August 29th, 2016, Vancouver, BC, Canada – Canada Carbon Inc. (the “Company”) (TSX-V:CCB), (FF:U7N1) is pleased to provide an update on its progress toward the permitting of the Miller Project for a marble quarry and a graphite mine. Canada Carbon’s planning and development work continues to advance on multiple fronts, concurrently. Management realized that the production of a reclamation and mine closure plan for the Miller Project at this early stage, as opposed to after pre-feasibility, would result in a more positive and effective public consultation process. Accordingly, management made a business decision to modify the marble production timeline by four months in order to perform the necessary tasks and tests required to prepare the reclamation and mine closure plan. The reclamation and mine closure plan will be made available for public consultations to be conducted concurrently with those required by the Commission de la Protection du Territoire Agricole du Québec (“CPTAQ”) for the marble quarry approval. The timeline to production for the graphite mine remains unchanged.
Quarry Permit for Marble Blocks Extraction
The Company is in the process of finalizing its request to the CPTAQ for the release of the Miller Project lands from agricultural reserves. The Company expects to submit a request for the Certificate of Authorization for the marble quarry to the Ministry of Sustainable Development, Environment and the Fight against Climate Change in parallel with the application to the CPTAQ. The Miller Project marble quarry should be fully permitted soon after the Company receives the CPTAQ authorization. Canada Carbon expects to start pre-production site preparation and equipment installation in January 2017, proceeding to full production of marble blocks in May 2017.
Mining Permit for Graphite Extraction
The Company is currently in the process of finishing its geological and resource definition models that are expected to upgrade mineral resources from the inferred to the indicated and measured categories suitable for feasibility level economic analysis. Additional trenching was needed to extend and increase the definition of the surface geology for geo-structural analysis of the Miller Project, which required an additional two months of field work. The Pre-Feasibility Study will likely require an additional two months to complete, as well. The Company’s concurrent permitting/planning model had sufficient flexibility inherent in its design such that no change to the mine development timeline is anticipated. Subject to obtaining positive results from a feasibility study, full graphite mine production is still expected to begin on or about December, 2017.
INGSM Meeting, Vienna
Canada Carbon is pleased to announce that it has been invited to attend the 17th International Nuclear Graphite Specialists’ Meeting, which is to be held September 5th – 8th, 2016, at the International Atomic Energy Agency campus within the United Nations complex in Vienna, Austria. The Company’s attendance at this conference is anticipated to significantly advance its intentions to develop nuclear applications for its ultra-high purity thermally upgraded Miller graphite.
Dr. Charbonneau, Ph.D., P. Geo #290 (an Associate of Inlandsis Consultants s.e.n.c.) is an Independent Qualified Person under National Instrument 43-101, and has reviewed and approved the technical information provided in this news release.
CANADA CARBON INC.
CEO and Director
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F: (604) 909-1163
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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).