Next Graphite Provides an Operational Update on its Aukam Graphite Project
NEW YORK, NY / ACCESSWIRE / September 22, 2016 / Next Graphite, Inc. (OTC PINK: GPNE) ("Next Graphite," "GPNE" or the "Company"), a graphite exploration/development stage company in the African Republic of Namibia, is pleased to announce completion of a NI43-101 technical report for its Aukam graphite project and the granting of permission to use explosives for underground exploration at the project.
Explosives will be used at the Aukam site to complete the process of making the adits safe by blasting large blocks of rock that were unable to be barred down in the initial phase (see News Release dated August 16, 2016). Blasting is expected to start in early October, initially with the remaining bad hangings in the adits, followed by clearing the winze area at the back of the lower adit (to open access to a lower level), and finally in the open pit to ensure all loose material is removed from the stopes.
Once the adits have been made safe, the Company's JV will proceed with an underground exploration program of drilling and development to delineate resources down dip of the lower adit. These resources will be included, together with the results of an Environmental Impact Assessment (EIA), in the application for the mining license.
The Company is also pleased to announce that its JV has filed a National Instrument 43-101 (NI-43-101) technical report for the Aukam Graphite Project, describing the exploration work carried out on the project to date and recommendations for future work. The main focus of the upcoming work program will be to complete the EIA, as well as the underground exploration and delineation of resources described above. The report titled "Technical Report on the Aukam Graphite Deposit, Bethanie District, Karas Region, Namibia" is available on the Company's web site: https://d1io3yog0oux5.cloudfront.net/nextgraphite/files/docs/Aukam+Graphite+Deposit+2016+Technical+Report.pdf.
"Recent progress at the Aukam site has been significant," said Cliff Bream, CEO of Next Graphite. "As previously reported, we have built an initial stockpile from our above-ground graphitic material. As a result of continuing work in our existing adits we hope to add significant material to the stockpile from our underground exploration. We look forward to restarting production of processed graphite at this past producing mine, and receiving a full mining permit is the next step towards that. Our joint venture will be focussing its effort on completing the necessary studies on time and on budget in order to expedite the process."
About Next Graphite, Inc.:
Next Graphite, Inc. is a development stage company targeting the growing global graphite production industry with the Company's Africa-based Aukam Graphite Project. The Aukam Graphite Mine was established in 1940 in the current Republic of Namibia and produced USD $30 million of graphite at today's prices. The site is located on approximately 96,000 acres (34,082 hectares) in southern Namibia close to the port city of Luderitz and is estimated to contain a significant amount of high grade, vein type graphitic material.
The property hosts three underground adits that were mined periodically between 1940 and 1974. Five dumps from the historical mining occur on the property and 73 samples from the lower three dumps were assayed and averaged 42% Cg. Next Graphite's joint venture has completed a bulk-sampling program at Aukam, and the joint venture has a letter of intent to sell the graphitic material produced during the program. Findings to date have reinforced Next's intent to put the historical mine back into production. The Company is working to transition from its current exploratory license to a full mining license and build a new graphite processing facility. Next's joint venture in Namibia maintains high safety and environmental standards and has a comprehensive strategy of social engagement.
For more information, please visit: www.nextgraphite.com.
Safe Harbor Statement:
This press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon the current plans, estimates and projections of Next Graphite Inc.'s management and are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing products; any projections of sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in Africa, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements. Among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions in Africa, general economic conditions; geopolitical events and regulatory changes, availability of capital, the Company's ability to maintain its competitive position and dependence on key management. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
SOURCE: Next Graphite, Inc.