Global Li-Ion Graphite (“LION” or, the “Company”) (CSE: LION) is pleased to announce that the Company has entered into a memorandum of understanding (the “MOU”) with Avana Resources (“Avana”) to acquire a 100% interest in Avana’s graphite interests in Madagascar. The project comprises 3 mining exploitation licenses totaling 4,375 hectares (10,811 acres), in the vicinity of Andasibe in Toamasina Province in Madagascar (collectively, the “Property”).
The Madagascar Graphite project has been in operation on and off for the last century and is reported to have produced a combined approx. 18,000 tons of graphite oxide between 1998 and 2008 ( P.G. Ringdahl report 2008 and Wardell Armstrong report 2014) from small private artisanal surface mining operations, after which time the owner/ operators retired. The project’s land and operating permits have been kept in good standing and are up to date. A recent draft 43-101 report (Wardell Armstrong 2014) reports “an average run of mine (ROM) of 12% Graphite with first stage onsite flotation producing a 73% concentrate.” Both reports indicate the presence of large flake graphite (+80# mesh).
Company President Jason Walsh commented:
“We are particularly excited to have the opportunity to acquire these advanced assets as we believe we can bring them back into production in fairly short order given their history and infrastructure, providing the requisite economical and technical evaluations support a production decision.
We look forward to working with Avana’s very experienced team on the ground in Madagascar in our efforts in making LION a leading provider of Graphite Oxide for the rapidly growing energy storage market”.