Montreal Quebec, June 11, 2020 (GLOBE NEWSWIRE) -- Montreal, Quebec, June 11th, 2020 – SRG Mining Inc. (TSXV: SRG) (“SRG” or the “Company”) today provides an update on recent activities related to its Lola graphite project (the “Project”).
The Company has recently signed its 6th offtake agreement for 8,000 tonnes over a three-year period. This brings the total signed off-take agreements to 136,000t over three years. These agreements represent approximately 90% of the Company’s anticipated production over that period. Our clients operate in various markets including refractories, expandable graphite and battery anode material. We remain actively engaged with several potential clients to continue to sign off-take agreements for our graphite production.
The Company continues to believe in signing sales agreements for the anticipated production and having many potential clients test and qualify our material. These efforts will remain ongoing throughout the life of the Project.
Off-take Agreement per flake size (tonnes/year)
| Tonnes/year |
Year 1 |
Year 2 |
Year 3 |
| +50 Mesh |
2500 |
2500 |
2500 |
| +80 Mesh |
13900 |
15850 |
17350 |
| +100 Mesh |
5900 |
6850 |
7350 |
| -100 Mesh |
12700 |
21800 |
26800 |
| Total |
35000 |
47000 |
54000 |
About SRG Mining
SRG Mining is a Canadian-based mining company focused on developing the Lola graphite deposit located in the Republic of Guinea, West Africa. SRG is committed to operating in a socially, environmentally, and ethically responsible manner.
For additional information, please visit SRG’s website at www.srgmining.com.
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Forward-Looking Statements
This press release contains "forward-looking information" within the meaning of Canadian securities legislation. All information contained herein that is not clearly historical in nature may constitute forward-looking information. Generally, such forward-looking information can be identified by the use of forward-looking terminology such as “firm”, “anticipated”, “potential”, “will”, “continue”, “demonstrate”, “deliver”, “believe”, or variations of such words and phrases or state that certain actions, events or results "may", "could", "would" or "might". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: (i) volatile stock price; (ii) the general global markets and economic conditions; (iii) the possibility of write-downs and impairments; (iv) the risk associated with exploration, development and operations of mineral deposits and mine plans for the Company’s mining operations; (v) the risk associated with establishing title to mineral properties and assets including permitting, development, operations and production from the Company’s operations being consistent with expectations and projections; (vi) fluctuations in commodity prices, finding offtake takers and potential clients or enforcing such agreements against same and other risks and factors described or referred to in the section entitled "Risk Factors" in the MD&A of the Company and which is available at www.sedar.com, all of which should be reviewed in conjunction with the information found in this news release.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Such forward-looking information has been provided for the purpose of assisting investors in understanding the Company's business, operations and exploration plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is given as of the date of this press release, and the Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.
Ugo Landry-Tolszczuk SRG Mining ugo.landry.tolszczuk@srgmining.com