Torch River to Acquire Past Producing Walker Lump Graphite Mine in Quebec

Torch River Resources Ltd. ("Torch" or the "Company") (TSX
VENTURE:TCR)(FRANKFURT:WNF)(PINKSHEETS:TORVF), is pleased to announce that the
Company has entered into an arm's length agreement to acquire the past producing
Walker lump graphite mine. The mine which operated from 1890 through to 1920 is
located in the Central Metasedimentary Belt of the Grenville geological
province, between Montreal and Ottawa. The potential for high quality graphite
deposits in this area has been actively examined and reported on for many years
and the Company is looking forward to commencing work on the property as soon as
possible. 


Paul Ogilvie CEO commented: "We believe that this first acquisition is a sound
step forward on our plan to be a pure play lump graphite producer. The Walker
mine is geographically a very desirable historical producer and we look forward
to defining what we hope will be considerable lump reserves." 


Dr. Remi Charbonneau QP commented further: "Our initial reviews indicate that
the property is rich in veins of lump graphite, and that significant grades have
been visually noted. Given that there are still existing mine tunnels on the
property they should provide ready access to prior workings once secured and
permit the Company to quickly retrieve samples for grade and quality testing." 


A review of the historical records related to Walker provides extremely
encouraging comments on its lump graphite potential. One of the most detailed
accounts of graphite in this region was a comprehensive book prepared and
published for the Canadian Department of Mines in 1907 entitled, "Graphite: Its
Properties, Occurrence, Refining and Uses by Fritz Cirkel, M.E. (Mining
Engineer)". In a section devoted to a review of the Walker Mine, Mr. Cirkel
provided the following commentary: "The vein filling consists of graphite in by
far the larger number of cases; it then is composed of parallel fibers or
columnar aggregates, the fibers being vertical to the walls of the vein, as is
very common in a number of localities in Ceylon (Sri Lanka) for example. In
several cases green apatite and scapolite occur with the graphite. The
occurrence of apatite appears to be not uncommon and reminds one of the
occurrences of the same mineral in the graphite veins of Ceylon." These
observations are consistent with the Company's own research on Walker and a
number of properties located in the same region. 


On the basis of this initial review the company plans to work the property this
summer in order to better quantify the lump graphite grades, composition and
extent. It is expected that the work will consist of a two-phase program
commencing in June. Phase I would include a geophysical survey, a geological
mapping program, and technical studies on the samples retrieved from the
property. Phase II would consist of a defined drill program of between 500 and
750 meters commencing in early July. This would be followed by a technical
report on the project by late August 2013. The Company has completed its initial
budget estimates for the program, which it has defined as approximately $200,000
for the initial two phases. 


The Walker acquisition terms set out a payment of 5,500,000 shares on closing;
$5,000 payment on signing of the term sheet; $45,000 August 30th, 2013 and a
further 5,000,000 shares one year from the anniversary of the closing. The
Walker acquisition is subject to the approval of the TSX Venture Exchange.


HISTORY ON WALKER PROPERTY

The Walker Mine is a past graphite producer with about 816 tons of lump graphite
extracted from the mine between 1876 and 1920. The property consists of 4 claims
covering the past mine and 11 claims covering interesting geological context for
more graphite mineralization in the region around the deposit. No mining
restrictions exist over those claims. The property covers 9.02 square km of land
and is located 40 km north-east of Ottawa. Main roads are located 2 km away from
the Walker Mine. A secondary or private road runs up to the property site which
allows for easy access. The regional claims are also easily accessible via a
main road. 


ABOUT LUMP/VEIN GRAPHITE

Lump or Vein graphite is considered to be one of the rarest, commercially
valuable, and highest quality types of natural graphite. It occurs in veins
along intrusive contacts in solid lumps and is only actively mined in Sri Lanka
(Moores, 2007). Given the carbon content typically found with lump/vein graphite
recovery operations and costs will normally be lower than flake or amorphous
graphite recovery. Lump graphite processing techniques can include everything
from hand sorting of large concentrated samples to standard crushing, grinding,
froth flotation and milling. Lump/vein graphite is suitable for many of the same
applications as flake graphite giving it a distinct competitive edge in terms
market prices and product applications. 


ABOUT TORCH RIVER RESOURCES

Torch River Resources is a publicly traded junior mining exploration company
with a number of mining claims. The Mount Copeland molybdenum deposit lies
within metamorphic rocks flanking the southern margin of Frenchman Cap Dome, 32
kilometers northwest of Revelstoke, British Columbia. The Fort-Eden copper
property is comprised of 18 mineral tenures that total 2,828.6 hectares in area.
The mineral claims are located 100 km west of Fort St James, BC. The Red Bird
deposit is comprised of three zones of molybdenum concentration referred to as
the Main, Southeast and Southwest zones within a property totaling 1,836 ha
(4,400 acres) and is located 133 km southwest of Burns Lake and 105 km north of
Bella Coola. The Company plans to divest each of these properties through a sale
or joint venture, thus allowing it to focus on building a graphite mining
company. 


FORWARD-LOOKING STATEMENTS: This news release contains forward-looking
statements, within the meaning of applicable securities legislation, concerning
Torch's business and affairs. In certain cases, forward-looking statements can
be identified by the use of words such as "plans", "expects" or "does not
expect", "intends" "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or variations 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". Such forward-looking statements include those with
respect to the Company's intention to complete the Walker acquisition (the
"Transaction"), the anticipated closing time of such transaction, and the
intention of Torch to undertake a broad sampling, mapping and exploration
program this summer (the "Work Program").


These forward-looking statements are based on current expectations, and are
naturally subject to uncertainty and changes in circumstances that may cause
actual results to differ materially. The forward-looking statements in this news
release assume, inter alia, that the conditions for completion of the
Transaction including regulatory approval, will be met, that the Company will be
able to arrange sufficient funding for the Transaction and the Work Program and
that there are no other material obstacles to pursuing the new strategy. 


Although Torch believes that the expectations represented in such
forward-looking statements are reasonable, there can be no assurance that these
expectations will prove to be correct. There are risks which could affect
Torch's future results and could cause the results to differ materially from
those expressed in these forward-looking statements including negotiation
failure or delay, the impact of general economic conditions in Canada and the
risk that they will deteriorate, industry conditions, including fluctuations in
the price of supplies and the risk that they will increase, that required
consents and approvals from regulatory authorities will not be obtained, that
activity in the lump or vein graphite business will not be at the level or of
the nature anticipated, liabilities and risks inherent in Torch's operations,
technical problems, equipment failure and construction delay.


Statements of past performance should not be construed as an indication of
future performance. Forward-looking statements involve significant risks and
uncertainties, should not be read as guarantees of future performance or
results, and will not necessarily be accurate indications of whether or not such
results will be achieved. A number of factors, including those discussed above,
could cause actual results to differ materially from the results discussed in
the forward-looking statements. Any such forward-looking statements are
expressly qualified in their entirety by this cautionary statement.


Readers are cautioned not to place undue reliance on such forward-looking
statements. Forward-looking information is provided as of the date of this press
release, and Torch assumes no obligation to update or revise them to reflect new
events or circumstances, except as may be required under applicable securities
laws.


All of the forward-looking statements made in this press release are qualified
by these cautionary statements and by those made in our filings with SEDAR in
Canada (available at www.sedar.com). 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Torch River Resources Ltd.
William E. Pfaffenberger
President
(403) 444-6888
(403) 295-9170 (FAX)
torchriver@torchriver.ca
www.torchriver.ca


ProActive Communications Co.
Local Vancouver: (604) 541-1995
Or toll free: 1(800) 540-1995
Saint Jean Carbon, Inc. (TSXV:TCR)
過去株価チャート
から 5 2024 まで 6 2024