Worldwide Graphite Producers Announces Plan of Exploration and Drilling Program.
October 10, 2001
Worldwide Graphite Producers Ltd, announced today that they have initiated their Core Drilling Program in the graphite bearing region of British Columbia where in 1965 the Geological Survey of Canada released the Reesor Report identifying the presence of graphite at the site.
The most important area of interest that will dramatically affect the world market for the usage of high grade flake graphite is the emerging fuel cell industry. World consumption of graphite could triple in the next 5 years.
The "Superior" Group of graphite bearing properties cover approximately 31.5 square kilometres in the Slocan Mining Division of south-eastern British Columbia near the city of Nelson. There are 125 individual, contiguous claim units in the Superior Group. The properties are all in good standing until 2010 and 2011.
The inferred graphitic resource reserves to date is 2.7 Million Tons. The Company expects these reserves to increase to 10 Million Tons through 2002 exploration and increase to some 25 Millions Tons by 2003 / 2004 at which time the Company plans to begin production.
The Company is currently in process with their “2002” Diamond drilling program / planning which will be 50 drilling holes between 150 to 250 feet deep and 10 drilling holes at 500 feet deep.
Over the last three years $600,000 has been expended at the Superior Property site under the supervision of both Pearson, Hofman and Associates (1998) and SNC Lavalin (1999). Additional on-site work was undertaken in the summer of 2000 and 2001.
Drilling samples on a portion of the property have been undertaken and samples have been sent on three occasions to several different laboratories, Asbury Carbons in Asbury, N.J. and Lakefield Research in Lakefield, Ontario.
The results of the Asbury Reports surpassed those required for economic mineral recovery ranging from 4.79% to 13.31% Graphite in the main zone.
Pearson, Hofman and Associates and SNC/Lavalin submitted samples to Lakefield Research. To quote Lakefield: "Testwork indicated that upgrading by a combination of flotation and gravity separation could produce a grade of graphite concentrate, with 45% to 50% of the graphite reporting to the + 48 mesh fraction at a grade of over 95% carbon." High purity + 48 mesh is the most valuable form of flake graphite.
To date the drilling and work programs have focused on the "Superior XXI" through "Superior XXV" claims. These claims represent only 5 of the 125 units held by the Company.
Engineers and geologists who have been on the property feel the graphitic inferred resources have impressive potential and will in all likelihood prove to be world class deposit in both size and quality.
Completed Work to Date (All Figures Presented in $CDN)
1997 - Acquisition Consideration $1,260,000
1998 - Exploration (Pearson Hoffman, BLM Engineering, et.al.)
1999 - Drilling (SNC Lavalin, et.al.)
2000 - Exploration (George Addie P.Eng., et.al.) ('98-'00 combined) $600,000
2001 - Exploration and Geological on Ore Bearing Main Zone.
Work in Progress (All Figures Presented in $CDN)
2002 - Required Diamond Drilling of 50 holes between 150 and 250 feet deep and 10 holes at 500 feet deep
2003 - Drilling Environmental Assessment, Open Pit Design & Plant Design
2003 / 2004 - Build out of Mill and Infastructure for Production $10,000,000
2004 - Production Planned to Begin Summer 2004
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