Next Graphite Purchases Namibia’s Aukam Mine

Next Graphite Inc. (OTCQB:GPNE) announced that it has exercised its option to purchase the Southern Namibia-based Aukam mine, located on 125,000 acres of the Aukam property. It is the only mine in the country that has produced graphite.

As quoted in the press release:

As previously reported on its Form 8-K filed with the SEC on November 20, 2013, the Company’s wholly-owned subsidiary African Graphite, Inc. (‘AGI’), entered into a Stock Purchase Option Agreement dated November 14, 2013, with NMC Corp., a corporation organized under the laws of the Province of Ontario, Canada (‘NMC’). NMC granted to AGI an option to purchase 90 ordinary shares, par value one Namibian dollar per share, of Gazania Investments Two Hundred and Forty Two (Proprietary) Limited (‘Gazania’), representing 90% of the issued and outstanding shares of Gazania, for USD $240,000. Gazania currently holds an exclusive prospecting license that grants the right to conduct operations in the Aukam license area.

Cliff Bream, CEO of Next Graphite, commented:

We have worked hard to reach this milestone and are pleased to have successfully closed this transaction. We are currently negotiating the transfer of Aukam’s Exclusive Prospecting License #3985 to Next Graphite which we anticipate will also close in the very near future. With both milestones met, we will begin with a new round of studies and geology which are supported by years of previous production results since the territory was actively mined from 1940. We are eager to reconfirm the high grade of what our consultants have described as the territory’s natural, large-flake, hydrothermal-sourced graphite throughout the license area and that of the graphite which we have in our existing stockpile. Based on our consultants’ initial estimates and previous geology, it is estimated that the territory contains approximately 4 million tons of graphite reserves.

Click here to read the full Next Graphite Inc. (OTCQB:GPNE) press release.