December 3, 2014, Toronto: Great Lakes Graphite Inc. (“Great Lakes” or the “Company”) ($GLK:CA) ($GLKIF) today provides the following update on activities related to the exploration and development of the Lochaber Graphite Property.
NI 43-101 Resource Estimate
The Company has engaged SRK Consulting to complete the preparation of an National Instrument (“NI”) 43-101-compliant Mineral Resource Estimate for the Lochaber Graphite Property located in southeastern Québec (the “Resource Estimate”). CEO Paul Gorman said, “Soon after we began discussions regarding a Feasibility Study for the Lochaber project, it was clear that having SRK Consulting complete the work on an NI 43-101-compliant resource estimate on the Lochaber property would facilitate subsequent work on a Feasibility Study. Having SRK’s name on our Resource Estimate is a way of demonstrating our ongoing commitment to the highest industry standards.”
Preliminary work toward the Resource Estimate including all of the supporting data that have been used in internal studies and scenarios have been made available to SRK Consulting. “We are confident that the completion of a resource estimate on the highly prospective Lochaber Graphite Property will be a major strategic step forward in realizing value from our significant investment in this property”, Great Lakes CEO Gorman commented. The company expects the Resource Estimate to be published during the first quarter 2015.
SRK Consulting is an independent, international consulting practice providing focused advice and solutions to the earth and water resource industries. SRK provides services to mining companies that range from exploration to mine closure. Established in 1974, SRK employs more than 1,500 professionals internationally in over 50 offices on 6 continents
Fieldwork – Drill Program
A field crew and diamond drilling equipment have been mobilized to the Lochaber Graphite Property to carry out a program of 600 m of drilling that will provide additional data for the Resource Estimate and a contemplated Feasibility Study in the near future. The drilling is scheduled to commence this week.
In preparation for this program, road access to the project area has been upgraded. This program is comprised of six holes of 100 m in length that are already spotted on the ground. The holes are in-fill and step-out holes that will supplement the results of the previous drilling on the property which is being used to complete the Resource Estimate.
Mr. Martin Éthier, P.Geo., who is a Member of the Order of Geologists of Québec and a “Qualified Person” under NI 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 graphite flake 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 quality natural 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 currently has 73,714,818 shares outstanding (110,278,654 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.
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