Alabama Graphite starts PEA on Coosa
2015-07-27 12:27 ET - News Release
Mr. Donald Baxter reports
ALABAMA GRAPHITE CORP. ANNOUNCES COMMENCEMENT OF PRELIMINARY ECONOMIC ASSESSMENT ON COOSA GRAPHITE PROJECT IN ALABAMA, USA
Alabama Graphite Corp. has commenced a preliminary economic assessment on the company's flagship 100-per-cent-owned Coosa graphite project, located in Coosa county, east-central Alabama, United States. The contract for the PEA was awarded to AGP Mining Consultants Inc. ("AGP") of Barrie, Ontario, who commenced work on the report when AGP's Principal Mining Engineer, Gordon Zurowski, P.Eng. and Principal Geologist, Pierre Desautels, P.Geo., visited the Coosa property in early July 2015. The PEA will include an economic analysis of the potential viability of the Coosa Graphite Project and will conform to National Instrument 43-101 ("NI 43-101") Standards of Disclosure for Mineral Projects. Objectives of the Company's PEA are outlined below.
Objectives:
-- Completion of a Scoping Study that includes an independent preliminary scoping-level engineering analysis of the project; -- Provide an estimate of potential value of the project; -- Provide an estimate of operating costs, as well as sustaining costs; -- Provide a conceptual plan on the timeline and development of the project, as well as an operations plan; and -- The PEA is expected to be completed and published in the fourth quarter of 2015.
Don Baxter, Co-Chief Executive Officer of AGC commented, "We are very pleased to be working with the industry experts at AGP Mining. AGP's engineers and geologists have extensive graphite experience and decades of combined experience in the completion of PEAs. I have had the pleasure of working with them before on other graphite projects, in all facets, including geology, mining and processing. Earlier this month, AGC's Gordon Zurowski and myself spent two days surveying the Coosa and Bama properties, during the summer diamond drill program, which led to the program's expansion. "AGC remains on schedule to publish the Company's inaugural PEA on the Coosa Graphite Project in Q4 2015, incorporating our drill results from 2012 to summer 2015, and the upcoming updated NI 43-101 Mineral Resource Estimate," said Mr. Baxter. "The fall season is expected to be very exciting and rewarding for AGC. We anticipate the PEA will provide a positive framework of the merits of the Coosa Graphite Project."
Ron S. Roda, AGC's President and Co-Chief Executive Officer stated, "As 100% owner of both the Coosa Graphite Project and the past-producing Bama Mine Project - the only flake graphite projects in the continental United States - our shareholders are uniquely positioned to potentially benefit from increased graphite demand from lithium-ion batteries, high-tech applications, the electrification of automotive and stationary batteries; and also from the potential of economically scalable natural graphene production. We continue to proceed on the development and testing of valued-added graphite products - namely, coated spherical graphite ("CSPG") for use in anodes for Li-ion batteries - and our naturally occurring graphene and graphene-based derivatives."
As announced on July 23, 2015, the Company's updated Mineral Resource Estimate is currently underway with Metal Mining Consultants Inc. (Highlands Ranch, Colorado) and is scheduled for completion by September 2015.
Qualified Person
Rick Keevil, P. Geo., Vice President of Project Development, is a Qualified Person as defined by National Instrument (NI) 43-101, and has approved the disclosure of the scientific or technical information concerning the Coosa Property contained in this press release.
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