OTTAWA, ONTARIO -- (Marketwired) -- 06/12/15 -- Focus Graphite Inc. (TSX VENTURE: FMS)(OTCQX: FCSMF)(FRANKFURT: FKC), an advanced stage graphite mining development company, announced today a decision of its Board of Directors to nominate Mr. Gary Economo as its President and Chief Operating Officer on an interim basis. Mr. Economo will also continue to serve as Chief Executive Officer and Director. This announcement results from a decision to end the Company's professional relationship with Mr. Don Baxter, due to a significant divergence of vision.
"Today's decision is a reflection of the strong commitment of the members of our Board and leadership team towards our strategy and its execution. Focus Graphite is devoting all resources to achieve its objective to put Lac Knife into production, and then to bring to market value-added products for the Lithium-ion battery sector and we cannot accept to let any distraction interfere with this engagement towards our shareholders," said Focus Graphite Chairman Jeffrey York.
The Board of Directors has already undertaken a recruitment process and expects a permanent appointment to be made in the coming months. The Company remains fully confident in its ability to continue to focus on the execution of its strategy and expects that the transition of responsibilities will not impact the Company's day-to-day operations.
About Focus Graphite
Focus Graphite Inc. is an advanced mining development company with an objective of producing graphite concentrate at its Lac Knife deposit located south west of Fermont, Quebec. In a second stage, to meet Quebec stakeholder interests of transformation within the province and to add shareholder value, Focus is evaluating the feasibility of producing value added graphite products including battery-grade spherical graphite.
The Lac Knife project hosts a Measured and Indicated Mineral Resource Estimate(i) of 9.58 million tonnes grading 14.77% graphitic carbon (Cg) (432,000 tonnes Measured @ 23.66% Cg and 9,144,000 tonnes Indicated @ 14.35% Cg) as natural flake graphite with an additional Inferred Mineral Resource Estimate(i) of 3.1 million tonnes grading 13.25% Cg. Focus' goal is to assume an industry leadership position by becoming a low-cost producer of technology-grade graphite concentrate.
The Feasibility Study filed with SEDAR on August 8, 2014 for the Lac Knife Project indicates the project is economically viable and has the potential to become a low cost graphite concentrate producer based on 7.86 million tonnes of Proven and Probable Mineral Reserves(ii) grading 15.13% Cg included in the Mineral Resource (429,000 tonnes Proven @ 23.61% Cg and 7,428,000 tonnes Probable @ 14.64% Cg).
On May 27, 2014 the Company announced the Potential for High Value Added Sales in the Li-Ion Battery Sector following battery coin cell tests performed on Spherical Graphite ("SPG") produced from the Lac Knife concentrate. Testing measured the performance metrics and confirmed Focus' capability to tailor lithium ion battery anode grade graphite and value added products to meet the most stringent customer specifications.
Focus Graphite is a technology-oriented graphite mining development company with a vision for building long-term, sustainable shareholder value. Focus also holds a significant equity position in graphene applications developer Grafoid Inc.
(i) Mineral resources are not mineral reserves and do not have demonstrated
economic viability
(ii) The Measured and Indicated Mineral Resources are inclusive of those
Mineral Resources modified to produce the Mineral Reserve. The
reference point for the Mineral Reserve Estimate is the mill feed.
Qualified Person
The above scientific and technical information about the exploration activities as defined in NI 43-101 s.1.1, was prepared, reviewed and approved by Benoit Lafrance, geo/P.Geo, Ph.D. (Quebec), Vice-President of Exploration for Focus and a Qualified Person under National Instrument (NI) 43-101 guidelines.
Forward-Looking Statement
This News Release contains "forward-looking information" within the meaning of Canadian securities legislation. All information contained herein that is not clearly historical in nature may constitute forward-looking information. Generally, such forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", 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". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: (i) volatile stock price; (ii) the general global markets and economic conditions; (iii) the possibility of write-downs and impairments; (iv) the risk associated with exploration, development and operations of mineral deposits; (v) the risk associated with establishing title to mineral properties and assets; (vi) the risks associated with entering into joint ventures; (vii) fluctuations in commodity prices; (viii) the risks associated with uninsurable risks arising during the course of exploration, development and production; (ix) competition faced by the Company in securing experienced personnel and financing; (x) access to adequate infrastructure to support mining, processing, development and exploration activities; (xi) the risks associated with changes in the mining regulatory regime governing the Company; (xii) the risks associated with the various environmental regulations the Company is subject to; (xiii) risks related to regulatory and permitting delays; (xiv) risks related to potential conflicts of interest; (xv) the reliance on key personnel; (xvi) liquidity risks; and (xvii) the risk of potential dilution through the issue of common shares.
Forward-looking information is based on assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued exploration activities, no material adverse change in metal prices, exploration and development plans proceeding in accordance with plans and such plans achieving their stated expected outcomes, receipt of required regulatory approvals, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Such forward-looking information has been provided for the purpose of assisting investors in understanding the Company's business, operations and exploration plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is made as of the date of this News Release, and the Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the accuracy of this release.
Contacts:
Focus Graphite Inc.
Mr. Chester Burtt
Corporate Director
613 241-4040 ext.311
cburtt@focusgraphite.com
www.focusgraphite.com
