|Standard Graphite Corporation
TSX VENTURE : SGH
March 09, 2016 11:29 ET
VANCOUVER, BRITISH COLUMBIA–(Marketwired – March 9, 2016) – Standard Graphite Corp. (TSX VENTURE:SGH) (the “Company”) is pleased to announce the signing of an option agreement for the acquisition of 8 lithium properties in Quebec, Canada collectively the “Property”. Standard plans on exploring for lithium in Quebec’s vast territory where the only hard rock lithium production was ever carried out in North America.
Standard’s properties are located within the 2 major lithium districts of Quebec; the Abitibi and James Bay regions. The Property covers a total area of approximately 1150 hectares over highly prospective geology. Historical data* make mention of grades of up to 0.8% LiO2 which compares favorably with the cut-off grades used for the feasibility at the 2 most advanced projects in Quebec**.
According to the terms of the agreement, subject to TSX Venture Exchange approval, Standard will make a $2500 cash payment and issue 6,000,000 shares to seller for the acquisition of a 100% interest in the claims. The seller will retain a 2% NSR on the claims of which 1% can be bought back for $1M at any time following the acquisition.
* A qualified person has not done sufficient work to date to confirm these historical results and there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource.
**This news release may also contain information about adjacent properties on which Standard has no right to explore or develop. Investors are cautioned that mineral deposits on adjacent properties are not indicative of any mineral deposits on the Company’s properties.
ON BEHALF OF THE BOARD
President & CEO
Neither the 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. The foregoing information may contain forward-looking statements relating to the future performance of Standard Graphite Corp. Forward-looking statements, specifically those concerned with future performance are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in Standard Graphite Corp.’s filings with the appropriate securities commissions.