Next Graphite, Inc. Signs JV With Caribou King for 63% of Aukam Mine

Next Graphite, Inc. (OTCQB: GPNE) announced that is has entered into a JV agreement in which Caribou King Resources (TSXV: CRK) will acquire 63% of the Aukam Mine located on 125,000 acres in southern Namibia’s Karas Region, Africa
As quoted in the press release:

The Aukam Mine is owned by Next Graphite Inc. (OTC Markets: GPNE) and is based in Carson City, Nevada USA. Infrastructure at the Aukam Graphite project is good with access to the site possible throughout the year. The site is relatively close to a main tar road plus has a national power grid that passes two kilometers from the property. Water is available in large amounts from underground aquifers with an old pump station at the foot of the mountain which was used previously to supply operations with water.

Terms of the deal call for Caribou to issue 3.5 million shares to arms-length vendors and incur up to $1.1 million in expenditures over an eighteen month timeframe with the year one cash commitment being approximately $125,000.

Caribou King Resources President, Mike England, stated:

We see this acquisition as an opportunity to diversify our asset base into a jurisdiction that is considered by many to be one of the most mining friendly areas in the world. Aukam is the only past producer of graphite in Namibia and we look forward to redeveloping the site using modern technology and knowledge.