Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : ZEN vs CCB -- Ignore unavailable to you. Want to Upgrade?

To: Glazeddonut who wrote (2949)	9/9/2015 9:06:36 PM
From: Glazeddonut	Respond to of 5988

This got me laughing from 3 years ago CANADA CARBON INC. FINALIZES THE PURCHASE OF ASBURY MINE, A FORMER PRODUCING GRAPHITE MINE WITH PLANS TO FAST TRACK THE RE-OPENING Canada Carbon Inc. (formerly Bolero Resources Corp.) has closed the previously announced agreement to acquire 100 per cent of the Asbury mining claims from Uragold Bay Resources Inc. Pursuant to the terms of the mining claims purchase and transfer agreement dated Aug. 29, 2012 (as amended by amending agreement dated Oct. 11, 2012), Canada Carbon made an initial contribution of $30,000 to UBR and a second cash payment of $70,000. Upon closing of the transaction today, Canada Carbon has made a further payment of $200,000 and will pay a yearly royalty of 0.75 per cent on the net production cost for a period of 10 years after the start of graphite production. As further consideration for the transfer and sale of the claims and related assets, Canada Carbon issued to Uragold five million common shares, representing approximately 8.7 per cent of Canada Carbon's issued shares. Stephen Riddle, chief executive officer of Asbury Graphite Mills Inc., a widely regarded expert in the graphite and carbon industry, commented: "The Asbury mine contains very high-quality natural flake graphite that is easy to process to 95 per cent purity and has a high percentage of large flakes. We look forward to seeing it up and operating again." Canada Carbon's CEO, Paul Ogilvie, commented: "We are very excited to have completed this highly strategic asset and continue to move ahead to reopen the former producing mine. We consider the Asbury mine to be one of the best projects in the country, high grade, top quality and geographically desirable." The company plans to move as quickly as possible to have the mine up and running within 12 to 14 months. By air classifying before milling, the company hopes to achieve a premill grade of 70 per cent. This will allow the material to be trucked to a milling location off the mine site. This advantage is no need for tailing ponds, significantly smaller mill and simpler permitting.