DGAP-News: PINESTAR ANNOUNCES OPTION TO ACQUIRE PORTFOLIO OF AUSTRALIAN GRAPHITE PROJECTS
(firmenpresse) - EquityStory AG-News: Pinestar Gold Inc. / Key word(s): Contract
PINESTAR ANNOUNCES OPTION TO ACQUIRE PORTFOLIO OF AUSTRALIAN GRAPHITE
PROJECTS
01.03.2012 / 18:11
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Pinestar Gold Inc. (PNS: TSX.V) (3PI: Frankfurt) ('Pinestar' or the
'Company') is pleased to announce it has acquired an option (the 'Option')
to purchase a significant package of exploration-stage graphite projects in
Australia. The combined package is comprised of 11 tenements (the 'Optioned
Properties') with a total area of 533 km2 located in four different states
in Australia. The tenement package delivers the Company a major new
opportunity in the exciting graphite market. Of the 11 tenements subject to
the Option, three comprise the Munglinup Project in Western Australia, one
comprises the Eyre Point Project in South Australia, five cover various
historical showings located in New South Wales, one covers the Furniss East
Project in Western Austrlia, and one covers the Emu Plain project located
in Queensland. More details concerning the highlights of the Optioned
Properties are set out below.
The Optioned Properties are located in the main known graphite provinces in
Australia. This includes the Munglinup region of Western Australia and the
Eyre Peninsula of South Australia (refer to figure 1).
No recent or systematic exploration program has been carried out for the
exploration of graphite on any of the Optioned Properties. The Optioned
Properties are considered highly prospective for occurrences of graphite.
THE OPTION
Pursuant to a letter agreement (the 'Letter Agreement') among the Company,
Zimtu Capital Corp. ('Zimtu'), a public company listed on the TSX Venture
Exchange (the 'TSX-V'), and Strategic Resource Management ('SRM',
collectively with Zimtu, the 'Vendors'), a private Australian company, in
consideration for the payment by the Company of C$25,000, the Vendors
granted the Company the Option to acquire the Optioned Properties. In order
to exercise the Option and acquire a 100% interest in the Optioned
Properties, the Company must:
1. Pay the Vendors, as to 50% each, the following cash consideration:
(a) C$50,000 on the date of TSX-V acceptance of the Option (the 'Acceptance
Date'); and
(b) C$75,000 on the date which is 12 months from the Acceptance Date;
2. Issue common shares to the Vendors, as to 50% each, as follows:
(a) 1,000,000 common shares on the Acceptance Date;
(b) 1,000,000 common shares on the date which is 12 months from the
Acceptance Date;
(c) 750,000 common shares on the date which is 18 months from the
Acceptance Date; and
(d) 750,000 common shares on the date which is 24 months from the
Acceptance Date;
3. Grant the Vendors a 2% net smelter returns royalty in respect of the
Optioned Properties, of which 1% can be repurchased by the Company for
C$1,000,000; and
4. Complete a minimum of C$100,000 of exploration expenditures on the
Optioned Properties within six months of the Approval Date.
The Company and the Vendors intend to enter into a definitive agreement
which will replace and supersede the Letter Agreement within 15 days.
The Vendors are arm's length parties to the Company. The Option remains
subject to the acceptance of the TSX.V.
MUNGLINUP PROJECT
The Company considers the flagship property of the Optioned Properties to
be the Munglinup Project. The Munglinup Project consists of three separate
tenements covering an area of 174 km2. The project is located along strike
and contiguous with the eastern and southern sides of the Munglinup
Deposit, which is held by Adelaide Prospecting Pty Ltd. The
Munglinup Deposit contains a reported in-situ historic non-NI
43-101-compliant geologic resource of graphite of 1.47 mt at 18.2% fixed
carbon. This work had identified graphite mineralisation of a length in
excess of 500 m and to a depth of 55 m. The Munglinup Deposit is
anticipated to be Western Australia's first commercial graphite mine. The
Munglinup Deposit and the historical estimate related thereto is separate
from the Munglinup Project area which is subject to the Option, but the
Company believes that there is potential for similar style mineralisation
to occur within the Munglinup Project area.
A reconnaissance field programme by an independent consulting geologist has
been completed on the Munglinup Project and samples have been taken where
outcropping graphite and float have been observed. Review of a previously
completed electro-magnetic survey (completed in connection with previous
nickel exploration) shows a significant anomaly to be coincident with the
stratigraphy that hosts the Munglinup Deposit.
The Company anticipates that the results from this initial programme will
be available in the near future. The Company anticipates that future
exploration programmes for the Munglinup Project will include:
* Mapping and sampling.
* Geophysical acquisition and EM ground surveys.
* Data compilations.
EYRE POINT PROJECT
The Eyre Point project area is located 15 kilometres to the north of the
Uley Graphite Mine and covers three prospective areas within 71 km2.
The Uley Graphite Mine is an open-cut graphite mine at Uley on the Eyre
Peninsula, South Australia and has recently been purchased by Mega Graphite
Inc. Uley is recognised as an area of world class graphite mineralisation.
The graphite deposit is part of the Mikkira Graphite Province, one of the
largest coarse flake graphite deposits in the world, containing
disseminated, high-grade flake graphite.
The tenement subject to the Company's Option is located on the eastern Eyre
Peninsula, where numerous graphite occurrences have been recorded over a
200km long zone extending from south of port Lincoln to Kimba.
NEW SOUTH WALES PROJECTS
There are 14 recorded occurrences of graphite in New South Wales, all of
which are in the area covered by the five tenements subject to the Option,
covering a combined area of 228 km2. They occur in two main areas in the
New England Orogen: Undercliff Falls, north of Tenterfield; and Walcha,
south of Armidale.
The most exciting of the projects is the Plumbago and Winterbourne
occurrences. The Plumbago occurrence is located in the Undercliff Falls
area and hosts the Plumbago deposit where a total of 3000 tonnes has been
mined in the past by previous owners. In the Undercliff Falls area there
are nine separate graphite localities which includes the George Creek,
Falls Creek, Nicklaus, Half Moon, Circular Quay Gully, Hutt Spur
occurrences.
The Winterbourne occurrence contains the formerly operating Winterbourne
graphite mine and is developed in a north-trending micropegmatite dyke that
intrudes granitic stocks of the Cheyenne Complex, Hillgrove Supersuite.
The dyke is 2 m to 30 m wide and is exposed over a distance of about 250 m.
It contains abundant segregations of fine-grained graphitic material.
GRAPHITE BACKGROUND
Graphite is one of three forms of naturally occurring carbon, the others
being charcoal and diamond. It is a black to grey, lustrous mineral that
crystallises in a hexagonal system, is soft (H = 1-2) and has a specific
gravity of 2.1 to 2.2. Plumbago and black lead are old names for graphite,
owing to its lead-like appearance. Graphite is compressible and malleable,
an excellent conductor of heat and electricity and is highly refractory -
with a melting point of3650°C. Thermal oxidation of natural graphite
begins at about 300°C, and it is commonly stable and chemically unreactive
at lower temperatures. Natural graphite is also typically resistant to
chemical degradation, thermal shock, shrinkage and oxidation
Three discrete commercial types of natural graphite are recognised: flake
(also referred to as crystalline or disseminated flake); crystalline vein
(or lump); and amorphous (microcrystalline).
* Flake graphite is the most important commercially. The name refers to
graphite that occurs as thin disseminated flakes in metamorphic rocks.
* Crystalline vein graphite consists of coarse, platy or needle-like
crystals in veins, mainly in Precambrian igneous and metamorphic rocks.
* Amorphous graphite is massive microcrystalline graphite, generally
derived from thermally metamorphosed coal seams or carbonaceous sedimentary
rocks.
Graphite deposits of commercial interest occur widely in regionally or
thermally metamorphosed sedimentary rocks and in hydrothermal and
metasomatic deposits. There are five identified deposit types.
1. Early magmatic deposits (rare)
2. Deposits formed by concentration and crystallisation of carbon (from
coal or carbonaceous sedimentary rocks) during regional or contact
metamorphism
3. Vein deposits
4. Contact metasomatic (skarn) deposits
5. Residual deposits.
China produces around 70-80% of the world's graphite. Quality is declining
as surface oxide deposits are depleted resulting in increasing costs as
mines go deeper. Supply suffers from the seasonal closure of mines in
northern China over winter.
QUALIFIED PERSON
Mr. Andrew Spinks B.App.Sc, Grad.Dip (Mining), a member of AusIMM, and an
independent consultant geologist, is a Qualified Person as defined in
National Instrument 43-101 - Standards of Disclosure for Mineral Projects
('NI 43-101'). Mr. Spinks is a principal shareholder of SRM, and is an
arm's length party to the Company. Mr. Spinks has reviewed and approved
the technical disclosure contained in this news release.
For more information, please visit the corporate website at
http://www.pinestargold.com or contact Jeremy Ford, President and CEO at
Ph: +1 604.647.4487 Email: pinestargold(at)gmail.com
On behalf of the Board of Directors,
PINESTAR GOLD INC.
'Jeremy Ford'
Jeremy Ford
President, CEO and Director
Ph: +1 604.647.4487
Email: pinestargold(at)gmail.com
Web: http://www.pinestargold.com
NEITHER 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 OR THIS RELEASE
FORWARD LOOKING STATEMENTS
This release contains 'forward-looking statements' within the meaning of
applicable Canadian securities legislation, including predictions,
projections and forecasts. Forward-looking statements include, but are not
limited to, statements that address activities, events or developments that
the Company expects or anticipates will or may occur in the future,
including such things as the exercise of the Option, future exploration
activities on the Optioned Properties, future business strategy,
competitive strengths, goals, expansion, growth of the Company's
businesses, operations, plans and with respect to exploration results, the
timing and success of exploration activities generally, permitting time
lines, government regulation of exploration and mining operations,
environmental risks, title disputes or claims, limitations on insurance
coverage, timing and possible outcome of any pending litigation and timing
and results of future resource estimates or future economic studies.
Often, but not always, forward-looking statements can be identified by the
use of words such as 'plans', 'planning', 'planned', 'expects' or 'looking
forward', 'does not expect', 'continues', 'scheduled', 'estimates',
'forecasts', 'intends', 'potential', 'anticipates', 'does not anticipate',
or 'belief', or describes a 'goal', or variation of such words and phrases
or state that certain actions, events or results 'may', 'could', 'would',
'might' or 'will' be taken, occur or be achieved.
Forward-looking statements are based on a number of material factors and
assumptions, including, the result of drilling and exploration activities
on the Optioned Properties, that contracted parties provide goods and/or
services on the agreed timeframes, that equipment necessary for exploration
is available as scheduled and does not incur unforeseen break downs, that
no labour shortages or delays are incurred, that plant and equipment
function as specified, that no unusual geological or technical problems
occur, and that laboratory and other related services are available and
perform as contracted. Forward-looking statements involve known and
unknown risks, future events, conditions, uncertainties and other factors
which may cause the actual results, performance or achievements to be
materially different from any future results, prediction, projection,
forecast, performance or achievements expressed or implied by the
forward-looking statements. Such factors include, among others, the
interpretation and actual results of current exploration activities;
changes in project parameters as plans continue to be refined; future
prices of minerals; failure of equipment or processes to operate as
anticipated; the failure of contracted parties to perform; labour disputes
and other risks of the mining industry; delays in obtaining governmental
approvals or financing or in the completion of exploration, as well as
those factors disclosed in the company's publicly filed documents. Although
the Company has attempted to identify important factors that could cause
actual actions, events or results to differ materially from those described
in forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or intended.
There can be no assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements. The Company does not assume
the obligation to revise or update these forward-looking statements after
the date of this document or to revise them to reflect the occurrence of
future unanticipated events, except as may be required under applicable
securities laws.
End of Corporate News
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