Mason Graphite (LLG:TSXV) has updated the market with regards to progress at their Lac Gueret graphite project in northeastern Quebec in a news release out this morning.
Lac Gueret has had extensive development work done to date including a PEA earlier this year which envisioned a low capital intensity, high-grade, long-life asset. The company also completed initial metallurgical work which showed high recovery rates of 96%.
Mason intends to complete an updated resource estimate which should be out by the end of 2013. The company also intends to complete a 15,000m drill campaign, detailed metallurgical testwork, a feasibility study and advancement of permitting; all of which are anticipated to be completed over 2014.
Benoit Gascon, president and CEO of Mason Graphite, who was formerly CEO of Timcal Graphite & Carbon, commented: "The recent developments at our Lac Gueret project have all either met or exceeded our expectations.” Mr. Gascon continued, “we believe that our project has world-class potential and we will continue to work diligently to advance the project and achieve our objective of becoming a graphite producer as quickly as possible."
Management appear to be confident in their ability to add value over the next 12 months as they have extended 12.6 million warrants at an exercise price of $1, and, according to the company, they are looking to this as a potential source of capital early in 2014 (currently trading around $0.37 per share). The company raised $5 million in June of this year which should see them through their next drill campaign.
Here’s the release: Mason Graphite Provides Corporate Update
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