Yahoo Finance Alabama Graphite to Acquire 100% interest in a property near the Zenyatta Graphite Discovery in Ontario, Canada
August 16, 2013 - Vancouver, BC Alabama Graphite Corp. (CNSX:ALP) (Frankfurt:1AG.F WKN A1J35M) has entered into an agreement to acquire a 100% interest in the Hearst Graphite Project owned by Benton Resources Inc. ("Benton") (TSXV:BEX.V - News) near Zenyatta Ventures Ltd's Albany hydrothermal graphite discovery in Northern Ontario. The 16 claim units comprising the acquired property are located just east of the Zenyatta Albany deposit and measure 1.6KM by 1.6KM in area. See attached location map.
Benton originally targeted these claims based on a search of historical exploration data from the region. A geophysical study conducted by Noranda Exploration Company in December of 1987, included both ground magnetic and horizontal loop electromagnetic (HLEM) surveys. Several HLEM conductors were identified by this survey, but the conductors on the acquired claim units were associated with magnetic lows. Noranda concluded at the time that these conductors were most likely due to graphite mineralization.
In exchange for 100% interest in the Hearst Graphite Project, Benton will receive 2 million shares of Alabama Graphite and a cash payment of $8,000. In addition, Benton will retain a 2% NSR on the project which may be reduced by 1% on payment of $1million.
"We are very excited to have acquired the Hearst Graphite Project in such a prospective graphite district in Canada. We intend to test the targets identified by Noranda in the next drilling season," commented Dan Spine, CEO of Alabama Graphite.
Benton Resources is recognized as a prospect generator having interest in a significant number of quality mineral exploration projects. The CEO of Benton, Stephen Stares, who was recognized along with his family as Prospector of the Year by PDAC in 2007 commented "we are excited to participate in this promising graphite project with a true graphite company through our equity interest and our royalty. We look forward to Alabama Graphite advancing the project."
Dana Durgin, P. Geo., a Qualified Person as defined by National Instrument 43-101 and independent consultant to the Company, has reviewed and approved the contents of this press release.
About Alabama Graphite:
Alabama Graphite Corp., is a graphite exploration and development company whose primary project is the Coosa Graphite Project in Coosa County, Alabama. The Coosa Graphite project is 100% owned by Alabama Graphite and on private land. In less than one calendar year of development, the Coosa Graphite Project released its initial discovery details this July with a 43-101 Resource Estimate prepared by Metals Mining Consultants demonstrating an Indicated Resource of 38.2 million tons grading 2.60% graphitic carbon ("Cg"), based on a 2.0% Cg cutoff and Inferred Resources of 27 million tons grading 2.87% Cg. For further details go to www.alabamagraphite.co
ALABAMA GRAPHITE CORP.
Daniel Spine, CEO
(404) 661-6254
Danny Gravelle, Investor Relations
(949) 305-5093
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http://thenewswire.ca/client_files/2013-08-16-0.pdf
