Saint JeanCarbon Inc. said July 6 that it is acquiring the and Walker graphiteprojects containing 34 graphite mining claims in the district of Buckingham inQuebec.
The company will issue 4,250,000 shares to be divided amongfour claim holders in varying amounts, and pay a 0.75% operational cost royalty.
The Clot graphite project is 150 kilometers northwest ofMontreal and consists of five claims covering 297.35 hectares. The company willalso get three additional claims in the project as soon as the transfer isapproved.
Since the early part of the 20th century, approximately1,000 tonnes of lump graphite have been mined from the site and shipped toCanada and the U.S. Clot's geographic area has also been subject to severalgraphite developments, including the Asbury and the Lac-des-Iles mines.
The Walker project, meanwhile, is 7.9 kilometers northwestof Buckingham and includes 15 claims in an area of 902 hectares. Saint JeanCarbon acquired from a prospector 11 claims totaling an area of 661.54 hectares,covering the northeast extension of the favorable graphitic formation.