2013-12-05 11:45 ET - News Release
Mr. Benoit Gascon reports
MASON GRAPHITE REPORTS 658% INCREASE IN MEASURED AND INDICATED MINERAL RESOURCES TO 50 MILLION TONNES, INCLUDING 6.7 MILLION TONNES GRADING 32.4% CG
Mason Graphite Inc. has released an updated mineral resource estimate for its 100-per-cent-owned Lac Gueret graphite project in northeastern Quebec.
Highlights from the updated mineral resource estimate
-Measured & Indicated ("M&I") mineral resources increased 658% from 7.6 million tonnes ("Mt") to 50 Mt -Inferred mineral resources increased from 2.8 Mt to 11.9 Mt -Overall M&I grade of 15.6% Cg; the main parameters of the preliminary economic assessment for the Lac Gueret project (the "PEA") are still valid: 22 years of production at 27.4% with a low stripping ratio at 0.76:1 and low operating costs at $390/tonne -Enlarged mineral resource could lead to optimized pit design and improved economics
Large increase in Mineral Resources
The new mineral resource estimate, as calculated by Roche Ltd. Consulting Group ("Roche''), includes assay data from 170 holes (approximately 26,500 metres) drilled in the GC Zone and now totals 50,024,000 tonnes grading 15.6% Cg, including 6,672,000 tonnes grading 32.4% Cg, in the Measured and Indicated categories and 11,861,000 tonnes grading 17.1% Cg, including 2,637,000 tonnes grading 30.5% Cg, in the Inferred category (See Table 1 below). The enlarged mineral resource envelope offers opportunities to further optimize the mine plan and the project's economics as set out in the PEA in the next phase of technical studies.
"We are very pleased to see the success of our 2012 drilling program materialize in this updated mineral resource estimate", commented Benoit Gascon, President and CEO of Mason Graphite. "We expect the scale of growth of our project to positively impact what is already expected to be an economical project. Results from the Lac Gueret Project continue to reinforce our belief in the world-class potential of this asset."