graphite giving it a distinct competitive edge in terms market
prices and product applications.
Further Information about the Wallingford Property
The Wallingford Property is located in the Central
Metasedimentary Belt of the Grenville geological Province, which
comprises north-northeast trending marble and quartzite domains
that also include quartzo-feldspathic gneisses and tonalitic
intrusions. Several dykes and massive bodies of pegmatite which are
the results of local melting are also present. Regional
metamorphism is upper amphibolite grade and reached the granulite
facies locally.
It is believed that the origin of carbon in the Outaouais
graphite deposit is derived from carbonates that went through
regional metamorphism. Many of the Outaouais graphite deposits are
classified as skarn type deposits which are the product of contact
metamorphism and metasomatism associated with the intrusion of
granite into carbonate rocks. Pegmatites are often in close spatial
relationship with graphitic bodies, as observed elsewhere in the
Buckingham area. Pegmatites seem to be largely present over the
property and offer a great opportunity to find graphitic
mineralization at the contact between pegmatite and marbles. Such
contact would represent a favorable context for graphite
mineralization of skarn type deposit.
Further Information about the Saint Jovite Property
The property is located some 4.5 km southeast of Brebeuf
deposit, a graphitic occurrence located in marble and quartzite.
Historical works on the Brebeuf deposit mention a graphite content
of 33.82% from a graphitic band within the marble and a flaky and
lump type mineralisation (SIGEOM database of MRN). . This deposit
is found at the contact zone between the Grenville and a granitic
intrusive mass, where a wide zone of alteration was developed with
secondary minerals derived from the sediments, such as
wollastonite, scapolite and diopside. Outcrops of pegmatites,
syenogranites and leucogabbros were noted on a preliminary site
visit on the Saint Jovite Property. The presence of granitic and
pegmatitic rock units warrant further investigation to find marbles
or graphite-mineralised skarns.
About Saint Jean
Saint Jean is a publicly traded junior mining exploration
company with a number of mining claims. The Walker property
consists of 4 claims covering the past mine and 11 claims covering
interesting geological context for more graphite mineralization in
the region around the deposit, which is located 40 km north-east of
Ottawa. The Wallingford Property, located 10 km north of Buckingham
village. The Mount Copeland molybdenum deposit lies within
metamorphic rocks flanking the southern margin of Frenchman Cap
Dome, 32 kilometers northwest of Revelstoke, British Columbia (the
"Mount Copeland Property"). The Fort-Eden copper property is
comprised of 18 mineral tenures that total 2,828.6 hectares in
area. The mineral claims are located 100 km west of Fort St. James,
BC (the "Fort Eden Property"). The Red Bird deposit is comprised of
three zones of molybdenum concentration referred to as the Main,
Southeast and Southwest zones within a property totaling 1,836 ha
(4,400 acres) and is located 133 km southwest of Burns Lake and 105
km north of Bella Coola (the "Red Bird Property"). The Company
plans to divest (the "Divestitures") each of the Mount Copeland
Property, the Fort Eden Property and the Red Bird Property through
a sale or joint venture, thus allowing it to focus on building a
graphite mining company. Additionally, Saint Jean expects to
acquire the new lump graphite property in Quebec (the "Clot
Acquisition") and the previously announced new lump graphite
properties in Sri Lanka from Han Tal Graphite (Pvt) Ltd. (the "Han
Acquisition" and together with the Wallingford, Jovite and Clot
Acquisitions, the "Acquisitions") in furtherance of its new
focus.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
FORWARD-LOOKING STATEMENTS: This news release
contains forward-looking statements, within the meaning of
applicable securities legislation, concerning Saint Jean's business
and affairs. In certain cases, forward-looking statements can be
identified by the use of words such as "plans", "expects" or "does
not expect", "intends" "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". Such forward-looking statements include those with
respect the Company's ability to complete Acquisitions and
Divestitures and become a graphite producing company.
These forward-looking statements are based on current
expectations, and are naturally subject to uncertainty and changes
in circumstances that may cause actual results to differ
materially.
Although Saint Jean believes that the expectations
represented in such forward-looking statements are reasonable,
there can be no assurance that these expectations will prove to be
correct. There are risks which could affect Saint Jean's ability to
complete the Acquisitions and Divestitures, and the future results
of the Company which could cause actual results to differ
materially from those expressed in these forward-looking statements
including negotiation failure or delay, the impact of general
global economic conditions and the risk that they will deteriorate,
industry conditions, including fluctuations in the price of
supplies and the risk that they will increase, that required
consents and approvals from regulatory authorities will not be
obtained, that activity in the lump or vein graphite business will
not be at the level or of the nature anticipated, liabilities and
risks inherent in Saint Jean's operations, technical problems,
equipment failure and construction delay.
Statements of past performance should not be construed as an
indication of future performance. Forward-looking statements
involve significant risks and uncertainties, should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether or not such results
will be achieved. A number of factors, including those discussed
above, could cause actual results to differ materially from the
results discussed in the forward-looking statements. Any such
forward-looking statements are expressly qualified in their
entirety by this cautionary statement.
All of the forward-looking statements made in this press
release are qualified by these cautionary statements. Readers are
cautioned not to place undue reliance on such forward-looking
statements. Forward-looking information is provided as of the date
of this press release, and Saint Jean assumes no obligation to
update or revise them to reflect new events or circumstances,
except as may be required under applicable securities
laws.
Saint Jean Carbon Inc.Laurie McCarneyDirector of Corporate
Communications(905) 844-1200 ext:
305lmccarney@saintjeancarbon.comwww.saintjeancarbon.com
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