In April our technical team arrived at the Aukam mine site to advance the plant in order to batch process one hundred tonnes of a high-purity graphite concentrate which will be shipped to industry partners in
The processing plant is designed to operate optimally at a graphite feed grade of 35%. From previous programs and test results, we were able to achieve an average grade between 94.8% and 97.3%, with recovery between 87% and 94%.
Within the next sixty days, our engineering team will carry out the following actions to prepare for delivery of the final product:
Complete the final assembly of the modified flotation columns and spargers Set up and level the base frames for the flotation columns Install a cover for the reagent area Install the dosing pumps for the frother Assemble and install the conditioning tanks Construct the sumps for the flotation columns Connect the air lines for the flotation columns Connect the water feed for the flotation columns Install the upgraded cyclones at the mill discharge Install the mill feed water control system
Install the head chute of CV1 conveyor belt Retrofit the CV2 and CV8 conveyor with chevron belts Install the spill boards for the run-of-mine (ROM)
This work is expected to be completed in approximately 60 days.
The Company is working towards completing a Feasibility Study (FS) on the Aukam Processing plant. The study, its recommendations, and their subsequent implementation will provide conclusions and recommendations at an FS level of comfort relating to the scale-up of the existing processing plant to a commercial scale processing facility capable of producing the desired concentrate grades and production rates.
Risk Factors
No mineral resources, let alone mineral reserves demonstrating economic viability and technical feasibility, have been delineated on the Aukam Property. The Company is not in a position to demonstrate or disclose any capital and/or operating costs that may be associated with the processing plant until the FS (Feasibility Study) is completed.
The Company advises that it has not based its production decision on even the existence of mineral resources let alone on a Preliminary Feasibility Study or FS of mineral reserves, demonstrating economic and technical viability, and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit.
Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that production will begin as anticipated or at all or that anticipated production costs will be achieved.
Failure to commence production would have a material adverse impact on the Company's ability to generate revenue and cash flow to fund operations. Failure to achieve the anticipated production costs would have a material adverse impact on the Company's cash flow and future profitability.
About
Large quantities of high-quality vein graphite have been shipped for testing to confirm its suitability as anode material.
On
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Tel: (416) 561- 4095
Forward-Looking Statements
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in
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