Next Graphite Reports Three and Six Month Financial Results
Next Graphite, Inc. (OTCQB:GPNE) announced its financial results for the second quarter and first half of 2014. Next Graphite also highlighted milestones achieved during the first half of the year.
As quoted in the press release:
As a development stage company, Next Graphite has yet to record revenues from its mineable areas on its Aukam Farm and mining locations. The Aukam property was periodically mined between 1940 and 1974 with record yield of 2,627 tons of graphite in a peak year of production, before ceasing operations in 1974 after a fire broke out in the lower access adit. Next Graphite is in an active testing and re-validation phase of its development cycle which includes; i) a bulk testing program designed to detect the graphitic content and levels of purity contained within its approximate 180,000 ton mine heaps on site, ii) an initial drilling program designed to intersect below surface graphite occurring between or within the nine graphite-bearing lodes on the Aukam property, iii) extensive product testing, validation and sampling of additional minerals on the Aukam property.
Next Graphite CEO, Cliff Bream, said:
We are very pleased at the pace of development of our graphite mining project. Our plan is being well executed and is ahead of schedule. Our Phase 1 findings exceeded our expectations in all categories; we found more vein lodes on our property and five of which graded an average of 49.2% graphite content. Through a bulk testing and screening program conducted on our approximate 180,000 ton mine heaps we discovered that the heaps contain more graphite bearing rock than previously estimated, and lastly, we confirmed both medium and large flake graphite which is in high-demand in our target markets. With our Phase 2 plan underway, we are witnessing similar preliminary results and we are pleased to report our Aukam mining asset might be of higher value than what we originally expected.