Business
Elcora Resources announces the appointment of Dr. Ian Flint as VP of Processing and Refining and closes transaction with Sakura Graphite (PVT) Ltd.
(Not for distribution to US wire services or for dissemination in the United States of Am...
About this update from Elcora Advanced Materials Corp.
[{"type":"text","content":"\n\n\n(Not for distribution to US wire services or for dissemination in the\n United States of America)\n\n\nTrading Symbol:  ERA:TSX-V\nShares Issued:  39,619,980\n\n\nHALIFAX, June 30, 2014 /CNW/ - Troy Grant, President and CEO of ELCORA RESOURCES CORP. (TSXV: ERA), (the \"Company\" or \"Elcora\"), is pleased to announce that it\n has completed the purchase of 40% of the issued and outstanding shares\n of Sakura Graphite (PVT) Ltd of Sri Lanka (\"Sakura\") and it has\n appointed Dr. Ian Flint as VP of Processing and Refining.  .\n\n\nWith the purchase of Sakura complete, Elcora will immediately start to\n focus on the processing and refining of the graphite deposit at the\n Sakura Graphite Mine and Dr. Ian Flint's experience and background in\n graphite processing is crucial to Elcora's plan get into production in\n the next year.  Dr. Flint brings 30 years of graphite experience\n including metallurgical test work, process development & engineering,\n plant & equipment design and operations.  Dr. Flint also brings years\n of graphite research experience into different Graphene applications to\n the company.  Dr. Flint states: \"The material at the Sakura Graphite\n Ragadara mine shows very unique and excellent promise for high end\n applications and I am excited to commence processing this graphite into\n a high quality form.  The resulting Elcora processing plant will be a\n large step forward for Sri Lanka and should re-establish Sri Lanka as a\n reliable, high quality graphite producer\"\n\n\nAs previously announced (See PR dated May 13, 2014), Elcora entered into\n an arm's length binding definitive share purchase agreement dated March\n 25, 2014 (the \"Agreement\") with Sakura to purchase 40% of the issued\n and outstanding shares of Sakura (the \"Transaction\").  Sakura operates\n the Sakura Graphite Mine located on Sakura's leased plots totaling 70\n acres in Sri Lanka (the \"Mine\"). The industrial mining license,\n exploration licenses and environmental license for the Mine are\n currently being held by J.D.K. Wickramaratne for the sole benefit of\n Sakura and will be transferred to Sakura upon renewal. In addition,\n Elcora will earn 20% of the net income from the Mine as the Mine\n operator, and an additional 30% of the net income from the Mine for\n managing the proc...