Toronto, Ontario, Canada, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Canada Carbon Inc. (the "Company" or "Canada Carbon") (TSX-V:CCB),(FF:U7N1) is is pleased to announce that it has entered into an Amended Surface Access Agreement (the “Surface AccessAgreement”) with 9007-2224 Quebec Inc. (the “Landholder”) in respect to its Miller Property located in Grenville Township in Quebec (the “Miller Property”). The Surface Access Agreement, which supersedes the Amended Surface Access Agreement dated August 17, 2018, provides the Company with surface access for another five years commencing on August 17, 2023 (the “Term”) and allows the Company to carry out a regular graphite prospecting and exploration program including, but not limited to, conducting topographic, geological, geochemical and geophysical surveys, conducting underground or surface excavations, explorations and drillings, digging and trenching, and obtaining and testing geochemical or metallurgic samples.
Pursuant to the Surface Access Agreement, and subject to the prior approval of the TSX Venture Exchange, the Company has agreed to pay the Landholder $8,000 in cash (plus applicable tax) in the first year of the Term, and for each subsequent year of the Term and until the Company begins operating the Miller Property as a mine (not including milling for the purposes of testing or milling by a pilot plant) (“Commercial Production”), the Landholder may elect to receive either 40,000 common shares in the capital of the Company, or a payment of $8,000 in cash (plus applicable tax).
Should Canada Carbon begin Commercial Production during the Term, the payments outlined above will cease and the Landholder will be entitled to a 2.5% net smelter royalty upon and subject to the terms of a Royalty Agreement with the Landholder (the “Royalty Agreement”).
The Surface Access Agreement grants the Company an exclusive and irrevocable option to acquire or lease all or part of the Miller Property from the Landholder reasonably necessary for the extraction of mineral substances (the “Option”). If the Company exercises the Option, either by acquiring or leasing all or part of the Miller Property prior to the expiry of the Term, the Term will be extended through the period of Commercial Production.
About Canada Carbon Inc.
Canada Carbon Inc. is a mining exploration and development company focused on the acquisition, exploration and development of graphite deposits. The Company holds a 100% interest in two strategic, past-producing graphite properties located in Quebec: the Miller Graphite Project located in Grenville-Sur-La-Rouge and the Asbury Graphite Mine located in Notre-Dame-du-Laus. Canada Carbon is committed to realizing its potential as a high-quality graphite producer while maintaining the highest standards of social and environmental responsibility. For more information on Canada Carbon's mining activities,
please visit our website at www.canadacarbon.com.
CANADA CARBON INC.
“Ellerton Castor”
Chief Executive Officer and Director
https://stockhouse.com/news/press-releases/2023/08/24/canada-carbon-extends-surface-access-rights-at-miller-property