Northern Graphite Corporation

Northern Graphite Corporation

February 02, 2011 10:02 ET

Northern Graphite Announces Executive Appointments

OTTAWA, ONTARIO--(Marketwire - Feb. 2, 2011) - NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

Northern Graphite Corporation ("Northern" or the "Company") announces that Donald K.D. Baxter P.Eng has been appointed President of the Company. Don is a consulting engineer and was previously President of Ontario Graphite Corporation, a private company which owns the Kearney graphite deposit, near Huntsville, Ontario. He was also Mine Superintendent at the Kearney mine when it operated in the 1990s and he holds a degree in mining engineering from Queen's University. Don will be responsible for all technical aspects relating to the Bissett Creek graphite project including the ongoing prefeasibility study, metallurgical test work and environmental and mine permitting.

Stephen Thompson CA CPA (Illinois) has been appointed Chief Financial Officer. Stephen has provided senior financial leadership to a number of Ottawa based companies and was previously Vice President, Finance Hydro Ottawa Limited and Vice President Controller of Accelio Corporation. He holds a Bachelor of Commerce degree from Queen's University.

Gregory Bowes, Chief Executive Officer commented that "We are extremely pleased that Don and Stephen have joined our team. Don is one of the few people in North America with actual mine operating experience in the graphite industry. The demand for graphite is growing strongly as is awareness of its supply critical nature, and we look forward to the contribution they will make to development of the Bissett Creek project."

Graphite prices have increased substantially due to the ongoing modernization of China, India and other emerging economies which has resulted in strong demand from traditional uses in the steel and automotive industries. In addition, new applications such as lithium ion batteries, fuel cells and nuclear power have the potential to create significant incremental demand growth. China, which produces 70% of the world's graphite, is seeing production and export growth leveling off and export taxes and a licensing system have been instituted. Both the European Union and the United States have declared graphite a supply critical mineral. With limited worldwide exploration and few potential development projects on the horizon, the Company is well positioned to benefit from the continued improvement in graphite demand and prices. High growth, high value graphite applications require large flake and/or high purity graphite which will represent 100% of Bissett Creek production.

This press release contains forward-looking statements, which can be identified by the use of statements that include words such as "could", "potential", "believe", "expect", "anticipate", "intend", "plan", "likely", "will" or other similar words or phrases. These statements are only current predictions and are subject to known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from those anticipated by the forward-looking statements. The Company does not intend, and does not assume any obligation, to update forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by applicable securities laws. Readers should not place undue reliance on forward-looking statements.

NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED OF THE CONTENTS OF THIS RELEASE.

Contact Information

  • Northern Graphite Corporation
    Gregory Bowes
    CEO
    613-241-9959