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Graphite One Resources Inc. (TSXV:GPH,OTCQX:GPHOF) made a final option payment of USD 250,000, and now holds a 100% interest in the high-grade Graphite Creek deposit in Alaska.
As quoted in the press release:
The project will now be governed by a 20 year lease with automatic renewal provisions. The lease agreement allows for a 5% net smelter royalty which can be reduced to 3% by cash payment of $2,000,000 for each one percent purchased.
Graphite One has made significant advancements on the property since 2012. The Company, recently reported a NI-43-101 compliant inferred resource of 284.7 million tonnes at 4.5% graphite (including 37.68 million tonnes at 9.2% graphite and 8.63 million tonnes at 12.8% graphite). Please refer to the January 20, 2014 press release for further details on the resource estimate.
Click here to read the Graphite One Resources Inc. (TSXV:GPH,OTCQX:GPHOF) press release
Click here to see the Graphite One Resources Inc. (TSXV:GPH,OTCQX:GPHOF) profile.