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Gold/Mining/Energy : APN,T Applied Carbon Technology -- Ignore unavailable to you. Want to Upgrade?

To: Gerry who wrote (125)	5/24/1998 11:02:00 AM
From: Pierre J. LeBel	Respond to of 175

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 -------------------------------------------------------------------- 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

To: Gerry who wrote (125)	5/24/1998 11:04:00 AM
From: Pierre J. LeBel	Read Replies (1) \| Respond to of 175

APPLIED CARBON TECHNOLOGY, INC. ANNUAL SHAREHOLDERS MEETING SOMERVILLE, N.J., May 21 /CNW/ - The Annual and Special Meeting of Shareholders of Applied Carbon Technology, Inc. will be held on Monday, June 15, 1998, in Ottawa, Ontario. At that date, Management seeks approval by shareholders, for the Corporation to acquire all of the issued and outstanding shares of R.W. Elliott & Sons, Inc., a Pennsylvania based privately owned company with current operations dedicated to the processing and sales of synthetic granular and shaped graphite, carbon raiser, and Coke; and, to acquire The Bissett Creek Corporation, a privately owned Canadian corporation which controls graphite mineral claims and leases containing 16,448,000 tons of proven high quality graphite flake. Also at that time, Management will solicit approvals for special resolutions having the effect of converting substantially all of the approximate $10.0 million outstanding debt of the company to preference shares; and, for the consolidation on a 7:1 basis of the issued and outstanding common shares. The approvals by shareholders of the special and ordinary resolutions would eliminate entirely the present shareholder deficit of ($7,123,446) as reported in its audited financial statements for the period ending 12/31/97, and would further establish a significant positive net worth. The corporation has experienced a significant increase in sales for the period year to date, and as a result of that, Management confidently expects the corporation to realize its first year of net profitability in 1998. The reorganization of the corporation's capital structure would facilitate and support Management's plan for expansion and growth in operations. -30- For further information: 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 (908) 707-0806 ==================================================================== It sure would be nice for the company to post their news release on this thread on a timely basis. I will try to make it to Ottawa for the Annual Meeting. It is about three hour drive from home. Good Luck and have a very nice day. Pierre