Vancouver, British Columbia: Graphite One Resources Inc. (GPH: TSX-V, GPHOF: OTCQX) (“Graphite One” or the “Company”) is pleased to announce that it has satisfied all its obligations under the Graphite Creek option agreement by making the final option payment of USD 250,000 and now holds a 100% interest in the high-grade Graphite Creek deposit in Alaska. You can see this informative YouTube video at https://www.youtube.com/watch?feature=player_embedded&v=l2RVE0iJCeM
The project will now be governed by a 20 year lease with automatic renewal provisions. The lease agreement allows for a 5% net smelter royalty which can be reduced to 3% by cash payment of $2,000,000 for each one percent purchased. Graphite One has made significant advancements on the property since 2012. The Company, recently reported a NI-43-101 compliant inferred resource of 284.7 million tonnes at 4.5% graphite (including 37.68 million tonnes at 9.2% graphite and 8.63 million tonnes at 12.8% graphite). Please refer to the GPHOF reports at http://www.gphofreports.com/overview/graphite-creek/ for more details.
The inferred resource suggests that Graphite Creek is the largest and highest grade of known graphite deposits in the United States. Anthony Huston, President and CEO states, “I am very proud of our team in reaching this milestone. We have succeeded on all fronts, both financially and technically, to now own this asset 100% and will forge ahead to unlock the deposit's value for shareholders.”
Graphite has many important new applications including its use in lithium ion batteries, fuel cells and nuclear and solar power that have the potential to significantly increase the demand for this critical element. Currently very “hot” information is coming from Tesla Motors: “announcement of our intention to build a huge battery manufacturing facility in the United States opens the door for our industry to compete for the right to supply purified and shaped battery grade materials to an industry innovator,” Tesla Motors announced, and added that it intends to invest $5 billion to construct a massive battery manufacturing facility somewhere in the southwestern United States.
On February 26, 2014, the New York Times reported the automaker expects to reduce the per-kilowatt cost of its battery packs by more than 30 percent by the end of the first year of volume production for its third-generation electric vehicle. At full production, the factory, known as the Gigafactory, would produce about 500,000 lithium-ion batteries annually by 2020, more than suppliers worldwide produced last year. Tesla's aim, Mr. Baxter said, is to reduce input costs for both its world-leading electric vehicles and for energy storage units for its SolarCity solar power subsidiary.
SolarCity uses Tesla battery packs for its residential and business customers to lessen their dependence on electrical power from the grid. Mr. Baxter said Tesla's move, as one of the highest profile driving forces in the world opens the door for graphite developers to make their case not only to Tesla, but all clean technology end-users to compare the cost-to-power advantages that come from of natural flake graphite. It is estimated that batteries for two million electric vehicles will create a demand for an additional supply of 160,000 tonnes per year of high-value purified graphite. Global production of flake is currently estimated at 500,000 tons per year.
About Graphite Creek
The Graphite Creek Property comprises 129 claims totaling 6,799 hectares on the Seward Peninsula of Alaska, 65 kilometers north (40 miles) of a deep sea port at Nome. Mineralization at the Graphite Creek Property is characterized by coarse crystalline (large flake) graphite (greater than 80mesh) within graphite-bearing schist(s). Please refer to the January 20, 2014 press release where Graphite One reports a NI 43-101 inferred resource of 284.71 million tonnes at 4.5% graphite (including 37.68 million tonnes at 9.2% graphite and 8.63 million tonnes at 12.8% graphite).
For more information and reports on Graphite Creek project please visit the website http://www.gphofreports.com/
Company Name: Graphite One Resources Inc.
Contact Person: Mike Johnson
Address:1289 Jim Rosa Lane
City: San Francisco
Country: United States
Release ID: 36372