Bolero to Purchase Uragold Bay’s Asbury Graphite Mine

Bolero Resources Corp. (TSXV:BRU) announced that it has entered into a definitive agreement to acquire Uragold Bay Resources Inc.’s (TSXV:UBR) Asbury graphite mine on or before October 15, 2012.

As quoted in the press release:

The transaction is … subject to receipt by Bolero of the approval of the TSX Venture Exchange.

The past producing Asbury Graphite Mine property consists of four claims and is located approximately 10km northeast of Notre-Dame-du-Laus and about 120km north of the Ottawa-Gatineau area. It is accessible by a good road and a power transmission line runs to the property. Some of the old mill structure still exists and could be refurbished to house a dry milling process. The open pit mine and mill were in operation from 1980 to 1989 where a total of less than 70,000 tons were processed. The operation was shut down in 1990 due to falling graphite prices.

Click here to read the full Bolero Resources Corp. (TSXV:BRU) press release.