Western Graphite Acquires B.C. Graphite Property
TORONTO, April 2, 2013 /PRNewswire/ -- Western Graphite Inc. (OTCBB: WSGP) is pleased to announce that it has acquired 100% of the "Pure Flake" graphite property in BC. The flagship project "Pure Flake property" is located in British Columbia, Canada and is comprised of five contiguous mineral claims covering approximately 6,088 acres. Western Graphite now has its flagship property nearby one of the very few producing natural flake graphite mines in North America. The Pure Flake property is also closely located to the US border for easy and cost efficient exportation of the property's graphite. Western Graphite is excited to be an early mover in an emerging graphite camp with current production in close proximity to our project area. The company is fortunate to add this asset to its property portfolio.
The company's second property "Amorf Graphite Property" is located in Southern Turkey and is comprised of 1,225 acres. The Amorf property is also in close proximity of a sea port which will allow for easy exporting to international markets by sea. Demand for graphite in Europe is on the rise and is expected to increase exponentially. Our Turkish property is perfectly positioned to begin to export our raw materials into Europe by ship. Amorf property is currently not fully acquired, 50% of the agreement has been accomplished and the remaining 50% is still owed to the property owner. The financial terms of the agreement are a sale price of the Amorf property for the amount of $3 million USD in stock and cash.
Today graphite prices are soaring and expected to continue to increase as demand for clean energy increases. The strong growth in graphite demand is driven by a combination of steady growth in traditional uses such as steel production, lubricants, brake linings and Lithium Ion batteries as well as double digit growth from new applications, this includes portable electronics and hybrid and electric vehicles as well as developing markets such as solar and wind power, pebble bed nuclear reactors and fuel cells. With graphite expected to play a significant role in tomorrow's high tech electronics, lightweight vehicles and in a majority of clean energy technologies, demand is expected to continue to expand rapidly. Western Graphite aims to develop and then advance its project into production to capture these favorable graphite market conditions.
About Western Graphite Inc.
Western Graphite is a publicly traded US exploration company focused developing its property in Canada and Turkey, which comprises almost 7,313 acres which is one of the largest land portfolios within a public graphite company. Western Graphite aims to be a major world class producer of graphite and become a major supplier of this commodity. Our goal is to become a large enough producer so as to help North America become graphite self-sufficient, avoiding the need to import from foreign producers. www.westerngraphite.com
Safe Harbour Statement:
Some information in this press release constitutes forward-looking statements or statements which may be deemed or construed to be forward-looking statements such as but not limited to, the quality and concentration of minerals present on the Pure flake or Amorf Graphite property's, the carrying out of planned exploration programs and results analysis, the establishment of probable or proven resources, and the possible future economic production of minerals. The words "plan", "forecast", "anticipates", "estimate", "project", "intend", "expect", "should", "believe", and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Western Graphite Inc. herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Western Graphite Inc. disclaims any obligation to update forward-looking statements contained in this press release, except as may be required by law.
This announcement may also contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
SOURCE Western Graphite Inc.