TORONTO, ONTARIO--(Marketwired - Dec. 16, 2015) - Alabama Graphite Corp. ("AGC" or the "Company") (TSX VENTURE:ALP) (OTCQX:ABGPF) (FRANKFURT:1AG) is pleased to announce that Donald K. D. Baxter, P.Eng. has been appointed President and Chief Executive Officer, effective immediately. Mr. Baxter succeeds Ron S. Roda who has resigned as President and Co-Chief Executive Officer, after bringing the Company to its most recent level of development. Mr. Roda has also resigned from the Company's Board of Directors and as Corporate Secretary. Additionally, AGC announces the appointment of Chief Financial Officer Douglas C. Bolton, CPA, CA, as Corporate Secretary, effective immediately.
Chairman Jean Depatie, P.Geo. stated, "The AGC Board of Directors would like to thank Mr. Roda for his service as President and Co-CEO and for his contributions to the Company. We wish him continued success in all his future endeavors. The Board of Directors is also very excited to welcome Mr. Baxter in leading AGC moving forward. Mr. Baxter's extensive graphite mining and specialty processing experience has been invaluable and we congratulate him on the delivery of the Company's outstanding Preliminary Economic Assessment ("PEA"), and for fast tracking the advancement of AGC to a leadership position in the graphite development and green-energy supply chain space."
Mr. Roda commented, "The completion of the PEA represents a new strategic direction for the Company as AGC advances both the Coosa Graphite Project and battery-ready specialty graphite development work. As a proud AGC shareholder, I look forward to the Company's future as a leading American producer of high-value graphite products, critical for the American green-energy markets. The Company could not be in better hands."
President, Chief Executive Officer and Executive Director, Donald Baxter stated, "With the recent completion of our strong PEA for Coosa, we have demonstrated that AGC holds the potential to become a bonafide U.S. source of a supply critical input material for American green energy. We have a phenomenal asset, an industry-leading team of professionals, and - with the lowest initial capital costs in the space - I believe we are on the cusp of success. I thank Ron Roda for his service and am very much looking forward to leading AGC as a green-energy supply chain producer."
Donald K. D. Baxter, P.Eng., President, Chief Executive Officer and Executive Director, is a Qualified Person as defined by National Instrument 43-101 ("NI 43-101") guidelines, and has reviewed and approved the content of this news release.
About Alabama Graphite Corp.
Alabama Graphite Corp. is a Canadian-based flake graphite exploration and development company. The Company operates through its wholly owned subsidiary, Alabama Graphite Company Inc. (a company registered in the state of Alabama). With the most advanced flake graphite project in the United States of America, Alabama Graphite Corp's objective is to become a reliable, long-term U.S. supplier of specialty high-purity graphite products. A highly experienced team leads the Company with more than a 100 years of combined graphite mining, graphite processing, specialty graphite products and applications, and graphite sales experience. Alabama Graphite Corp. is focused on the exploration and development of its flagship Coosa Graphite Project in Coosa County, Alabama, and its Bama Mine Project in Chilton County, Alabama.
Alabama Graphite Corp. holds a 100% interest in the mineral rights for these two U.S.-based graphite projects, which are both located on private land. The two projects encompass more than 43,000 acres and are located in a geopolitically stable, mining-friendly jurisdiction with significant historical production of crystalline flake graphite in the flake graphite belt of central Alabama, also known as the Alabama Graphite Belt (source: U.S. Bureau of Mines). A significant portion of the Alabama deposits are characterized by graphite-bearing material that is oxidized and has been weathered into extremely soft rock. Both projects have infrastructure in place, are within close proximity to major highways, rail, power and water, and are approximately three hours (by truck or train) to the Port of Mobile, the Alabama Port Authority's deep-seawater port and the ninth largest port by tonnage in the United States (source: U.S. Army Corps of Engineers/USACE). The state of Alabama's hospitable climate allows for year-round mining operations and the world's largest marble quarry (which operates 24 hours a day, 365 days a year in Sylacauga, Alabama), is located within a 30-minute drive of the Coosa Graphite Project.
As announced on October 13, 2015, the Coosa Graphite Project hosts an National Instrument 43-101 ("NI 43-101") Indicated Mineral Resource Estimate of 78.5 million tons grading 2.39% graphitic carbon (Cg) - the largest Indicated Mineral Resource of flake graphite in the United States. On November 30, 2015, Alabama Graphite Corp. announced the results of its positive NI 43-101" Preliminary Economic Assessment ("PEA") for the Coosa Graphite Project, indicating a low-cost project with excellent potential economics. The PEA is based on the Coosa Graphite Project producing two finished (final) specialty, secondary-processed graphite products - a coated spherical graphite product ("CSPG") and a purified micronized flake graphite product ("PMG"). The PEA is not modelled on producing a final run-of-mine ("ROM") graphite concentrate product typical of other conventional flake graphite projects. The products Alabama Graphite Corp. is planning to produce are targeted to address what clean-tech and green-energy customers actually want and need; products that are in high demand, and command the highest prices in the flake graphite space, with historically inelastic pricing. Please refer to the Company's technical report titled "Alabama Graphite Corp. Preliminary Economic Assessment (PEA) on the Coosa graphite Project, Alabama, USA" dated November 27, 2015, prepared by independent engineering firms AGP Mining Consultants Inc. and Metal Mining Consultants Inc., and filed on SEDAR at www.sedar.com.
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Disclaimer for Forward-Looking Information
This press release contains forward-looking information under applicable Canadian securities laws ("forward-looking statements") that are based on the beliefs of management and reflect Alabama Graphite Corp.'s current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current view of Alabama Graphite Corp. with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among other things, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of graphite; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labor disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the Company's publicly filed documents. Forward-looking statements are also based on a number of assumptions, including that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen breakdowns, that no labor shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and Alabama Graphite Corp. undertakes no obligation to update forward-looking statements (unless required by law) if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
Alabama Graphite Corp. cautions that the foregoing list of material factors and assumptions are not exhaustive. When relying on Alabama Graphite Corp. forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and assumptions and other uncertainties and potential events. Alabama Graphite Corp. has also assumed that the material factors and assumptions will not cause any forward-looking statements to differ materially from actual results or events. However, the list of these factors and assumptions is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
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