Saint Jean Carbon, a carbon science company engaged in the development of natural graphite properties and related carbon products, is pleased to announce that the Company has signed an arm's length definitive agreement to acquire the Bell hydrothermal lump/vein graphite mine.
The property comprises of 13 claims for a total area of 781 ha. It is located on Buckingham and Lochaber Townships in southwestern Quebec, about 170 km west of Montreal.
On closing the Company will issue 1,500,000 common shares as full consideration for the Bell Claims at a deemed value of $0.055 per share.
The vendor will retain a Royalty of 0.75 percent on the Net Output Returns.
Historically the mine produced about 6,700 tons of graphite between 1906 and 1912. Exploration drilling was performed in the early 1950s, which defined the downward extension of Bell Mine graphite deposit.
The agreement is subject to approval of the TSX Venture Exchange (the "Exchange").
Saint Jean is a publicly traded carbon science company, with interest in graphite mining claims in the province of Quebec in Canada.