CKR ANNOUNCES ACQUISITION OF GRAPHITE WAREHOUSE FACILITIES IN THE PORT OF LUDERITZ, NAMIBIA
October 11, 2016, VANCOUVER, B.C. – CKR Carbon Corporation. (“CKR” or the “Company”) (TSX-V: CKR) (CB81–FRANKFURT), an anode and value added graphite development Company and operator of the Aukam vein-graphite project in Namibia, is pleased to announce that it has agreed to acquire 100% of the total issued share capital of Ludbay Properties (PTY) Ltd (“Ludbay”). Ludbay is a private Namibian company the only asset of which are buildings and property on tidewater in the town of Luderitz, the closest port to the Aukam Graphite Mine.
The property covers 6,564 square metres and contains three buildings: a large warehouse, a double garage with six storerooms/workshops and a single garage with two offices and a store room. The company intends to use the warehouse for the processing and packaging of graphite from the Aukam Graphite Mine and potential projects elsewhere in Southern Africa. The property gives CKR waterfront access to the Port of Luderitz and to container facilities enabling direct delivery to ports in Europe, Asia and North America.
The agreement calls for the payment of CAD50,000 in cash and the issuance of 3,500,000 common shares of CKR for all of the issued shares of Ludbay. A third party evaluation of the property conducted by Property Valuations Namibia on September 26, 2016 fairly values the property at N$2,300,000 (approximately CAD220,000 at current exchange rates). The board of directors has approved the transaction but it remains subject to TSXV approval.
Traditionally dominated by diamond mining and fisheries, the Port of Luderitz in Namibia has recently expanded its facilities to meet the demands of modern industries including mineral development and oil and gas production. Recent upgrades include a 500m long quay providing cargo handling and container facilities and a new mobile harbour crane that can handle containers and break-bulk cargo up to 64 tonnes. In recent years, the port has handled over 300,000 tonnes of cargo and had 900 to 1,000 vessel visits each year. Transit time to Hamburg, Germany is approximately 19 days.
“We are excited with the opportunity to acquire tidewater property in the closest port to Aukam, as it gives CKR direct access to ship graphite to potential markets in Europe, Asia and North America” said Roger Moss, Chief Executive Officer of CKR Carbon Corporation.
Although the Aukam mine is a past producer of direct shipping graphite, the Company cautions that it has not conducted an economic study of any kind and it is uncertain if the Aukam graphite will be found to have any demonstrated economic viability.
The technical information in this news release was prepared by Roger Moss, Ph.D., P.Geo a qualified person as defined by National Instrument 43-101.
About the Aukam Project
CKR has, through a binding Farm Out Agreement with Next Graphite Inc., an option to acquire 63% of the Aukam graphite project by meeting certain milestones and making cash payments. It also has the option to buy an incremental 10% of Next’s remaining interest in the License for a cash payment of US$185,000, subject to agreement by Next. Prior to this release, CKR has spent more than US$400,000 on the project and consequently has earned over a 23% interest not including the agreement above.
The Aukam Graphite Project is located on 34,082.15 hectares in southern Namibia close to the port city of Luderitz. The property hosts three underground adits which were mined periodically between 1940 and 1974. Five dumps from the historical mining occur on the property and 73 composite samples taken from the lower three dumps were assayed and averaged 42% Cg. While these composite samples were selected from a much larger screened sample of the dumps, they are not considered representative of the mineralization on the property as a whole.
CKR recently completed a bulk sampling program at Aukam, and has a letter of intent to sell the graphitic material produced during the program. CKR is currently undertaking studies to support an application for a mining license. The company maintains high safety and environmental standards and has a comprehensive strategy of social engagement.
About CKR Carbon Corporation
CKR Carbon Corporation is focused on high quality, natural graphite suitable for use in lithium-ion batteries, graphite foil, graphene and other value-added high growth technology applications. We only select projects requiring low capital and a short time to market. The company is listed on the TSX Venture Exchange under the symbol CKR and has 33.2 million shares outstanding.
For graphite product enquiries:
Arno Brand, Boswell Projects, +1 416-561-4095 email@example.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 of this release.”
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).Back To Archive