Canada Carbon Provides Clarification of Disclosure in its Corporate Presentation and Announces the Commissioning of a Preliminary Economic Assessment for the Miller Hydrothermal Lump/Vein Graphite Project
March 11th, 2015, Vancouver, BC, Canada – Canada Carbon Inc. (the “Company”) (TSX-V: CCB) announces that as a result of a continuous disclosure review by the staff of the Ontario Securities Commission, it is issuing the following news release to retract and clarify its disclosure.
Restricted Disclosure of Economic Analysis
NI 43-101 restricts the disclosure of the results of an economic analysis prior to completing at least a Preliminary Economic Assessment based on at least inferred mineral resources to support the disclosure.
The Company’s corporate presentations dated January 2015 and February 2015 contained statements which may have been potentially misleading, in that they related to topics such as forecast production rates, operating cost estimates, potential product sales, and potential years of mine life. Given that the Company's April 25th, 2014 technical report on the Miller graphite property does not address mineral resources, it is potentially misleading for the Company to disclose information related to anticipated economic viability and planned production.
Upon receipt of the comment letter from the Ontario Securities Commission, the Company immediately removed the corporate presentation from its website, and deleted the remarks in question.
Commissioning of Preliminary Economic Assessment (PEA)
The Company is pleased to report that it will immediately contract engineering and technical consulting firm Tetra Tech WEI Inc. to complete a Preliminary Economic Assessment on its Miller graphite project, which will incorporate the pilot plant scale flotation concentration flow sheet developed for the Company by SGS (Lakefield). SGS Geostats of Blainville, Québec has been contracted to produce a Technical Report which will provide marble and graphite resource estimates (press release dated February 19th, 2015). The Company is in the process of applying for the required permits for the extraction of graphite and marble at its Miller hydrothermal lump/vein graphite project. The Company has also begun the process of obtaining permits to operate a graphite milling operation on its Asbury graphite project, situated close to the Miller project in southern Quebec.
About Tetra Tech WEI Inc
Tetra Tech WEI Inc. is a leading provider of consulting, engineering, program management, construction management, and technical services. The Company supports government and commercial clients by providing innovative solutions focused on water, environment, energy, infrastructure, and resource management. With 13,000 employees operating out of 330 locations in more than 120 countries on six continents, Tetra Tech's capabilities span the entire project life cycle.
On Behalf of the Board of Directors
CANADA CARBON INC.
CEO and Director
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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 Canada (available at www.sedar.com).