Stockwatch news comments 2012-09-11 16:53 ET - Market Summary
by Will Purcell
Gary Economo's Focus Graphite Inc. lost six cents to 57 cents on 1.13 million shares after Mr. Economo acknowledged his promotion of the Lac Knife graphite project in Quebec outran the company's regulatory compliance. He offered a mea culpa yesterday for touting mine plans and economic estimates based on non-compliant information. The offending pitch has been removed from Focus's website but no matter; Mr. Economo should have a compliant preliminary economic assessment in a few weeks. Such assessments are colloquially known as dream sheets and for good reason: rare is the preliminary study that is not overly optimistic. (Full feasibility studies usually return to mining reality.) Lac Knife does have a measured and indicated resource of nearly five million tonnes averaging 15.76 per cent graphite, and another three million tonnes inferred, averaging 15.6 per cent graphite.