Canada Carbon Inc.

TSX VENTURE : CCB
FRANKFURT : U7N1


Canada Carbon Inc.

December 10, 2012 09:00 ET

Canada Carbon Inc. Announces Completion of the NI 43-101 Technical Report for the Asbury Graphite Property

OAKVILLE, ONTARIO--(Marketwire - Dec. 10, 2012) - Canada Carbon Inc. (formerly Bolero Resources Corp.) (the "Company") (TSX VENTURE:CCB) (FRANKFURT:U7N1) is pleased to announce that a National Instrument 43-101 compliant Technical Report has been completed on the Asbury Graphite property.

This report describes the exploration potential related to the Asbury Graphite Property of Canada Carbon Inc. The data is mostly obtained from historical assessment exploration reports. The report was compiled in compliance with the specifications embodied in National Instrument 43-101 ("NI 43-101 Code"), as well as Standards of Disclosure for Mineral Projects as set out by the Canadian Code for reporting of Resources and Reserves - National Instrument 43-101 (Standards of Disclosure for Mineral Projects), Form 43-101F1 and the Companion Policy Document 43-101CP ("NI 43 101"). The complete NI 43-101 Technical Report is available on SEDAR and on the Company's website at www.canadacarbon.com.

Paul Ogilvie, CEO of Canada Carbon comments," We are pleased with the historical information in the 43-101 as it sets out clear work projects that we anticipate completing in Q1 2013, another step towards opening the Asbury mine".

Highlights of the report: Historical exploration by various companies and subsequent resource evaluations lead to an historical production by Asbury Graphex from 1974 to 1988. Open pit mining allowed the extraction of 875,000 metric tons of graphite ore at a cut off grade of 6%, on the current property.

Historical geophysics (EM) over the property reveals three conductive zones, named A to C, striking north-south and thus conforming to the local bedding. Anomaly A is 825m long and 30m wide and is located west of the open pit. Anomaly B is 530m long and 35m wide and is located southwest of the open pit. This anomaly was drilled by one diamond drill hole and 40.5m of graphitic rock grading 2.30% C total was encountered, including 4.07% C total over 11.7 m. Anomaly C is 230 m long and 10 m wide and is in the open pit, going toward south. Four less important conductor axes are also present, along with a small part of another EM anomaly.

The presence of distinct graphitic rock units is compatible with the skarn deposit model, which may imply several mineralized lenses of comparable quality. In addition, significant graphite mineralisation can also be present along the extensions to the south and at depth from the open pit.

As recommended, follow up activities included : (1) an exhaustive map compilation of historic drilling and geophysical survey on the property (2) a detailed Max-Min geophysical ground survey to confirm and complete historical data, and, finally (3) a drilling program testing the best targets revealed by the geophysical compilation and the geophysical survey. Particular attention should also be applied to the immediate area of the mine pit to test its southern and downward extensions. The drilling program is contingent on positive results of the data compilation and geophysical EM survey in confirming the presence of significant conductive anomaly.

Qualified Person

Rémi Charbonneau, Ph.D., P. Geo #290 an Associate of Inlandsis Consultants s.e.n.c., is the Independent Qualified Person under National Instrument 43-101. Rémi has reviewed and approved this release and was involved in the preparation of the technical information.

ABOUT CANADA CARBON INC. (TSX VENTURE:CCB)

Canada Carbon is a carbon sciences company - our goal is to be the most efficient graphite mining and high purity company in the world with the highest quality materials. We are trying to achieve this by deploying proprietary technologies, sound environmental policies, best practices companywide and employing the best people the industry has. Together, our goals will be realized by being customer centric and on the constant leading edge.

Canada Carbon is a natural resource company focused on the acquisition and development of graphite properties throughout Canada. Canada Carbon holds 100% interest in two graphite properties, The Asbury and The Maria Graphite Projects. The Asbury Mine, a past producing Asbury Graphite Mine property consists of two claims and is located approximately 10km northeast of Notre-Dame-du-Laus and about 120km north of the Ottawa-Gatineau area. The open pit mine and mill were in operation from 1980 to 1989 where a total of less than 70,000 tons were processed. The Maria Graphite Project consists of 38 mineral claims located in Maria Township, 17 kilometres south of the community of Bissett Creek on the Trans Canada Highway between the cities of Ottawa and North Bay, Ontario. These claims cover an area of approximately 2,000 hectares (4,940 acres) that surround and are contiguous to Northern Graphite's Bissett Creek graphite deposit. Northern Graphite recently reported the extraction of very large high purity flake graphite consistent across the entire resource with overall recovery rates of 97%. (NGC.V News Release 23/04/2012).

FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.

All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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