Logan Copper Inc. acquires second graphite property
DELTA, BC, May 9, 2012/CNW/ -Logan CopperInc. ("LC"), (TSX.V: LC) is pleased to announce the acquisition of a second graphite property. This new 6,626 acre property "La Piece Perdue" is located near Notre-Dame-du-Laus, Quebec. It is about 130 kilometres North of Ottawa, Ont., and 42 kilometres South of Mont-Laurier, Quebec.
The property has excellent infrastructure and is 100 per cent owned by LC with no net smelter royalty attached. La Piece Perdue is located approximately 2.5 kilometres away from the past producing Asbury graphite mine that, according to historical records, produced an estimated 70,000 tons of graphite in the 1980's.
LC is currently compiling all of the historical geological data in preparation for upcoming exploration programs on our La Piece Perdue and Mayo graphite prospects. Further announcements will be made after review of the historical data.
About Graphite
Graphite is a polymer of carbon that comes in three naturally occurring forms - flake, amorphous, and lump. All three are found in metamorphic as well as igneous rocks, varying by grade, particle (mesh) size and moisture content. Graphite exhibits a number of characteristics, which make it a high value industrial mineral with a broad range of applications: it is an excellent conductor of heat and electricity, is resistant to strong acids and thermal shock, is a lubricant, is refractive and has the highest natural strength and stiffness of any known material
The commodity price of natural flake Graphite has steadily increased to as much as $3,000per tonne from $694per tonne in 2009. Industrial demand for graphite is growing at approximately 5 per cent annually.
Of the 1.1 million tonnes of worldwide graphite production, 800,000 tons (73%) comes from Chinawhere the closure of a number of natural graphite mines is reducing world-wide supply. Also, the government of Chinahas imposed a duty of 20% plus an additional 17% value added tax on exports of graphite causing increases to prices for consumers. Consumption of graphite continues to grow rapidly through increased use in ion batteries, carbon fibre reinforced plastics, and carbon alloyed metals. Furthermore, additional demand is anticipated for use in fuel cells and the construction of pebble bed nuclear reactors.
Some examples of uses of graphite are:
- An average fuel cell vehicle will use 80 kilograms of graphite.
- An electric car will require 25-50 Kilograms of graphite,
- Pebble Bed Nuclear Reactors require "3,000 tonnes of graphite at start-up and 600 to 1,000 tonnes per year".
Chinahas one operating prototype of a Pebble Bed Nuclear Reactor and has firm plans to build 30 more by 2020. Researchers at West Virginia University estimate that "500 new 100 GW pebble reactors will be installed in the US by 2020 with an estimated graphite requirement of 400,000 tonnes" (annually).
"We seek safe harbor"
For further information:
please visit www.logancopper.comor call 1-866-940-9110.