SRK

Strike Graphite Corp. ("the Company" or "Strike") (TSX VENTURE:SRK) is pleased
to announce that it has entered into an agreement to acquire an 80% undivided
interest in approximately 1.25 million acres (505,000 hectares) of mineral
claims located within east-central Saskatchewan (the "Sask Craton Property"). In
addition, it has concurrently entered into a separate agreement to acquire 80%
of a contiguous property (the "Sask Craton North Property") totaling
approximately 92,450 acres (37,400 ha). The Sask Craton Property and the Sask
Craton North Property comprise the largest mineral tenure position in the
emerging diamond district established by the recent discovery of diamondiferous
kimberlite within the Pikoo Property by North Arrow Minerals Inc. ("North
Arrow") and Stornoway Diamond Corp ("Stornoway"). 


"This major land package located within the central parts of the Sask Craton
provides the shareholders of Strike with an exceptional opportunity to explore
for and discover kimberlites within what is considered an underexplored region,
which is highly prospective for diamonds. By structuring deals without any
minimum exploration requirements or upfront cash, Strike has provided itself
with significant flexibility to advance these projects," stated Geoff Balderson,
President & CEO of Strike.


A map of the Sask Craton Property and Sask Craton North Property may be viewed
on the Company's website at: 


http://www.strikegraphite.com/images/srk_sask_craton_properties.pdf

About the Sask Craton Properties

The area is underlain at depth by the Sask Craton, which is interpreted to
exceed 100,000 square kilometers and extends for 200 kilometers along strike;
while it is transected by the regional Tabbenor Fault System. This long lived,
regional feature extends for over 1500 km along an approximate north-south
orientation. The Company believes this tectonic environment to be ideal for the
emplacement of kimberlite, within an area underlain by a favorable basement
terrane. Other notable kimberlite fields within the Sask Craton include those at
Candle Lake and Fort a la Corne.


During 2013, North Arrow conducted a limited drill program to test two distinct
kimberlite indicator mineral trains on their adjoining Pikoo Property. North
Arrow's November 5, 2013 press release characterized the PK 150 kimberlite which
returned 745 diamonds larger than 0.106 from 209.7 kg of drill core. The
estimated grade for diamonds greater than 0.85 mm was 1.34 carats per tonne.
Based on three holes, the kimberlite has approximate dimensions of 75 m along
strike by 10 to 15 meters wide, and is open along strike and at depth.


Terms of the Sask Craton Property Agreement are as follows:



--  1,000,000 common shares to one of the vendors; 
--  1,000,000 share purchase warrants, each warrant exercisable into one
    common shares of the Company at an exercise price of $0.25 per share for
    a period of 3 years for the date of issue; 
--  Cash payments beginning November 1, 2014 and extending through February
    1, 2016, totalling $553,028.30; 
--  The Vendors shall retain a 20% carried interest up to, but not
    including, mine construction, as well as a 3% gross royalty.



Terms of the North Sask Property Agreement are as follows:



--  449,145 common shares to the vendors; 
--  The Vendors shall retain a 20% carried interest up to, but not
    including, mine construction, and a 3% gross royalty.



Both the Sask Craton Property and the Sask Craton North Property acquisitions
are subject to acceptance of the TSX Venture Exchange.


Mineralization on the Pikoo Property is not necessarily indicative of
mineralization on the Sask Craton and Sask Craton North properties.


Shares for Debt Settlements

Strike is very pleased to announce that it has entered into shares for debt
settlement agreements to convert the majority of outstanding debt owed by the
Company. Settlement agreements have been reached with holders representing
approximately $562,115.42 of existing debt owed by the Company, which shall be
converted into common shares at a deemed price of $0.05 per share, for a total
share amount proposed to be issued of approximately 11,242,308 common shares. 


"We are pleased to have reached share for debt agreements on the balance of our
outstanding obligations. This proposed settlement will substantively improve our
balance sheet and enable the Company to move forward while adding value for our
shareholders," stated Geoff Balderson, President & CEO of Strike.


The debt settlement transaction is subject to the acceptance of the TSX Venture
Exchange.


Darren Smith, P.Geo., is a Qualified Person pursuant to National Instrument
43-101, and has reviewed and approved the technical disclosure in this news
release.


On behalf of the Board of Directors,

Geoff Balderson, President. 

Certain information set out in this news release may constitute forward-looking
statements or forward-looking information within the meaning of applicable
securities laws (collectively, "Forward-Looking Statements"). All statements,
other than statements of historical fact, that address activities, events or
developments that the Company believes, expects or anticipates will or may occur
in the future are Forward-Looking Statements. Forward-Looking Statements are
often, but not always, identified by the use of words such as "seek,"
"anticipate," "believe," "plan," "estimate," "expect," and "intend" and
statements that an event or result "may," "will," "can," "should," "could," or
"might" occur or be achieved and other similar expressions. Forward-Looking
Statements are based upon the opinions and expectations of the Company based on
information currently available to the Company. Forward-Looking Statements are
subject to a number of factors, risks and uncertainties that may cause the
actual results of the Company to differ materially from those discussed in the
Forward-Looking Statements including, among other things, the Company has yet to
generate a profit from its activities;

there can be no guarantee that the estimates of quantities or qualities of
minerals disclosed in the Company's public record will be economically
recoverable; uncertainties relating to the availability and costs of financing
needed in the future; competition with other companies within the mining
industry; the success of the Company is largely dependent upon the performance
of its directors and officers and the Company's ability to attract and train key
personnel; changes in world metal markets and equity markets beyond the
Company's control; mineral reserves are, in the large part, estimates and no
assurance can be given that the anticipated tonnages and grades will be achieved
or that the indicated level of recovery will be realized; production rates and
capital and other costs may vary significantly from estimates; unexpected
geological conditions; delays in obtaining or failure to obtain necessary
permits and approvals from government authorities; all phases of a mining
business present environmental and safety risks and hazards and are subject to
environmental and safety regulation, and rehabilitation and restitution costs;
the Company does not maintain insurance against environmental risks; and
management of the Company have experience in mineral exploration but may lack
all or some of the necessary technical training and experience to successfully
develop and operate a mine. Although the Company believes that the expectations
reflected in the Forward-Looking Statements, and the assumptions on which such
Forward-Looking Statements are made, are reasonable, there can be no assurance
that such expectations will prove to be correct. Readers are cautioned not to
place undue reliance on Forward-Looking Statements, as there can be no assurance
that the plans, intentions or expectations upon which the Forward-Looking
Statements are based will occur. Forward-Looking Statements herein are made as
at the date hereof, and unless otherwise required by law, the Company does not
intend, or assume any obligation, to update these Forward-Looking Statements.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.


We seek safe harbor.

FOR FURTHER INFORMATION PLEASE CONTACT: 
Strike Graphite Corp.
604.602.0001
604.488.0886 (FAX)
info@strikegraphite.com
www.strikegraphite.com

Strike Diamond Corp. (TSXV:SRK)
Historical Stock Chart
Von Mai 2024 bis Jun 2024

Strike Diamond Corp. (TSXV:SRK)
Historical Stock Chart
Von Jun 2023 bis Jun 2024