| USA Graphite, Inc. Acquires the Ruby Mountains Graphite PropertyLAS VEGAS, NV, Jan 14, 2013 (MARKETWIRE via COMTEX) -- USA Graphite, Inc. (OTCQB: USGT) (or "the Company") is pleased to announce it has signed a letter of intent to acquire the Ruby Mountains Graphite Property.The Ruby Mountains Graphite Property has been identified by the Company as a high priority area for flake graphite. The claim block covers a large graphitic marble unit with flake graphite visible at surface.The financial terms of the transaction consist of approximately $3,200,000 in cash and stock and a $500,000 work program commitment. A production Net Smelter Royalty (the "NSR") will be retained by the vendor equal to two percent (2%) of the net smelter returns, as per the terms and conditions of the Letter of Intent. The Company shall have a one-time right to purchase fifty percent (50%) of the NSR in the Property for five hundred thousand dollars ($500,000).The Ruby Mountains Graphite Property is located approximately 25 miles southeast of Elko, Nevada. It's accessible via the Great Basin Highway (Highway 93) which intersects Interstate 80 via Lamoille Canyon Road. Excellent access to infrastructure, such as paved highways, electricity and clean water, are all readily available. The Property covers approximately 785 acres over a Cordilleran metamorphic core complex. This area of high-grade metamorphism has both graphitic marble and graphitic gneiss.The Ruby Mountains and adjoining East Humboldt Range form a North American Cordilleran metamorphic core complex called the Lamoille Quadrangle. In brief, the core complex in the quadrangle exposes Neoproterozoic and lower Paleozoic miogeoclinal strata that were thrust-faulted, deeply buried, metamorphosed, recumbently folded, and intruded pervasively by Cretaceous to Oligocene granitoids. Cenozoic unroofing accompanied footwall rise below an inclined down-to-the-west extensional fault system. That fault system imprinted a ductilely sheared mylonitic carapace on the now-exposed deep footwall in Oligocene and Miocene time, and has continued into Holocene time to move as a gently dipping near-surface brittle fault.Mr. Wayne Y. Yamamoto, President and CEO of USA Graphite, said, "We are very excited to include the Ruby Mountains Graphite Project amongst our core group of world class Nevada graphite properties. The quality of rock visible on-site exceeded our expectations and the proximity to our other core projects is complementary and economic." |
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