DELTA, BC, April 25, 2012 /CNW/ - Logan Copper Inc. (the "Company", "Logan Copper", "LC"), (TSX.V: LC) is pleased to announce the acquisition of a 3,266 acre graphite property located near the town of Mayo, Quebec, Canada.
LC's property, the "Mayo Graphite Property", is located some 35 kilometres northeast of Ottawa, Ontario and 130 kilometres west of Montreal, Quebec, with excellent infrastructure. The property is 100% owned by Logan Copper Inc. with no net smelter royalty attached.
Summary: Mayo Graphite Project
- Over 3,266 acres of land (13 sq km)
- Known graphite occurrences in area
- A historical Aeromagnetic survey completed over the entire property
- Near major roads and good infrastructure
The Mayo Graphite Property is located 80 kilometres south of the producing Stratmin Graphite Mine. This mine has been producing natural flake graphite since 1988.
The past producing Bell Graphite mine is located 4 kilometres south of LC's property. Historical records show this mine produced 6,700 tonnes of Graphite from 1906-1912.
Logan Copper is currently compiling all the historical geological data to prepare for an upcoming exploration program (s) on the Mayo Graphite property. Further announcements will be made once the geological / exploration team completes the review of the historical data.
Natural Graphite is an excellent conductor of heat and electricity. Graphite also has the highest natural strength and stiffness of any material. There are myriad of uses such as in brake linings, steelmaking, batteries, lubricants, and reinforcement of plastics.
The commodity price of natural flake Graphite has steadily increased to over $1,170 per tonne from $694 per tonne in 2009. Industrial demand for graphite is growing at approximately 5 per cent annually.
Of the 1.1 million tonnes of worldwide graphite production, 800,000 tons (73%) comes from China. The government of China has imposed an export duty of 20% plus an additional 17% value added tax on exports of graphite to ensure that they have sufficient supplies for domestic use. Demand for graphite continues to grow rapidly through increased use in ion batteries, carbon fibre reinforced plastics, and carbon alloyed metals. Furthermore, additional demand is expected from use in fuel cells and the construction of pebble bed nuclear reactors.
Some examples of uses of graphite are:
- An average fuel cell vehicle will use 80 kilograms of graphite.
- An electric car will require 25-50 Kilograms of graphite,
- Pebble Bed Nuclear Reactors require "3,000 tonnes of graphite at start-up and 600 to 1,000 tonnes per year".
China has one operating prototype of a Pebble Bed Nuclear Reactor and has firm plans to build 30 more by 2020. Researchers at West Virginia University estimate that "500 new 100 GW pebble reactors will be installed in the US by 2020 with an estimated graphite requirement of 400,000 tonnes" (annually).
"We seek safe harbor"
For further information:
Please visit www.logancopper.com or call 1-866-940-9110