MONTREAL, QUEBEC--(Marketwire - March 15, 2012) - Amseco Exploration Ltd.(TSX VENTURE:ALE) is acquiring 25,362 hectares (254 km2) in a district known to host multiple graphite occurrences. The Company will have 100%-control of the 469 claims. As part of an ongoing strategic plan announced last month, the Company has decided to expand its traditional precious metals exploration activities to also include industrial minerals. This decision has been made based on rapid growth of the market for graphite and other industrial minerals.
To complete the acquisition, Amesco will pay $15,000 in cash and issue 3 million shares from the treasury on closing. The Vendors will retain a 2% Net Smelter Return Royalty of which 1% can be bought back by Amseco for $500,000.The closing of this transaction is conditional upon receipt of TSX Venture Exchange approval.
Amseco will issue a geologic overview of the historical compilation, surface geophysics and mapping on the Manic and Tetepisca properties in the next few days.
These properties are all located in the general area of the southwest bank of the Manicouagan Reservoir, within approximately 20 to 25 kilometres of the Manic V electric dam, close by to projects controlled by Cliff Resources, St-Georges (SX), Focus Metals and others. The project is approximately 215 km north of the Quebec North Shore deep sea port town of Baie-Comeau. The project area is accessed by Highway 389, the national road connecting Baie-Comeau and Labrador, plus logging roads.
In recent years, the demand for graphite has doubled to one million to 1.2 million tons, and is expected to keep rising. Forty per cent of the total is for flake graphite, for which new uses are found in emerging technologies, the most significant being lithium-ion batteries. The latter is expected to raise demand for flake graphite to nearly 1.6 million tons in the next 10 years, as the demand for electric vehicles and lithium battery technology booms. In addition, the demand for graphite for traditional uses is rising as emerging countries enter an era of industrial modernization. The automotive and steel industries account for the largest demand for graphite, which is rising by 5 per cent annually. Other considerable applications of graphite include nuclear power, fuel cells, solar thermal collectors, vanadium batteries and additional uses.
About Amseco Exploration Ltd
Amseco Ltd is a mineral exploration company focused on discovering high-quality Gold in the Abitibi – Quebec (Barry-Urban) and Ontario (Tisdale), James Bay (Radisson) and Eastern Townships (Appalachian Geological Province) and in high-quality Graphite in the St-Lawrence North Shore - Manic Five (Grenville Geological Province) areas. Led by a determined management and technical team with extensive exploration and mining experience, Amseco holds interests in properties with potential for both precious and industrial minerals.