CKR Carbon Acquires Controlling Interest in Aukam Graphite Project
Remains on Track for Filing Application for Mining License in Q1
Toronto, Ontario--(Newsfile Corp. - January 17, 2017) - CKR Carbon Corporation ("CKR" or the "Company") (TSX-V: CKR) (FRANKFURT: CB8), a graphite development Company, and operator of the Aukam vein graphite project in Namibia, is pleased to announce that it has earned a majority interest in Exclusive Prospecting License 3895 (the License) that covers the Aukam graphite deposit.
Under the terms of a Farm Out agreement between CKR and Next Graphite Inc. (Next) signed on September 12, 2016, CKR will earn a direct 63% interest in the License and the Project upon completion of (i) investing US$1.1 million in cash; or (ii) the completion of the plant and infrastructure set up; and (iii) government authorization to begin commercial operations. CKR must also make quarterly payments for a total of US$180,000 during the Farm-Out period which began June 8, 2015 (on signing of a Joint Venture Agreement) and ends when CKR has earned its 63% ownership as outlined above. CKR also has the option to buy 10% of Next's remaining interest in the License for a cash payment of US$180,000, subject to agreement by Next.
To date, CKR has invested over US$900,000 on exploration and development of the Aukam deposit and made cash payments totalling US$133,140 to Next, and as such, has earned a 51.8% interest in the License thus far. CKR continues to advance the Aukam project with the object of submitting an application for a mining license during the first quarter of 2017.
"Achieving a majority interest in the Aukam Graphite represents a major milestone ," said Roger Moss, Chief Executive Officer of CKR Carbon Corporation. "We wish to thank Next for their co-operation during the earn in, and look forward to continued good relations as we advance the project during 2017.
The technical information in this news release was prepared by Roger Moss, Ph.D., P.Geo a qualified person as defined by National Instrument 43-101.
About the Aukam Project
CKR has, through a Farm Out Agreement with Next Graphite Inc. an option to acquire 63% of the Aukam graphite project by meeting certain milestones and making cash payments. It also has the option to buy an incremental 10% of Next's remaining interest in the License for a cash payment of US$185,000, subject to agreement by Next.
The Aukam Graphite Project is located on 34,082 hectares in southern Namibia close to the port city of Luderitz. The property hosts three underground adits which were mined periodically between 1940 and 1974. Five dumps from the historical mining occur on the property and 73 composite samples taken from the lower three dumps were assayed and averaged 42% Carbon as graphite (Cg). While these composite samples were selected from a much larger screened sample of the dumps, they are not considered representative of the mineralization on the property as a whole.
CKR recently completed a bulk sampling program at Aukam, and has a letter of intent to sell a portion of the graphitic material produced during the program. CKR is currently undertaking technical studies to support an application for a mining license. The company maintains high safety and environmental standards and has a comprehensive strategy of social engagement.
About CKR Carbon Corporation
CKR Carbon Corporation is focused on high quality, natural graphite suitable for use in lithium-ion batteries, graphite foil and other value-added high growth technology applications. We only select projects requiring low capital and a short time to market. The company is listed on the TSX Venture Exchange under the symbol CKR and has 51.7 million shares outstanding.
For more information:
For graphite product enquiries:
Arno Brand, Boswell Projects, +1 416-561-4095, firstname.lastname@example.org
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Forward looking statements:
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).