(via Thenewswire.ca)
Vancouver, B.C. / TheNewswire / July 3, 2015 - BIG NORTH GRAPHITE CORP. (TSX-V: NRT) (the "Company" or "Big North"), announces that further to its news release issued on June 5, 2015, the Company has decided that it will not proceed with its option on the El Tejon property. As a result of falling graphite prices, currently at a four year low, and current market conditions, the Company is unable to maintain property payments and to move the El Tejon project forward. Pursuant to the terms of the acquisition agreement, the Company is in the process of returning the El Tejon property to the vendors, at which time, Big North will have no further obligations or liabilities with respect to the El Tejon project.
Future plans will be released to the market as they are finalized by the Board of Directors.
ON BEHALF OF THE BOARD
(signed) "Spiro Kletas"
Spiro Kletas
President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.
LEGAL_23606061.1
Copyright (c) 2015 TheNewswire - All rights reserved.