TORONTO, March 23, 2015 (GLOBE NEWSWIRE) -- Great Lakes Graphite Inc. ("Great Lakes", "GLK" or the "Company") (TSX-V:GLK) (OTC:GLKIF) (FWB:8GL) is pleased to announce that it has entered into a 5 year supply agreement with DNI Metals Inc. ("DNI") for the procurement of natural flake graphite concentrate.
Under the terms of the agreement, GLK will have the ability to purchase up to 34,000 tonnes of material from DNI, which will be sent to the Matheson Micronization Facility for the production of micronized flake graphite. To ensure final product consistency and quality, all of the concentrate will be sourced from a mill that has met the testing requirements performed by the company over the last 6 months.
GLK's CEO Paul Gorman said, "Covenant of long-term supply is a critical prerequisite for initiating commercial operations later this year. With the supply agreement in place and work underway on the Matheson facility, GLK will now intensify its focus on product sales and ramp up activities involved in customer sampling and negotiation for off-take agreements."
Dan Weir, CEO of DNI Metals said, "We are excited to launch a new chapter for DNI Metals with the announcement of this supply agreement with Great Lakes Graphite. This agreement was able to come together quickly because our experience and capabilities in different regions. A great deal of time has been invested in building relationships with Industrial Mineral Companies. We look forward to a long lasting strategic relationship with GLK."
About DNI Metals: DNI Metals Inc. (formerly Dumont Nickel Inc.) is a Canadian corporation listed on the TSX Venture Exchange and the Frankfurt Stock Exchange. Its affairs are directed by management who are substantial shareholders, and all of its properties are under active exploration.
About Great Lakes Graphite: Great Lakes Graphite Inc. is an industrial minerals company focussed on bringing carbon products to a well defined market through a vertically integrated supply chain.
As there is currently no significant graphite production in North America, Great Lakes Graphite has the ability to become one of the first domestic suppliers to a growing regional customer base that requires high quality natural graphite, where pricing and demand continue to rise.
The Company, through strategic acquisitions and capable management is becoming a leader in the industrial minerals marketplace.
The Company through its Innovations Division is currently recommissioning an Ontario based Micronization Facility for re-start in late 2015 to achieve the following objectives:
- Establish a position in the upgraded graphite products market with North American customers.
- Create a competitive and disruptive advantage by leveraging existing assets.
- Pursue an accelerated timeline to cash flow and revenue by micronizing and upgrading flake graphite, enabled by supply agreements with current graphite producers.
- Develop customer relationships that will, in the longer term, position the Company to pursue off-take arrangements for Great Lakes' 100% owned Lochaber Graphite Deposit, located in SW Québec.
The Lochaber Graphite Deposit is located just 30km east of Ottawa, in southwestern Québec. The Company has also entered into option and joint venture agreements with Eloro Resources Inc. on the Summit-Gaber Cobalt property located in the La Grande Greenstone Belt in the Baie James region of Québec. Further information regarding Great Lakes can be found on the Company's website at:www.GreatLakesGraphite.com.
Great Lakes Graphite trades with symbol GLK on the TSX Venture Exchange and currently has 78,714,820 shares outstanding (107,602,456 fully diluted).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.