Welcome!

News Feed Item

Strike Graphite to Acquire 1.3 Million+ Acre Diamond Exploration Position Adjacent to Pikoo Diamond Discovery, Settles Majority of Debt for Equity

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/22/14 -- Strike Graphite Corp. ("the Company" or "Strike") (TSX VENTURE:SRK) is pleased to announce that it has entered into an agreement to acquire an 80% undivided interest in approximately 1.25 million acres (505,000 hectares) of mineral claims located within east-central Saskatchewan (the "Sask Craton Property"). In addition, it has concurrently entered into a separate agreement to acquire 80% of a contiguous property (the "Sask Craton North Property") totaling approximately 92,450 acres (37,400 ha). The Sask Craton Property and the Sask Craton North Property comprise the largest mineral tenure position in the emerging diamond district established by the recent discovery of diamondiferous kimberlite within the Pikoo Property by North Arrow Minerals Inc. ("North Arrow") and Stornoway Diamond Corp ("Stornoway").

"This major land package located within the central parts of the Sask Craton provides the shareholders of Strike with an exceptional opportunity to explore for and discover kimberlites within what is considered an underexplored region, which is highly prospective for diamonds. By structuring deals without any minimum exploration requirements or upfront cash, Strike has provided itself with significant flexibility to advance these projects," stated Geoff Balderson, President & CEO of Strike.

A map of the Sask Craton Property and Sask Craton North Property may be viewed on the Company's website at:

http://www.strikegraphite.com/images/srk_sask_craton_properties.pdf

About the Sask Craton Properties

The area is underlain at depth by the Sask Craton, which is interpreted to exceed 100,000 square kilometers and extends for 200 kilometers along strike; while it is transected by the regional Tabbenor Fault System. This long lived, regional feature extends for over 1500 km along an approximate north-south orientation. The Company believes this tectonic environment to be ideal for the emplacement of kimberlite, within an area underlain by a favorable basement terrane. Other notable kimberlite fields within the Sask Craton include those at Candle Lake and Fort a la Corne.

During 2013, North Arrow conducted a limited drill program to test two distinct kimberlite indicator mineral trains on their adjoining Pikoo Property. North Arrow's November 5, 2013 press release characterized the PK 150 kimberlite which returned 745 diamonds larger than 0.106 from 209.7 kg of drill core. The estimated grade for diamonds greater than 0.85 mm was 1.34 carats per tonne. Based on three holes, the kimberlite has approximate dimensions of 75 m along strike by 10 to 15 meters wide, and is open along strike and at depth.

Terms of the Sask Craton Property Agreement are as follows:


--  1,000,000 common shares to one of the vendors; 
--  1,000,000 share purchase warrants, each warrant exercisable into one
    common shares of the Company at an exercise price of $0.25 per share for
    a period of 3 years for the date of issue; 
--  Cash payments beginning November 1, 2014 and extending through February
    1, 2016, totalling $553,028.30; 
--  The Vendors shall retain a 20% carried interest up to, but not
    including, mine construction, as well as a 3% gross royalty.

Terms of the North Sask Property Agreement are as follows:


--  449,145 common shares to the vendors; 
--  The Vendors shall retain a 20% carried interest up to, but not
    including, mine construction, and a 3% gross royalty.

Both the Sask Craton Property and the Sask Craton North Property acquisitions are subject to acceptance of the TSX Venture Exchange.

Mineralization on the Pikoo Property is not necessarily indicative of mineralization on the Sask Craton and Sask Craton North properties.

Shares for Debt Settlements

Strike is very pleased to announce that it has entered into shares for debt settlement agreements to convert the majority of outstanding debt owed by the Company. Settlement agreements have been reached with holders representing approximately $562,115.42 of existing debt owed by the Company, which shall be converted into common shares at a deemed price of $0.05 per share, for a total share amount proposed to be issued of approximately 11,242,308 common shares.

"We are pleased to have reached share for debt agreements on the balance of our outstanding obligations. This proposed settlement will substantively improve our balance sheet and enable the Company to move forward while adding value for our shareholders," stated Geoff Balderson, President & CEO of Strike.

The debt settlement transaction is subject to the acceptance of the TSX Venture Exchange.

Darren Smith, P.Geo., is a Qualified Person pursuant to National Instrument 43-101, and has reviewed and approved the technical disclosure in this news release.

On behalf of the Board of Directors,

Geoff Balderson, President.

Certain information set out in this news release may constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws (collectively, "Forward-Looking Statements"). All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are Forward-Looking Statements. Forward-Looking Statements are often, but not always, identified by the use of words such as "seek," "anticipate," "believe," "plan," "estimate," "expect," and "intend" and statements that an event or result "may," "will," "can," "should," "could," or "might" occur or be achieved and other similar expressions. Forward-Looking Statements are based upon the opinions and expectations of the Company based on information currently available to the Company. Forward-Looking Statements are subject to a number of factors, risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the Forward-Looking Statements including, among other things, the Company has yet to generate a profit from its activities;

there can be no guarantee that the estimates of quantities or qualities of minerals disclosed in the Company's public record will be economically recoverable; uncertainties relating to the availability and costs of financing needed in the future; competition with other companies within the mining industry; the success of the Company is largely dependent upon the performance of its directors and officers and the Company's ability to attract and train key personnel; changes in world metal markets and equity markets beyond the Company's control; mineral reserves are, in the large part, estimates and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized; production rates and capital and other costs may vary significantly from estimates; unexpected geological conditions; delays in obtaining or failure to obtain necessary permits and approvals from government authorities; all phases of a mining business present environmental and safety risks and hazards and are subject to environmental and safety regulation, and rehabilitation and restitution costs; the Company does not maintain insurance against environmental risks; and management of the Company have experience in mineral exploration but may lack all or some of the necessary technical training and experience to successfully develop and operate a mine. Although the Company believes that the expectations reflected in the Forward-Looking Statements, and the assumptions on which such Forward-Looking Statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on Forward-Looking Statements, as there can be no assurance that the plans, intentions or expectations upon which the Forward-Looking Statements are based will occur. Forward-Looking Statements herein are made as at the date hereof, and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these Forward-Looking Statements.

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.

We seek safe harbor.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Tintri, Inc, a leading provider of enterprise cloud infrastructure, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Tintri offers an enterprise cloud platform built with public cloud-like web services and RESTful APIs. Organizations use Tintri all-flash storage with scale-out and automation as a foundation for their own clouds – to build agile development environments...
SYS-CON Events announced today that DivvyCloud will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. DivvyCloud software enables organizations to achieve their cloud computing goals by simplifying and automating security, compliance and cost optimization of public and private cloud infrastructure. Using DivvyCloud, customers can leverage programmatic Bots to identify and remediate common cloud problems in rea...
In his opening keynote at 20th Cloud Expo, Michael Maximilien, Research Scientist, Architect, and Engineer at IBM, will motivate why realizing the full potential of the cloud and social data requires artificial intelligence. By mixing Cloud Foundry and the rich set of Watson services, IBM's Bluemix is the best cloud operating system for enterprises today, providing rapid development and deployment of applications that can take advantage of the rich catalog of Watson services to help drive insigh...
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single threaded, you can effectively identify hot spots in your serverless code. In his session at 20th Cloud Expo, David Martin, Principal Product Owner at CA Technologies, will give a live demonstration and code walkthrough, showing how to ov...
SYS-CON Events announced today that Outscale, a global pure play Infrastructure as a Service provider and strategic partner of Dassault Systèmes, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2010, Outscale simplifies infrastructure complexities and boosts the business agility of its customers. Outscale delivers a secure, reliable and industrial strength solution for its customers, which in...
The 21st International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
Every successful software product evolves from an idea to an enterprise system. Notably, the same way is passed by the product owner's company. In his session at 20th Cloud Expo, Oleg Lola, CEO of MobiDev, will provide a generalized overview of the evolution of a software product, the product owner, the needs that arise at various stages of this process, and the value brought by a software development partner to the product owner as a response to these needs.
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software in the hope of capturing value in IoT. Although IoT is relatively new in the market, it has already gone through many promotional terms such as IoE, IoX, SDX, Edge/Fog, Mist Compute, etc. Ultimately, irrespective of the name, it is about deriving value from independent software assets participating in an ecosystem as one comprehensive solution.
SYS-CON Events announced today that EARP will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "We are a software house, so we perfectly understand challenges that other software houses face in their projects. We can augment a team, that will work with the same standards and processes as our partners' internal teams. Our teams will deliver the same quality within the required time and budget just as our partn...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory?
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
SYS-CON Events announced today that Tappest will exhibit MooseFS at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. MooseFS is a breakthrough concept in the storage industry. It allows you to secure stored data with either duplication or erasure coding using any server. The newest – 4.0 version of the software enables users to maintain the redundancy level with even 50% less hard drive space required. The software func...