Big North Graphite Closes Acquisition of Grafito La Barranca Sa De CV

- November 20th, 2012

Big North Graphite (TSXV:NRT) has closed its Definitive Mineral Property Option Agreement with Can-Am Gold Corp. to acquire all of the issued and outstanding shares of Grafito La Barranca SA de CV held by the Vendor (which shares represent 99.9% of the issued and outstanding share capital of Grafito).

Big North Graphite (TSXV:NRT) has closed its Definitive Mineral Property Option Agreement with Can-Am Gold Corp. to acquire all of the issued and outstanding shares of Grafito La Barranca SA de CV held by the Vendor (which shares represent 99.9% of the issued and outstanding share capital of Grafito).

As quoted in the press release:

Grafito holds a 100% interest in the Aki Wiki concession (“Aki Wiki”) and has a 50/50 joint venture on the Nuevo San Pedro property (“Nuevo San Pedro”, and together with Aki Wiki, the “Property”), a past producing amorphous graphite mine which is currently being re-opened. Both concessions are located in the San Jose de Moradillas region, a region that has produced graphite for more than 145 years. San Jose de Moradillas is located approximately 45 kilometers southwest of the city of Hermosillo, Mexico.

Big North Graphite President & CEO Spiro Kletas said:

We are very pleased to announce the close of the Grafito la Baranca acquisition. The projects are in the mining friendly state of Sonora, Mexico and have great infrastructure and access. The San Jose de Moradillas region has a rich history of amorphous graphite production. The company intends to help accelerate the re-start of the Nuevo San Pedro mine, along with our JV partner, and we intend to produce amorphous graphite in the near future. The Company’s goal is to be amongst the first TSX Venture Exchange (the “TSX.V”) companies to produce graphite and we believe that this acquisition puts us in line to accomplish this goal.

Click here to read the Big North Graphite (TSXV:NRT) press release
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