|First Graphite Commissions Airborne Geophysical Survey Over Henry Property|
Press Release: First Graphite Corp. – Thu, Apr 19, 2012 11:00 AM EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 19, 2012) - First Graphite Corp. (TSX VENTURE: FGR.V - News) (the "Company" or "First Graphite") is pleased to announce that that it has retained Geotech Ltd. to conduct an airborne Versatile Time Domain Electromagnetic (VTEM) and a horizontal magnetic gradiometer survey over its Henry Property. The property is comprised of six mineral claims and covers 22,850 hectares of land near the community of Southend Saskatchewan. Based on the results of historical exploration and its proximity to the Deep Bay Deposit, the Company believes that the Henry Property has the potential to host near-surface graphite deposits containing scarce, large-flake, high purity graphite.
The purpose of the survey is to confirm the historically identified graphite-bearing outcrops and conductors, and to identify new targets for follow-up work. The interpretation of this data, along with the historic drill-hole intersections of graphite and existing structural information, will be used for advanced forward plate modelling of the graphitic horizons at depth. This interpretation will be conducted by Living Sky Geophysics Inc., of Saskatoon, Saskatchewan, and will guide future exploration. Future exploration is anticipated to include surface sampling, mapping and drilling.
The helicopter-borne VTEM survey, which is expected to commence within the next few days, will cover the entire property (1452 line kilometres), at 200-meter line spacing, and is expected to take about one week to complete. Geotech's VTEM plus system is excellent for locating discrete conductive anomalies as well as mapping lateral and vertical variations in resistivity. The VTEM plus system is equipped with a high-sensitivity magnetic gradiometer for mapping geologic structure and lithology. VTEM plus offers the industry's highest signal/noise ratio and spatial resolution of conductors and unparalleled depth of investigation.
The technical information in this news release has been reviewed on behalf of the Company by Neil McCallum, P.Geo., of Dahrouge Geological Consulting Ltd., a Qualified Person pursuant to National Instrument 43-101.
About Geotech Ltd.
Geotech has conducted airborne electromagnetic geophysical surveys for more than three decades using proprietary technology and has created a long history of notable innovations. Innovation is the secret to Geotech's sustainability, making Geotech the longest running company to offer airborne electromagnetic surveying, world-wide. In the last decade Geotech introduced to the world the first helicopter-borne time domain EM system. The VTEM airborne EM system, with its superior S/N ratio, is still the industry standard, able to detect deep conductors that are "lost" in the noise of other TEM systems.
Graphite is a polymer of carbon that comes in three naturally occurring forms - flake, amorphous, and lump. All three are found in metamorphic as well as igneous rocks, varying by grade, particle (mesh) size and moisture content. Graphite exhibits a number of characteristics, which make it a high value industrial mineral with a broad range of applications: it is an excellent conductor of heat and electricity, is resistant to strong acids and thermal shock, is a lubricant, is refractive and has the highest natural strength and stiffness of any known material.
The total worldwide graphite market is currently estimated to be US$12 billion. At present, the largest end use markets for graphite are the steel and automotive industries. However in recent years, emerging markets, including green energy development (fuel cells, solar energy and nuclear power) and batteries (lithium-ion and vanadium-redox) are creating the potential for incremental increases in demand. Meanwhile, the closure of a number of natural graphite mines in China, the world's largest producer, is reducing world-wide supply.
About First Graphite
First Graphite Corp. is a Vancouver-based mineral exploration company focused on the development of graphite projects in Canada. The company currently has three graphite properties led by its flag ship project, the Henry Graphite property, located near the Deep Bay Graphite Mine in north-eastern Saskatchewan, Canada.
This news release contains certain statements that may be deemed "forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although First Graphite Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of First Graphite Corp.'s management on the date the statements are made. Except as required by law, First Graphite Corp. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
First Graphite Corp.