Canada Carbon Reports Significant Initial Graphite Grades as High as 49.4%Cg from Grab Samples off the Miller Lump/Vein

Canada Carbon Reports Significant Initial Graphite Grades as High as 49.4%Cg 
from Grab Samples off the Miller Lump/Vein Property 
OAKVILLE, ONTARIO -- (Marketwire) -- 02/21/13 -- Canada Carbon Inc.
(formerly Bolero Resources Corp.) (the "Company") (TSX VENTURE:CCB),
(FRANKFURT:U7N1) is pleased to announce its first grab sampling
results from their past producing Miller lump/vein graphite mine
approximately 60 km west of Montreal. The new grab samples were taken
from graphite-rich veins (15 cm thick) clearly visible in the open
pit (see pictures below) and yielded remarkably significant grades
upon assaying by Actlabs in Ancaster, Ontario. The sampling program
represents the initial steps in Canada Carbon's plans to re-open the
former Miller mine as quickly as possible.  
Mr. Paul Ogilvie, the CEO of Canada Carbon commented: "Success in the
graphite sector is a function of many elements but at the top of that
list is access to high grade natural graphite It offers the
opportunity for low production and product costs which in turn will
attract customers and represent a key competitive advantage in the
graphite markets. Our team has extensive experience in the graphite
space and most have never seen anything like these new samples from
Miller. It is not uncommon to encounter properties where graphite
flakes can be disseminated in grades from as low as 1.2% to 22%. To
be seeing grades from Miller in our first grab samples as high as
49.4%C is encouraging and supports our belief that our lump/vein
project warrants further research and material sampling".  
Stephen Riddle, CEO of Asbury Graphite Mills Inc., a widely regarded
expert in the graphite and carbon industry commented: "Canada
Carbon's Miller Mine has a unique natural graphite vein. I am told
the Carbon grade runs between 49 to 85% graphitic carbon which should
then make this graphite deposit less expensive to increase the purity
to current Natural Graphite market purity requirements. Knowing that
the Miller Graphite Mine operated in the past should also be a
benefit. The graphite industry looks forward to seeing a new long
term source of Natural Graphite available from this Mine."  
This view was supported by Dr. Remi Charbonneau, Ph.D., P.Geo an
associate of Inlandis Consultants and Canada Carbon's qualified
person (QP) on the Miller project: "As a geologist it is always
interesting to observe exceptional geological formations holding a
commercial development potential. In the case of Miller, we have
established the distribution of these Lump veins which may offer
Canada Carbon the opportunity to supply the market with a
high-quality low cost natural graphite product". 
To view Figures 1-3, please visit the following link: 
The former producing Miller property is situated approximately 60
miles west of Montreal and approximately the same distance east of
Ottawa. It is located north of Grenville city in the Laurentian
Hills. The entire region has been the subject of extensive review and
past production going back 100 years or more. According to a
publication for the Canadian Department of Mines published in 1907
(historic and non-compliant by NI 43-101 standards) and entitled
'Graphite: Its Properties, Occurrence, Refining and Uses' by Mr.
Fritz Cirkel, M.E., in the early 1900's sixty-five tons of vein
graphite were mined from Miller and sent to the Globe Refining
Company of Jersey City, N.J. This yielded thirty-two tons of clean
crucible graphite. The Morgan Crucible Company of London and also
J.H. Gauthier and Company, Jersey City, used some of this graphite in
their crucibles and pronounced it equal to the best graphite known to
come from Ceylon (now Sri Lanka).  
The field team was able to localise a pit that correspond with such
historic production. The access is easy due to existing trails. The
pit is about 85 metres long and 6 to 10 metres wide. The pit is made
of three sections making a "Z" form with the longest line being of
east-west direction (see figure below). One of the mineralized veins
of the Miller Mine was found at surface, along the southern pit wall
on the southwest section of the pit.  
The mineralization consists of two massive veins (70-90% visual
graphite) of 4 centimetres to 15 centimetres thick in a graphitic
marble unit (10-30% graphite). This zone was found a few metres away
from a pegmatite and marble contact, which is coherent with historic
data. Samples A41170 (49.4% Cg) is a grab sample coming from the
graphite veins and the mineralized marble while sample A41171 (32.4%
Cg) is a grab sample coming from the overall mineralized zone. The
orientation of the vein is N240 degrees, steeply dipping to the
northwest with a dip of 80 degrees. 
A smaller 2 centimetres vein was found a few metres north of the
mineralized zone and had an orientation of NNW-SSE with vertical dip.
Sample A41172 (10.7% Cg) is a grab sample from this veins and its
graphitic marble host. Other samples were grab samples in paragneiss
all around the pit and contained 0.22% Cg to 1.2% Cg. 
Observation of a high grade graphite vein left untouched at surface
of the pit gives a good idea of the graphite grade mined and what was
considered good material for mining at the time. This also reveals
that we can hope to find equal or better grade graphite where mining
ceased in 1900 on the other 4 veins mined on the property. Vein type
deposits usually hold high purity graphite along with bigger flake
size in comparison with other deposit types, allowing a favourable
mining context. Scanning Electron Microscope in the near future will
allow determining the morphology, size, and purity of the graphite
Natural graphite occurs in three forms: flake, amorphous and
lump/vein. Grades (ie. %Cg) within these forms can range from 2% to
upwards of 50% depending on its type and location. Lump or vein
deposits such as those found most often in Sri Lanka often display
these high grade profiles and are highly sought after by both
producers and graphite customers. This is because purity is a key
consideration within the graphite sector. For producers, the higher
the grade, the lower the production cost. This also often means that
milling plants can be constructed with a lower overall capital
expenditures (capex) budget, and in turn produce higher rates of
investment return.  
For customers it offers the opportunity to reduce supply costs,
decrease subsequent processing costs, and offer more flexibility in
product applications. For example, lump or vein graphite has been
shown to be highly conductive and requires less binder compounds when
being formulated into finished products. It is therefore significant
that the initial samples from Canada Carbon's Miller property are
demonstrating the extremely high grades associated with lump or
vein-like properties in Sri Lanka. 
Canada Carbon believes that if the Miller mine can be brought back
into production, the combination of a potentially high grade natural
graphite lump/vein property located so strategically near all
necessary infrastructure and North American markets could represent a
breakthrough in low cost graphite production that would be extremely
attractive to graphite customers. Proposed plans are subject to
definition of current resources and analysis of economic viability.
There is no certainty of success. In light of these significant
preliminary results CCB is planning a comprehensive geological
evaluation of the property commencing immediately. This will entail
complete mapping, further identification of the past pits and
production zones; an IP survey; a larger more detailed surface
sampling program including channel samples; high purity testing; and
plans for a broad drill program this spring. CCB will be mobilizing
its geological team shortly based on site conditions. It will also
begin work on completion of a new NI 43-101 for the Miller property
and will provide shareholders with additional updates in the coming
Canada Carbon has implemented a quality assurance/quality control
program at the Miller property supervised by Mr. Remi Charbonneau,
Ph.D., P.Geo. To ensure samples and data are collected accurately a
clear chain of custody of samples is used from the site to the
laboratory. The samples were bagged on site and were shipped by
courier for analysis to Actlabs in Ancaster, Ontario. Actlabs is an
accredited Laboratory meeting international standards ISO 9001:2000
with certification No. CERT-0032482 and the Canadian Association for
Laboratory Accreditation Inc. Standard ISO/IFC170252005 accreditation
No. A3200. At the laboratory, the samples were prepared by drying,
crushing (less than 7 kg) up to 90% passing 10 mesh, riffle splitting
(250 g) and pulverizing (mild steel) to 95% passing 105micron.
Graphitic carbon assaying was done by multistage furnace treatment
and infrared absorption. 49 Multi-element analysis was also done on
the samples by aqua regia digestion and Varian ICP analysis. The
analytical package include analysis for Ag, Cd, Cu, Mn, Mo, Ni, Pb,
Zn, Al, As, B, Ba, Be, Bi, Ca, Co, Cr, Fe, Ga, Hg, K, La, Mg, Na, P,
S, Sb, Sc, Sr, Ti, Te, Tl, U, V, W, Y, and Zr. Duplicate analyses
were done at the laboratory for purpose of quality assurance and
quality control. No other quality assurance or quality control
program was carried on for the purpose of this exploration program. 
Shown in the table below is the list of samples assembled during
initial review of the property in early February, and the assay
results provided by Actlabs. Grab samples are selective by nature and
are unlikely to represent average grades of the deposits. 

                          MILLER GRAPHITE PROPERTY                          
                                                            Assayed Grade   
     Sample ID      X (UTM NAD83 Z18)  Y (UTM NAD83 Z18)         (%Cg)      
       A41170             530714            5058006             49.4%       
       A41171             530714            5058012             32.4%       
       A41172             530713            5058003             10.7%       

Qualified Person: Remi Charbonneau, Ph.D., P. Geo #290 an Associate
of Inlandsis Consultants s.e.n.c., is the Independent Qualified
Person under National Instrument 43-101. Remi has reviewed and
approved this release and was involved in the preparation of the
technical information. 
Canada Carbon is a carbon sciences company - our goal is to be an
efficient graphite mining, sales and production company. We are
trying to achieve this by deploying proprietary technologies in our
post mining and pre-milling air classification systems, sound
environmental policies, best practices companywide and employing the
best people available to us. Together, our goals will be realized by
being customer centric and using leading edge technologies. 
Canada Carbon holds 100% interest in five graphite properties: The
Asbury, Miller, Walker, Dun Raven and Maria. The Asbury Mine is
located north of the Ottawa-Gatineau area. The open pit mine and mill
were in operation from 1980 to 1989 where a total of less than 70,000
tons were processed. The Miller mine is located northeast of Ottawa
in Grenville Township. This mine was worked around 1845 and was
probably the first graphite operation in Canada. It is reported that
25 cars of lump graphite were shipped from this deposit in the 1900s. 
The Walker Mine is a past producer with about 816 tons of graphite
extracted from the mine between 1876 and 1920. The mine is located
northwest of Buckingham, in Buckingham Township. The Dun Raven
graphite deposit is easily accessible a few hours west of Montreal,
in Thorne Township. The Maria Graphite Project is located in Maria
Township, south of the community of Bissett Creek on the Trans Canada
Highway between the cities of Ottawa and North Bay, Ontario. These
claims surround and are contiguous to Northern Graphite's Bissett
Creek graphite deposit. Northern Graphite recently reported the
extraction of very large high purity flake graphite consistent across
the entire resource with overall recovery rates of 97%. (NGC.V News
Release 23/04/2012).  
FORWARD LOOKING STATEMENTS: This news release contains
forward-looking statements, which relate to future events or future
performance and reflect management's current expectations and
assumptions. Such forward-looking statements reflect management's
current beliefs and are based on assumptions made by and information
currently available to the Company. Investors are cautioned that
these forward looking statements are neither promises nor guarantees,
and are subject to risks and uncertainties that may cause future
results to differ materially from those expected. These
forward-looking statements are made as of the date hereof and, except
as required under applicable securities legislation, the Company does
not assume any obligation to update or revise them to reflect new
events or circumstances.  
All of the forward-looking statements made in this press release are
qualified by these cautionary statements and by those made in our
filings with SEDAR in Canada (available at  
"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." 
Canada Carbon Inc.
Paul Ogilvie
Chief Executive Officer
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