Alabama Graphite Triples Land Position at its Coosa Graphite Project in Alabama
BIRMINGHAM, ALABAMA--(Marketwire - Nov. 6, 2012) - Alabama Graphite Corp. (the "Company") ( CNSX:ALP) (Frankfurt: 1AG.F WKN A1J35M) announced today it has exercised its right to lease an additional 27,943 acres in Coosa County, Alabama earlier than planned. This acreage combined with the original leased acreage in the August 1, 2012 lease agreement, brings the total mineral acres under lease to Alabama Graphite to 41,963 acres.
CEO, Daniel Spine comments, "With this one transaction we have virtually tripled our land position. This is unexplored acreage in the heart of the east-central Alabama graphite schist. A significant amount of this acreage is on strike and contiguous to our current exploration zone."
The terms of this agreement are identical to the August 1, 2012 mineral lease, such that Alabama Graphite has pre-paid for three years of the lease and the lease is structured in five year renewable tranches for the period of seventy years. The lease was executed with the same lessor as the August 1, 2012 agreement. In addition to the three year pre-payment, the Company will issue 25,000 shares to the lessor, subject to regulatory approval.
About Alabama Graphite:
Alabama Graphite Corp., through its wholly-owned subsidiary, Alabama Graphite Company Inc., is a graphite exploration and development company whose flagship project "The Coosa Graphite Project" in Coosa County, Alabama is located in an area with significant historical production of crystalline flake graphite. For further details go to www.alabamagraphite.co. |
