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
The proper isolation of resources is essential for multi-tenant environments. The traditional approach to isolate resources is, however, rather heavyweight. In his session at 18th Cloud Expo, Igor Drobiazko, co-founder of elastic.io, will draw upon their own experience with operating a Docker container-based infrastructure on a large scale and present a lightweight solution for resource isolation using microservices. He will also discuss the implementation of microservices in data and applicat...
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
Join IBM June 8 at 18th Cloud Expo at the Javits Center in New York City, NY, and learn how to innovate like a startup and scale for the enterprise. You need to deliver quality applications faster and cheaper, attract and retain customers with an engaging experience across devices, and seamlessly integrate your enterprise systems. And you can't take 12 months to do it.
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, will discuss how research has demonstrated the value of Machine Learning in delivering next generation analytics to im...
This is not a small hotel event. It is also not a big vendor party where politicians and entertainers are more important than real content. This is Cloud Expo, the world's longest-running conference and exhibition focused on Cloud Computing and all that it entails. If you want serious presentations and valuable insight about Cloud Computing for three straight days, then register now for Cloud Expo.
As you respond to increasing requests for new analytics, you need fast and flexible technology in your arsenal so that you can deploy the right workload to the right platform for the need at hand. Do you need self-service and fast time to value? Do you have data and application control and privacy needs, along with strict SLAs to meet? IBM dashDB™ is data warehouse technology powered by in-memory computing and in-database analytics that are designed for fast results, scalability and more.
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
IoT device adoption is growing at staggering rates, and with it comes opportunity for developers to meet consumer demand for an ever more connected world. Wireless communication is the key part of the encompassing components of any IoT device. Wireless connectivity enhances the device utility at the expense of ease of use and deployment challenges. Since connectivity is fundamental for IoT device development, engineers must understand how to overcome the hurdles inherent in incorporating multipl...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
The paradigm has shifted. A Gartner survey shows that 43% of organizations are using or plan to implement the Internet of Things in 2016. However, not just a handful of companies are still using the old-style ad-hoc trial-and-error ways, unaware of the critical barriers, paint points, traps, and hidden roadblocks. How can you become a winner? In his session at @ThingsExpo, Tony Shan will present a methodical approach to guide the holistic adoption and enablement of IoT implementations. This ov...
In his session at 18th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., will focus on real world deployments of DDoS mitigation strategies in every layer of the network. He will give an overview of methods to prevent these attacks and best practices on how to provide protection in complex cloud platforms. He will also outline what we have found in our experience managing and running thousands of Linux and Unix managed service platforms and what specifically c...