DNI METALS INC. (DNI: TSX-V) / (DG7: Frankfurt)
TORONTO, July 13, 2015 /CNW/ - DNI Metals Inc. "DNI" is pleased to announce that it is ramping up the development of its Madagascar Graphite Project, with the help of its recently appointed country manager.
There are 3 known graphite mineralized zones running through the claims. DNI will initially focus on the main zone of mineralization, known as "Vohitsara".
The word Vohitsara means "Good Mountain" in the language of Madagascar and is an appropriate reference to the main zone which is literally a mountain of graphite.
The zone extends for in excess of 1.5 kms north-south parallel to the main national highway.
As announced on June 15, 2015, DNI acquired a mining lease in Madagascar.
- The lease consists of 7 blocks, totaling 43 square kms. (see map above)
- It is located 47 kms from the newly renovated, main Madagascar Port in the city of Toamasina
- There are producing graphite mines to the north and south of the claims
- Madagascar's major highway runs through the project, 1 km from the main zone.
DNI has decided to extend the Private Placement announced May 27, 2015, for another 30 days to allow completion of sub-agreements and transfer of funds. On June the 5th DNI increased the size of the Private Placement to $900,000.00 due to increased demand. So far $795,015.91 has been completed and announced.
DNI - TSX Venture
DG7 - Frankfurt
Issued: 29,186,204 common shares
We seek Safe Harbour. This announcement includes forward looking statements. While these statements represent DNI's best current judgment, they are subject to risks and uncertainties that could cause actual results to vary, including risk factors listed in DNI's Annual Information Form and its MD&A's, all of which are available from SEDAR and on its website.
SOURCE DNI Metals Inc.
Image with caption: "DNI's project in Madagascar (CNW Group/DNI Metals Inc.)". Image available at: http://photos.newswire.ca/images/download/20150713_C5866_PHOTO_EN_444450.jpg