UPDATE: Northern Graphite Comments on Market Activity, Provides Corporate Update; Shares Fall 15% Late Morning
Northern Graphite Corporation (NGC.V) today said that it is not aware of any reason for the recent rise in the company's share price. There are no undisclosed material changes in the affairs of the Company that might have caused an increase.
Gregory Bowes, CEO, commented that "recent Chinese restrictions on new and existing graphite producers, positive comments by industry analysts and the end of year end tax loss selling may all have had some effect." He said the next few months would be very busy. NGC anticipated being in a position to make announcements on:
- approval of the Mine Closure Plan which is the major permit needed to commence construction
- equipment financing
- the commencement of detailed engineering and design
- results from a review of assay procedures and the reasons for a potential grade understatement
- results of the 2012 drill campaign
- a new resource estimate with the objective of upgrading inferred resources to indicated
- guidance on the capital and operating costs of an upgrading facility to produce high purity and spherical graphite
- an update on the bankable feasibility study economics based on the new resource model.
NGC is down 19 cents or 15.45% to $1.04.
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