ELKO, NV--(Marketwire - Dec 10, 2012) - Graphite Corp. (OTCQB: GRPH) ("Graphite Corp." or the "Company"), an exploration stage company focused on the evaluation, acquisition and development of domestic graphite mining opportunities, is pleased to announce initial findings from a recent field study on its graphite-bearing properties identified as the Carr and Cahaba leases comprising a total of 3,759.6 acres located in Clay County, Alabama.
The geological work was led by Company President Brian Goss and Company Director Jason Babcock. A physical review of the mineral lease areas was carried out and updated to include specific details and features of interest.
Extensive historical mine workings were evident throughout the Graphite Corp. properties. The workings are all open pit, hundreds of feet long and up to approximately 150 feet wide. The depths of the mines were tens of feet, usually about 40 feet or more, with the deepest at approximately 80 to 100 feet. The mineralization was crystal flake graphite up to several millimeters in diameter, disseminated throughout the foliated beds and in some of the igneous rocks there were extremely large flakes up to a centimeter in diameter.
Sampling of the various showings and old mine workings was also undertaken with samples submitted to an assay lab for analysis. It will be up to a month before results are available, but historical grades have shown 3 to 6% graphite with casual field observations recording higher percentages. Further analysis of these results and current data will aid in finalizing preparations to continue the evaluation program aimed at verifying the historic US Bureau of Mines data which, as previously announced, indicates a resource potential of 4.363 million measured tons of weathered material and 2.802 million indicated tons of un-weathered material for a total of 7.165 million tons combined.
The team met with representatives of Major Drilling Group International to review various drilling methods and it was agreed that a program utilizing sonic drilling equipment would be most efficient. Given the apparent uniform nature of the deposits on-surface, a sonic drill program would not be overly extensive and would only require wide spaced intervals used primarily to test the depth of the weathered material and also to verify mineralization in the sub-surface.
Local infrastructure is excellent with roads and electricity nearby. The area is sparsely settled with no habitations on our properties. The region boasts a lengthy record of graphite mining with an extensive heritage and history of support for the mining industry.
Company President Brian Goss states, "Our findings on this trip continue to indicate that upon completion of our resource evaluation, we could quickly move to pilot plant bulk sampling or production as there is graphite at surface that could be easily mined using basic excavating methods. Plans are well underway including a determination of our funding needs in order to fully exploit the potential of this increasingly interesting resource opportunity."
Additional details of the Company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database. For more information, visit our website at www.graphite-corp.com and ensure you view our corporate video at: http://www.graphite-corp.com/investors/presentations.
About Graphite Corp. (OTCQB: GRPH)
Graphite Corp. is a publicly traded Elko, Nevada-based resource exploration stage company focused on the evaluation and development of graphite based deposits within the United States. The Company is positioning itself to emerge as a leading pure-play exploration company through the development of its current strategic land positions in Alabama and Montana straddling the heartland of America's most significant graphite resources. The Company's experienced geological team continues to pursue additional prospective graphite, precious metal, and rare earth opportunities to advance and develop into strategic assets that increase shareholder value. For more information, visit our website at www.graphite-corp.com.
Note Regarding Forward-Looking Statements
This release contains forward-looking statements that reflect the Company's plans and expectations. In this press release and related comments by Company management, words like "expect," "anticipate," "estimate," "probable," "believe," "forecast," "objective," "plan," "goal" and similar expressions including references to historic data are used to identify forward-looking statements representing management's current judgment and expectations about possible future events. Management believes these forward-looking statements and the judgments upon which they are based to be reasonable, but they are not guarantees of future performance and involve numerous known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements.