APPLIED CARBON TO ACQUIRE THE BISSETT CREEK
CORPORATION
SOMERVILLE, NJ., May 21 /CNW/ - Applied Carbon Technology, Inc. reports
that it has signed an agreement with The Bissett Creek Corporation by which,
subject to shareholder and regulatory approval, the Company will acquire a
100% undivided interest in and to the surface mineral rights, mineral claims
and leases collectively and formerly known as the Bissett Creek graphite
project. The purchase interest is subject to a Royalty Agreement. The property
is located in Maria Township, Renfrew County, Ontario, approximately 100 km
east of North Bay and 300 km north-northeast of Toronto. The key mineral
claims subject to the agreement cover the graphite ore body, potential
additional reserves, planned mill site, tailing impoundment and access road.
The Corporation expects to complete final due diligence of the property's
geological reserves by June 30, 1998. The drill hole data base for developing
the geological reserves was prepared by C.E.C. Engineering Ltd. and consisted
of 237 drill holes with 2713 samples. The graphite ore reserves and the
economics of mining the property are well defined and previously reported in
studies by Kilborn Engineering Ltd. and by extensive research and tests by KHD
Humbolt Wedag. Additional detailed metallurgical studies and mine engineering
design work was completed by Pincock, Allen & Holt Inc., Cominco Engineering
Services Ltd. and Bacon Donaldson Metallurgists. The Bissett Creek mineral
reserve is estimated to consist of 16,448,000 tonnes of high quality graphite
flake. Project life based on current mineable proven reserves is 20 years with
annual production of concentrate tonnage processed by flotation and gravity
methods. The property is estimated to contain in excess of thirty-million
tonnes of proven and probable high quality graphite flake.
The Company does not intend to commence operations at the Bissett Creek
property in fiscal year 1998 or 1999.
The acquisition is important and consistent with the Company's objectives
to secure a reliable source of future supply of natural graphite and with it
objective to develop integrated mining, manufacturing and processing
operations.
All Inquiries should be directed to the Company: Harold T. King, Chief
Executive Officer 908-707-0807; or, 416-930-9963; or by Fax at 909-707-0806.
-30-
For further information: Harold T. King, Chief Executive Officer
(908) 707-0807; or, (416) 930-9963; or by Fax at (909) 707-0806
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It sure would be nice for the company to post their news release on this thread on a timely basis.
Good Luck and have a very nice day.
Pierre |
