Saint Jean Carbon Signs Definitive Agreement to Acquire the Clot
Lump Graphite Property
OAKVILLE, ONTARIO--(Marketwired - Mar 27, 2014) - Saint Jean
Carbon Inc. ("Saint Jean", the "Company" or "We") (TSX-VENTURE:SJL)
is pleased to announce that it has signed a non-arm's length
definitive agreement to acquire the Clot (the "Clot Property"),
("Transaction") a former past producing mine.
On closing, the Company will
issue 3,500,000 shares as partial consideration for the Clot
Property at a deemed value of $0.05 per share. Additional
consideration for the Transaction included a $5,000 payment on the
signing of the term sheet for the Clot Property. A further $2,500
payment is to be made on the closing date of the transaction. The
Company is required to issue an additional 1,000,000 shares for
Clot Property on the first anniversary date of the Closing, subject
to the mining claims associated with the respective property
producing a resource estimate with an ore quantity of 2,000,000
metric tonnes after the Company has made up to $250,000 in
exploration expenditures on the 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 CEO, Mr. Paul Ogilvie
recently stated: "The Clot property is on crown land and falls
within the same geological and regional areas as our Walker,
Wallingford and St. Jovite lump graphite properties and we are very
pleased to have the opportunity to add these new claims to our
inventory of holdings which will complete our lump acquisitions.
This region has a long history of graphite mining and we are
looking forward to taking all steps necessary to develop our
properties into operating mines." A feasibility study has not been
completed and there is not certainty the proposed operations will
be economically viable. The Clot Property is located in southern
Québec, 10 kilometres north-west of Mont-Tremblant and
approximately 150 km north-west of Montreal. The Clot Property is
made up of 5 established claims and 3 claims under request for a
total area of more than 297.4 hectares. The claims are located in
highly metamorphosed rocks which host a geological contact between
a granitic intrusive and marbles and quartzites, two
metasedimentary units of the Grenville geological Province. This
represents a favorable geological context, which is known to host
graphite deposits. The Company therefore believes the site has good
potential for graphite mineralization similar to historic mining
operations that occurred in the area.
History on the Clot Property
The new Clot claims surround an area that was known as the Clot
Mine. Graphite production was known to have occurred at the Clot
Mine between 1907 and 1919. Exploration, production and concentrate
assays were undertaken in 1951 (Bourret, 1951) with about 800 tons
of material extracted from the mine. Of that tonnage, 350 pounds
were hand cleaned and concentrated to obtain a grade of 99.72%
carbon. Also 14 tons of lumps contained 94.7% carbon. In addition
more than 100 tons of the material at the operating site was
estimated to over 35% graphite (Sigeom file GM01868). The remainder
of the extracted material was under 20% graphite or unclassified.
The deposit is reported to be at least 56m (185 feet) long and more
than 3m (10 feet) in width (Bourret, 1952) - A qualified person has
not done sufficient work to classify the historical estimate as
current mineral resources or mineral reserves; and Saint Jean is
not treating the historical estimate as current mineral resources
or mineral reserves.
Mrs. Isabelle Robillard the Company's geologist, P. Geo.,
Qualified Person approves this release commented: "The Clot
property offers a great opportunity to find high grade graphite, in
a relatively unexplored area located in the vicinity of the
historical Clot Mine. The geological context is highly favorable to
find additional lump veins".
Land access to the claims comprising the Clot Property is
provided by multiple public secondary all weather roads, from
highway 117. Accordingly, future work programs can be completed
throughout the year. Local resources are also available at the
nearby cities of Labelle, located 3km along good road from the Clot
Property. Most of the Clot Property is on public land and water is
abundant from lakes and rivers crossing the property in a
north-south direction. Power, transportation and housing are
available nearby and a local work force could support a mining
operation. The nearest railroad station is in Labelle and goes up
to the Clot Property on its west claim.
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 St. Jovite Property is located 8.5 km southeast of the
village of Brebeuf, in the Laurentian region, approximately 153 km
northwest of Montreal. 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 previously announced new lump graphite properties in
Sri Lanka from Han Tal Graphite (Pvt) Ltd. (the "Han Acquisition")
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. The forward-looking statements in this news release
assume, inter alia, that the conditions for completion of the
Transaction including regulatory approval, will be met, that the
Company will be able to arrange sufficient funding for the
Transaction and that there are no other material obstacles to
pursuing the new strategy.
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 Transaction, the Han Acquisition 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
Saint Jean Carbon (TSXV:SJL)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Saint Jean Carbon (TSXV:SJL)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024