VANCOUVER, BRITISH COLUMBIA–(Marketwired – Aug. 17, 2015) – Alabama Graphite Corp. (“Alabama Graphite” or the “Company“) (TSX VENTURE:ALP) (OTCQX:ABGPF) (FRANKFURT:1AG) announces that at the request of IIROC, the Company is providing the following clarification in respect of certain disclosures contained in the Company’s news release issued August 13, 2015. While the Company is currently working diligently to complete a Preliminary Economic Assessment in respect of its Coosa Graphite Project (the “PEA”) (see news release dated July 27, 2015), the Company has not completed a mining study, at any level of confidence, to support the technical feasibility or economic viability of any of the Company’s mineral properties or projects. Accordingly, the Company retracts any disclosure in the August 13, 2015 news release that may suggest otherwise.
Alabama Graphite remains on schedule to publish the PEA in Q4 2015, incorporating the Company’s drill results from 2012 to summer 2015.
Donald K. D. Baxter, P.Eng., co-Chief Executive Officer and Executive Director, is a Qualified Person as defined by National Instrument (NI) 43-101 guidelines, and has reviewed and approved the technical content of this press release.
About Alabama Graphite Corp.
Alabama Graphite Corp.’s mission is to become one of the greenest graphite producers in the world. The Company, through its wholly owned subsidiary, Alabama Graphite Company Inc., is conducting exploration and development both at its flagship Coosa Graphite Project in Coosa County, Alabama, USA and the Bama Mine Project in Chilton County, Alabama, USA. Alabama Graphite holds a 100% interest in the mining leases in respect of these two advanced-stage projects, both of which are on private land. The two projects encompass over 43,000 acres and are located in an area with significant historical production of crystalline flake graphite. The Company has the largest indicated flake graphite resource in the United States based on drilling 0.18 square miles (0.3% of the total acreage). The Alabama deposits are unique in that a significant portion of the graphite-bearing material is oxidized and has been broken down into an extremely soft rock. Both projects have in place critical infrastructure, are within close proximity to transportation routes and enjoy a hospitable climate.
For further information and updates on the Company, please visit www.alabamagraphite.com.
Disclaimer for Forward-Looking Information
This press release contains forward-looking information under applicable Canadian securities laws (“forward-looking statements”) that are based on the beliefs of management and reflect Alabama Graphite Corp.’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current view of Alabama Graphite Corp. with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among other things, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of graphite; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the Company’s publicly filed documents. Forward-looking statements are also based on a number of assumptions, including that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen breakdowns, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted.
Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and Alabama Graphite Corp. undertakes no obligation to update forward-looking statements (unless required by law) if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.
Alabama Graphite Corp. cautions that the foregoing list of material factors and assumptions are not exhaustive. When relying on Alabama Graphite Corp. forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and assumptions and other uncertainties and potential events. Alabama Graphite Corp. has also assumed that the material factors and assumptions will not cause any forward-looking statements to differ materially from actual results or events. However, the list of these factors and assumptions is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
Donald K. D. Baxter, P.Eng.
Co-Chief Executive Officer and Executive Director
Alabama Graphite Corp.
H. (Ron) S. Roda, CA, MBA, BSc
President, Co-Chief Executive Officer and Executive Director
750 West Pender Street, Suite 804
Vancouver, British Columbia