2012-09-18 18:12:00 -
Elko, Nevada US, September 18, 2012 /FSC/ - (Graphite Corp. or the "Company") (GRPH - OTCQB),is pleased to provide an update on its recent Corporate developments.
The Company changed its name from First Resources Corp. to Graphite Corp. to better reflect the Company's focus on exploring and developing graphite based resource deposits in the United States.
Graphite acquired mineral exploration rights to its first two properties in Clay County, Alabama comprising a total of approximately 3,760 acres. Alabama and notably Clay County and its neighboring counties were home to significant graphite production from the 1900's until the early 1950's. Graphite will pay an aggregate of $300,000 and issue 3,000,000 restricted shares of the Company's common stock to acquire 100% of the mining
interests of the properties. A two percent (2%) net smelter royalty will also be paid to the vendor of the properties of which the Company has a right to purchase fifty percent (50%) of the net smelter royalty for $500,000. The Company has also entered into a Minerals Lease Agreement giving the Company the right to conduct mineral exploration activities on a property located in Beaverhead County, Montana.
Equity financings totaling $750,000 were completed to fund these acquisitions and the initial work programs. Budgets and explorations plans are currently being developed by management with work to begin in the fourth quarter of this year.
Graphite appointed Brian Goss as its new Director, President and Chief Executive Officer. Mr. Goss graduated from Wayne State University with a Bachelor of Science Degree in Geology in 2003, and started his career working for Kennecott Exploration during the early exploration stages of the Eagle Project, a Duluth Type high grade nickel and copper deposit in Michigan's Upper Peninsula in 2002 - 2003. At the end of 2003, he moved to Northeast Nevada to explore for Carlin Type gold deposits, and from 2004 - 2007, he worked as a staff geologist for Cameco Corporation, and subsequently for its spin -out company, Centerra Gold Inc., on the REN deposit, contributing to the expansion of the +1 million ounce gold deposit that was subsequently taken over by Barrick Gold. Brian also held several other project geologist positions before founding Rangefront Consulting, LLC in early 2008. Mr. Goss has built Rangefront into a premier geological services company that caters to a large spectrum of clients in the mining and minerals exploration industries.
"I am very excited about joining Graphite Corp." states Mr. Goss. "We are evaluating our currently held properties and expanding our portfolio of high quality properties in the best prospective areas. We will be evaluating and building our data set to have the industry leading model for graphite exploration and moving forward towards our ultimate goal of producing graphite."
The Company has launched its new website: www.graphite-corp.com.
For more information, please contact:
Brian Goss at 1-775-473-1355
About Graphite Corp.
Graphite Corp. is a publicly traded Elko, Nevada based resource exploration company focused on the exploration and development of graphite based deposits within the United States. The Company's experienced geological team continues to pursue additional prospective graphite, precious metal, and rare earth opportunities to advance and develop into strategic assets that increase shareholder value.
Note Regarding Forward-Looking Statements
This release contains forward-looking statements that reflect the Company's plans and expectations. In this press release and related comments by Company management, words like "expect," "anticipate," "estimate," "forecast," "objective," "plan," "goal" and similar expressions are used to identify forward-looking statements, representing management's current judgment and expectations about possible future events. Management believes these forward-looking statements and the judgments upon which they are based to be reasonable, but they are not guarantees of future performance and involve numerous known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements.
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Source: Graphite Corp. (OTCQB: GRPH)
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