Sunset Cove to Buy 100 Percent of Lac Gueret North Graphite Property

Sunset Cove Mining Inc. (TSXV:SSM) announced that it has signed a mineral option agreement with a group of prospectors under which it will buy 100 percent of the Lac Gueret North graphite property via an option agreement.

The property is located in Northeastern Quebec in the same camp as Mason Graphite Inc.’s (TSXV:LLG) discovery.

As quoted in the press release:

The 5,600 hectare Lac Guéret North property lies to the north-east of Mason Graphite’s 11,630 hectare Lac Guéret Graphite Project which has already filed a favourable NI 43-101 compliant report and a Preliminary Economic Assessment (PEA) with a Measured and Indicated Resource of 50 million tonnes at a grade of 15.63% CGR (Carbon as Graphite), a two and a half year payback period and a proposed mine life of 22 years based on only a partial exploration of the property. It should be noted that mineral resources that are not mineral reserves do not have demonstrated economic viability. The company states it intends to transition the project to production by the end of 2015.

Lorne Woods, president and CEO of Sunset, commented:

The acquisition of the Lac Guéret North Property fits in with our plans to become an important player in this mining camp. We firmly believe in the important role graphite will play going forward.

Click here to read the full Sunset Cove Mining Inc. (TSXV:SSM) press release.