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Lomiko TSXV: LMR Acquires 100% of Flake Graphite Resource with 4.1 M Tonnes Indicated Of 6.5% CG
VANCOUVER, BC and MONTREAL, QC / ACCESSWIRE / May 16, 2016 / Lomiko Metals Inc. ("Lomiko") (...
About this update from Lomiko Metals Inc.
[{"type":"text","content":"Lomiko TSXV: LMR Acquires 100% of Flake Graphite Resource with 4.1 M Tonnes Indicated Of 6.5% CGVANCOUVER, BC and MONTREAL, QC / ACCESSWIRE / May 16, 2016 / Lomiko Metals Inc. (\"Lomiko\") (TSX-V: LMR, OTCQX: LMRMF, FSE: DH8B) and Canada Strategic Metals Inc. (\"Strategic Metals\"\") (TSX.V: CJC; FSE: YXEN; OTC-BB: CJCFF) are pleased to announce the signature of an additional option Agreement on the La Loutre and Lac des Iles Property allowing Lomiko to acquire up to 100% interest in the project.\"The Properties are located close to the Imerys Carbon and Graphite Mine and benefits from similar infrastructure advantages and similar flake graphite grade, deposit size and near surface mineralization amenable to low cost, small footprint extraction. All of these elements make this an excellent candidate for a positive Pre-Economic Assessment.,\" stated A. Paul Gill, CEO, Lomiko Metals Inc., \"Additional resource definition in the Refractory Zone will bolster the PEA.\"Image: https://www.accesswire.com/uploads/Lomiko%205-16%201.jpgSubject to Lomiko having exercised the Additional Option signed on February 6, 2015, Canada Strategic will also grants to Lomiko the exclusive right and option (the \"Third Option\") to increase its undivided interest in and to the La Loutre Property and the Lac des Îles Property from 80% to 100% by paying to Canada Strategic an additional amount of $10,000, by issuing to Canada Strategic an additional 7,500,000 common shares of Lomiko and by funding Exploration Expenditures for an additional amount of $1,125,000 for a period commencing on the deemed exercise of the Additional Option and ending on December 31, 2018. Previous to this option, Lomiko owned 40% of the La Loutre and Lac des Iles Properties and had an option to increase ownership to 80% based on completing work and issuing shares.The La Loutre property consists of contiguous claim blocks totalling approximately 2,867.29 hectares (28.67 km2situated approximately 53 km east of Imerys Carbon and Graphite, formerly known as the Timcal Graphite Mine, North America’s only operating graphite mine, and 117 km northwest of the International Port of Montreal, key to shipping to North America and Europe. The Lac des Iles Property is directly west of the Imerys Graphite Mine. Lomiko is currently completing the 2nd option to acquire 80% of the La ...