Great Lakes Graphite Acquires Rock Tech’s Lochaber Deposit

Great Lakes Graphite Inc. (TSXV:GLK) announced that it has acquired the Lochaber graphite deposit from Rock Tech Lithium Inc. (TSXV:RCK). Lochaber is located in Quebec’s Buckingham graphite region.

As quoted in the press release:

The Property Purchase Agreement calls for the payment of $100,000 and 5MM shares upon execution of the Purchase & Sales Agreement, a further $200,000 and 5MM shares upon the completion of a NI 43-101 resource estimate of the deposit and a final payment of 5MM shares upon the completion of a (PEA), Preliminary Economic Assessment.  Completion of the transaction is conditional upon TSX approval.

Paul Gorman, CEO of Great Lakes Graphite, commented:

Late last year, we began discussing our plan to meet growing customer demand for high purity, high value graphite products.  The Lochaber Graphite Property acquisition is a transformative event that represents an essential element of our plan to acquire advanced flake graphite properties that fast track the Company to production.  We are finalizing a NI 43-101 resource estimate on the property and are concurrently working on metallurgy and engineering studies.

As there are currently no graphite mines producing in North America, Great Lakes Graphite has the opportunity to become one of the first producers to supply a growing regional customer base that requires high quality flake graphite.

Click here to read the full Great Lakes Graphite Inc. (TSXV:GLK) press release.