Alabama to suspend Hearst work, focus on U.S. projects
2014-09-26 07:01 ET - News Release
Mr. Ron Roda reports
US ASSETS TO BE FOCAL POINT MOVING FORWARD FOR ALABAMA GRAPHITE; HEARST, ONTARIO, CANADA DEVELOPMENT DEFERRED
Alabama Graphite Corp. has completed an in-house review of its three graphite projects. The goal of this review was to provide direction for the company as it decides how to maximize the impact of its exploration and development dollars. The company has decided to suspend further work on its Hearst graphite property in Ontario, Canada, and focus all of the company's resources on the Coosa and Bama projects located in Alabama, United States.
While additional work had been contemplated, the consensus of Alabama Graphite's technical staff is that the company has more worthwhile projects and further expenditures are not warranted. Consequently, the Hearst project will be placed on standby because of the advanced stage of its flagship Coosa graphite project and the outstanding preliminary metallurgical results from its recently acquired Bama project.
"Concentrating our efforts on our two advanced-stage projects in Alabama is the sensible decision for our company," stated Ron Roda, chief executive officer. "Our work over the last two years has given us expertise in the Alabama graphite belt, including a detailed understanding of the regional geology, hands-on knowledge of how to explore for graphite in oxidized environments and a familiarity with the Alabama regulatory environment. Having two projects in close proximity to each other also allows for synergies regarding our staff and facilities. While our decision to terminate further spending on the Hearst project was not taken lightly, we feel that our Alabama projects offer better economic potential. Given that our ultimate goal is to become North America's newest and greenest graphite producer, this final consideration is the only one that mattered."
Rick Keevil, PGeo, a director of the company and vice-president of project development, a qualified person as defined by National Instrument 43-101, has reviewed the contents of this news release.
We seek Safe Harbor. |
