Pinestar Gold Inc. (TSX VENTURE:PNS) (FRANKFURT:3PI) ("Pinestar" or the
"Company") is pleased to announce it has acquired an option (the "Option") to
purchase a significant package of exploration-stage graphite projects in
Australia. The combined package is comprised of 11 tenements (the "Optioned
Properties") with a total area of 533 km2 located in four different states in
Australia. The tenement package delivers the Company a major new opportunity in
the exciting graphite market. Of the 11 tenements subject to the Option, three
comprise the Munglinup Project in Western Australia, one comprises the Eyre
Point Project in South Australia, five cover various historical showings located
in New South Wales, one covers the Furniss East Project in Western Austrlia, and
one covers the Emu Plain project located in Queensland. More details concerning
the highlights of the Optioned Properties are set out below.
The Optioned Properties are located in the main known graphite provinces in
Australia. This includes the Munglinup region of Western Australia and the Eyre
Peninsula of South Australia (refer to figure 1).
No recent or systematic exploration program has been carried out for the
exploration of graphite on any of the Optioned Properties. The Optioned
Properties are considered highly prospective for occurrences of graphite.
To view the three figures associated with this release, please visit the
following link: http://media3.marketwire.com/docs/301pns_figs.pdf
THE OPTION
Pursuant to a letter agreement (the "Letter Agreement") among the Company, Zimtu
Capital Corp. ("Zimtu"), a public company listed on the TSX Venture Exchange
(the "TSX-V"), and Strategic Resource Management ("SRM", collectively with
Zimtu, the "Vendors"), a private Australian company, in consideration for the
payment by the Company of C$25,000, the Vendors granted the Company the Option
to acquire the Optioned Properties. In order to exercise the Option and acquire
a 100% interest in the Optioned Properties, the Company must:
1. Pay the Vendors, as to 50% each, the following cash consideration:
a. C$50,000 on the date of TSX-V acceptance of the Option (the
"Acceptance Date"); and
b. C$75,000 on the date which is 12 months from the Acceptance Date;
2. Issue common shares to the Vendors, as to 50% each, as follows:
a. 1,000,000 common shares on the Acceptance Date;
b. 1,000,000 common shares on the date which is 12 months from the
Acceptance Date;
c. 750,000 common shares on the date which is 18 months from the
Acceptance Date; and
d. 750,000 common shares on the date which is 24 months from the
Acceptance Date;
3. Grant the Vendors a 2% net smelter returns royalty in respect of the
Optioned Properties, of which 1% can be repurchased by the Company for
C$1,000,000; and
4. Complete a minimum of C$100,000 of exploration expenditures on the
Optioned Properties within six months of the Approval Date.
The Company and the Vendors intend to enter into a definitive agreement which
will replace and supersede the Letter Agreement within 15 days.
The Vendors are arm's length parties to the Company. The Option remains subject
to the acceptance of the TSX-V.
MUNGLINUP PROJECT
The Company considers the flagship property of the Optioned Properties to be the
Munglinup Project. The Munglinup Project consists of three separate tenements
covering an area of 174 km2. The project is located along strike and contiguous
with the eastern and southern sides of the Munglinup Deposit (refer to figure
2), which is held by Adelaide Prospecting Pty Ltd. The Munglinup Deposit
contains a reported in-situ historic non-NI 43-101-compliant geologic resource
of graphite of 1.47 mt at 18.2% fixed carbon. This work had identified graphite
mineralisation of a length in excess of 500 m and to a depth of 55 m. The
Munglinup Deposit is anticipated to be Western Australia's first commercial
graphite mine. The Munglinup Deposit and the historical estimate related thereto
is separate from the Munglinup Project area which is subject to the Option, but
the Company believes that there is potential for similar style mineralisation to
occur within the Munglinup Project area.
A reconnaissance field programme by an independent consulting geologist has been
completed on the Munglinup Project and samples have been taken where outcropping
graphite and float have been observed. Review of a previously completed
electro-magnetic survey (completed in connection with previous nickel
exploration) shows a significant anomaly to be coincident with the stratigraphy
that hosts the Munglinup Deposit (refer figure 3).
The Company anticipates that the results from this initial programme will be
available in the near future. The Company anticipates that future exploration
programmes for the Munglinup Project will include:
-- Mapping and sampling.
-- Geophysical acquisition and EM ground surveys.
-- Data compilations.
EYRE POINT PROJECT
The Eyre Point project area is located 15 kilometres to the north of the Uley
Graphite Mine and covers three prospective areas within 71 km2.
The Uley Graphite Mine is an open-cut graphite mine at Uley on the Eyre
Peninsula, South Australia and has recently been purchased by Mega Graphite Inc.
Uley is recognised as an area of world class graphite mineralisation. The
graphite deposit is part of the Mikkira Graphite Province, one of the largest
coarse flake graphite deposits in the world, containing disseminated, high-grade
flake graphite.
The tenement subject to the Company's Option is located on the eastern Eyre
Peninsula, where numerous graphite occurrences have been recorded over a 200km
long zone extending from south of port Lincoln to Kimba.
NEW SOUTH WALES PROJECTS
There are 14 recorded occurrences of graphite in New South Wales, all of which
are in the area covered by the five tenements subject to the Option, covering a
combined area of 228 km2. They occur in two main areas in the New England
Orogen: Undercliff Falls, north of Tenterfield; and Walcha, south of Armidale.
The most exciting of the projects is the Plumbago and Winterbourne occurrences.
The Plumbago occurrence is located in the Undercliff Falls area and hosts the
Plumbago deposit where a total of 3000 tonnes has been mined in the past by
previous owners. In the Undercliff Falls area there are nine separate graphite
localities which includes the George Creek, Falls Creek, Nicklaus, Half Moon,
Circular Quay Gully, Hutt Spur occurrences.
The Winterbourne occurrence contains the formerly operating Winterbourne
graphite mine and is developed in a north-trending micropegmatite dyke that
intrudes granitic stocks of the Cheyenne Complex, Hillgrove Supersuite.
The dyke is 2 m to 30 m wide and is exposed over a distance of about 250 m. It
contains abundant segregations of fine-grained graphitic material.
To view the three figures associated with this release, please visit the
following link: http://media3.marketwire.com/docs/301pns_figs.pdf
GRAPHITE BACKGROUND
Graphite is one of three forms of naturally occurring carbon, the others being
charcoal and diamond. It is a black to grey, lustrous mineral that crystallises
in a hexagonal system, is soft (H = 1-2) and has a specific gravity of 2.1 to
2.2. Plumbago and black lead are old names for graphite, owing to its lead-like
appearance. Graphite is compressible and malleable, an excellent conductor of
heat and electricity and is highly refractory - with a melting point of 3650
degrees C. Thermal oxidation of natural graphite begins at about 300 degrees C,
and it is commonly stable and chemically unreactive at lower temperatures.
Natural graphite is also typically resistant to chemical degradation, thermal
shock, shrinkage and oxidation
Three discrete commercial types of natural graphite are recognised: flake (also
referred to as crystalline or disseminated flake); crystalline vein (or lump);
and amorphous (microcrystalline).
-- Flake graphite is the most important commercially. The name refers to
graphite that occurs as thin disseminated flakes in metamorphic rocks.
-- Crystalline vein graphite consists of coarse, platy or needle-like
crystals in veins, mainly in Precambrian igneous and metamorphic rocks.
-- Amorphous graphite is massive microcrystalline graphite, generally
derived from thermally metamorphosed coal seams or carbonaceous
sedimentary rocks.
Graphite deposits of commercial interest occur widely in regionally or thermally
metamorphosed sedimentary rocks and in hydrothermal and metasomatic deposits.
There are five identified deposit types.
1. Early magmatic deposits (rare)
2. Deposits formed by concentration and crystallisation of carbon (from
coal or carbonaceous sedimentary rocks) during regional or contact
metamorphism
3. Vein deposits
4. Contact metasomatic (skarn) deposits
5. Residual deposits.
China produces around 70-80% of the world's graphite. Quality is declining as
surface oxide deposits are depleted resulting in increasing costs as mines go
deeper. Supply suffers from the seasonal closure of mines in northern China over
winter.
QUALIFIED PERSON
Mr. Andrew Spinks B.App.Sc, Grad.Dip (Mining), a member of AusIMM, and an
independent consultant geologist, is a Qualified Person as defined in National
Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
Mr. Spinks is a principal shareholder of SRM, and is an arm's length party to
the Company. Mr. Spinks has reviewed and approved the technical disclosure
contained in this news release.
On behalf of the Board of Directors,
PINESTAR GOLD INC.
Jeremy Ford, President, CEO and Director
FORWARD LOOKING STATEMENTS
This release contains "forward-looking statements" within the meaning of
applicable Canadian securities legislation, including predictions, projections
and forecasts. Forward-looking statements include, but are not limited to,
statements that address activities, events or developments that the Company
expects or anticipates will or may occur in the future, including such things as
the exercise of the Option, future exploration activities on the Optioned
Properties, future business strategy, competitive strengths, goals, expansion,
growth of the Company's businesses, operations, plans and with respect to
exploration results, the timing and success of exploration activities generally,
permitting time lines, government regulation of exploration and mining
operations, environmental risks, title disputes or claims, limitations on
insurance coverage, timing and possible outcome of any pending litigation and
timing and results of future resource estimates or future economic studies.
Often, but not always, forward-looking statements can be identified by the use
of words such as "plans", "planning", "planned", "expects" or "looking forward",
"does not expect", "continues", "scheduled", "estimates", "forecasts",
"intends", "potential", "anticipates", "does not anticipate", or "belief", or
describes a "goal", or variation of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or "will" be taken,
occur or be achieved.
Forward-looking statements are based on a number of material factors and
assumptions, including, the result of drilling and exploration activities on the
Optioned Properties, that contracted parties provide goods and/or services on
the agreed timeframes, that equipment necessary for exploration is available as
scheduled and does not incur unforeseen break downs, that no labour shortages or
delays are incurred, that plant and equipment function as specified, that no
unusual geological or technical problems occur, and that laboratory and other
related services are available and perform as contracted. Forward-looking
statements involve known and unknown risks, future events, conditions,
uncertainties and other factors which may cause the actual results, performance
or achievements to be materially different from any future results, prediction,
projection, forecast, performance or achievements expressed or implied by the
forward-looking statements. Such factors include, among others, the
interpretation and actual results of current exploration activities; changes in
project parameters as plans continue to be refined; future prices of minerals;
failure of equipment or processes to operate as anticipated; the failure of
contracted parties to perform; labour disputes and other risks of the mining
industry; delays in obtaining governmental approvals or financing or in the
completion of exploration, as well as those factors disclosed in the company's
publicly filed documents. Although the Company has attempted to identify
important factors that could cause actual actions, events or results to differ
materially from those described in forward-looking statements, there may be
other factors that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, readers
should not place undue reliance on forward-looking statements. The Company does
not assume the obligation to revise or update these forward-looking statements
after the date of this document or to revise them to reflect the occurrence of
future unanticipated events, except as may be required under applicable
securities laws.
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