Alabama Graphite Buys Past-producing Flake Graphite Mine

Alabama Graphite Corp. (TSXV:ALP,OTCQX:ABGPF) announced that it has entered into a mineral lease that contains the Alabama-based Bama flake graphite mine. The mine is a past producer that was shut down prior to the end of World War II.

As quoted in the press release:

The mineral lease comprises 200 acres and includes both the surface as well as the mineral rights over the historic Bama Mine.  The Company has also signed a mineral exploration lease on several parcels comprising 1,160 acres adjacent to the Bama Mine.  With the addition of these properties in Chilton County, the Company has a significant foothold within the Alabama Graphite Belt with two advanced-stage projects.

Ron Roda, president and CEO of Alabama Graphite, commented:

The Bama Mine is an acquisition that we have been pursuing for several months. Our geologists were impressed with its potential literally from the moment they set foot on the property.  Whereas our flagship Coosa Project began as a green-fields exploration play, the Bama Mine’s history of production suggests it has the potential to quickly move forward.  In addition, having two projects in relatively close proximity will allow us to use the same exploration staff and sample-prep facilities.  The Company feels its location gives us the best logistical advantages for a flake graphite deposit in North America. Consequently, expanding our footprint in Alabama with a second advanced-stage project is in the best interests of our Company and its shareholders.

Click here to read the full Alabama Graphite Corp. (TSXV:ALP,OTCQX:ABGPF) press release.