May 25, 2011
Drill tests show
"positive" results
So far, so good.
Northern Graphite, the company behind the proposed graphite mine at
Bissett Creek, has announced the results of a 51-hole drilling program
on the site.
And Greg Bowes, the company's chief executive officer, says the results
are better than expected.
“The recent drill program met or exceeded all expectations,” he said in
the announcement.
“We have demonstrated that large flake, high purity graphite
mineralization exists near surface in an area that is now over one
square kilometre in size...
“We believe future production could be scaled to much higher levels to
meet anticipated demand from Li (lithium) ion batteries and other
rapidly growing applications.”
Northern Graphite recently issued an initial public offering on the
Toronto Stock Exchange in an effort to begin to raise the $60-70
million it will take to develop the Bissett site.
The company hopes to begin construction in the “first part” of 2012.
The mine is expected to create as many as 70 local jobs.
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