Galaxy Graphite Corp Acquires Parent Graphite Property, Quebec; Adds to Board
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 10/01/13 -- Galaxy
Graphite Corp. (TSX VENTURE: GXY) (the "Company" or "Galaxy") is
pleased to announce that it has signed a purchase agreement with
Ressources Maxima Inc, of Ste-Anne-du-Lac, Quebec, to acquire a 100%
interest in six claims (345 hectares), the Parent property.
The terms of the purchase agreement include a cash payment of $5000
and 400,000 shares of Galaxy. The cash component is payable on
receipt of approval from the TSX Venture Exchange, as is the issuance
of 200,000 shares. The remaining 200,000 shares are to be issued
twelve months from Exchange approval.
New Board Member:
The Company is also pleased to announce that Jeff Poloni has been
appointed to the company's Board of Directors, with immediate effect.
Parent Graphite Property, Quebec:
The Parent property is located approximately 20 km NW of the town of
Parent, PQ and 300 km NNW of Montreal. It is located within eight km
of an all-weather highway. CN Rail provides railway service to
Parent. Geologically, the project is located within the Grenville
Province, in a metasedimentary belt comprising mainly quartzites. A
recent site visit by Galaxy noted a wide zone of quartzites with
abundant graphite content. A field program of line cutting,
prospecting and sampling, along with ground geophysics, is scheduled
to commence on October 21st, immediately after the current hunting
season is finished. This will be followed by a drill program.
Update on Buckingham Property:
The planned drill program on the Buckingham property has been delayed
while issues with local zoning bylaws are addressed. The Municipality
of L'Ange-Gardien has indicated that a change in the zoning would be
required to permit drilling operations. The Company is reviewing
possible courses of action.
The Company also announces that 2,450,000 incentive stock options at
a price of $0.055 have been issued to various members of the Board
and management team, in accordance with the Company's approved Stock
Galaxy Graphite Corp (TSX VENTURE:GXY) is a publicly traded Canadian
exploration company which is focused on exploring and developing
graphite properties, especially in the Grenville geological province
in eastern Canada. In addition, the company is exploring a highly
prospective gold property in northeastern Saskatchewan, Brownell
Chris M. Healey, P.Geo, President and CEO of Galaxy, and a Qualified
Person as defined by National Instrument 43-101, has reviewed and
approved the technical content of this release.
ON BEHALF OF THE BOARD
Chris M. Healey, President and CEO
We seek safe harbor.
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.
Galaxy Graphite Corp.
Chris M. Healey
President and CEO
(604) 921-1898 (FAX)
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