Corporate update on Ambato-Arana Graphite Mine

Rhea-AI Summary

Global Li-Ion Graphite Corp. announced the restart of production at its Ambato-Arana graphite mine after significant delays due to COVID-19. The Company has engaged local communities, gathering support and addressing concerns about the project. Key initiatives include improving local education, health services, and providing employment opportunities. The project spans 4,375 hectares and is expected to leverage modern production methods for enhanced graphite output. Additionally, 2.5 million stock options have been reset at $0.12, expiring April 10, 2024.

Positive

• Community support secured for Ambato-Arana graphite project.
• Plans for local development in education, health, and employment.
• 4,375 hectares of land ready for modern graphite production.

Negative

• None.

Vancouver, British Columbia, Canada, April 14, 2022 (GLOBE NEWSWIRE) -- Global Li-Ion Graphite Corp. (“Global Li-Ion” or, the “Company”) (CSE: LION) would like to take this opportunity to update its shareholders and interested parties. After almost a year of delays due to COVID-19 lockdown restrictions the Company is pleased to announce that as part of gearing up to putting the first of three pits back into production, LION has established contacts with key community leaders in the area of its Ambato-Arana graphite mine project and has held a series of public meetings with the people who live in the administrative regions around the project area. Through these meetings and break-out sessions:

• Lion presented its project plans and has been sensitized with regards to local expectations, sensitivities and requirements
• Local people voiced their hopes in terms of the positive impacts of the project
• Individuals specifically affected by the project, including landowners and those who use project lands discussed requirements in terms of their continued access and use and, where relevant, rental and future rehabilitation by Lion
• A framework for community support was agreed including:
  • Support and improvement to local education and health services
  • Support to expanding availability of potable water and sanitary facilities
  • Sponsorship of cultural and sporting events
  • Maintenance of tracks and trails used by the local population in the project area
  • Provision of employment and training
  • Use of local suppliers
• A framework for dispute resolution was also agreed to.
  
  

These meetings resulted in the local communities and their leaders committing their full support for LION and the Ambato-Arana project. Sam Malin, Chief Operating Officer adds “we are very pleased to have reached this milestone and will continue to work with the Malagasy Mining authorities to restart production of high quality graphite from the Ambato-Arana Mines.”

About Ambato-Arana Graphite Mine, Madagascar
The 3 forty-year renewable mining exploitation licenses that comprise the Project total 4,375 hectares (10,811 acres) are located in the vicinity of Andasibe in Toamasina Province in Madagascar, 20 km to the southwest of Sheritt’s large-scale nickel/cobalt laterite open pit mine at Ambatovy and 15 km northeast of the town of Moramanga from which national highway RN2 connects with capital city Antananarivo (114 km) and Madagascar’s main port of Toamisina (Tamatave) (240 km). Graphite was produced on the licenses, at a modest rate constrained by the technology employed on the licenses at that time, for roughly a century from 1910.  Production was suspended by the previous owners due to a slump at the time in Global Graphite markets and with the deposits only partially mined. The deposits are now ready for larger scale exploitation with modern production techniques. They lie within the graphitic horizons of the highly prospective Manampotsy Formation and are associated with topographic highs that are exploited via free digging of lateritic ore and open pit mining, providing a lower cost exploitation without need for blasting. The graphite mineralization on the Project appears within well-defined north-south belts with interbedded graphite-rich friable layers. The geological layers of interest have continuity of several kilometres and exhibit a shallow dip angle. Sample data indicate good grade (up to 10% carbon content with some samples up to nearly 14%) and large flake (jumbo size) consistent with other nearby mines e.g. Gallois (Elate Graphite), Sahamamy & Vatomina (Tirupati Graphite) and DNI Metals’ Vohitsara (DNI Metals).

General Corporate Matters
The Company would also like to announce it has reset 2.5 million incentive stock options that expired Feb 20, 2022. The new options will be set at $0.12 for a period of two years expiring April 10^th 2024.

Further information about Global Li-Ion is available under its profile on the SEDAR website, www.sedar.com, on the CSE website, www.thecse.com, and the Company’s website, www.globalli-iongraphite.com.

For Further information about the Company, please contact:
Jason Walsh
Director & Officer
Global Li-Ion Graphite Corp.
Telephone 604.608.6314
Email: info@liongraphite.com

Neither the Canadian Securities Exchange nor its regulation services provider have reviewed or accept responsibility for the adequacy or accuracy of this press release.

Forward-Looking Information:

This press release contains forward-looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “intend”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks discussed in the Company's Management's Discussion and Analysis under the Company's profile on www.sedar.com. While the Company may elect to, it does not undertake to update this information at any particular time.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

FAQ

What recent developments has Global Li-Ion Graphite Corp. made regarding the Ambato-Arana project?

Global Li-Ion Graphite Corp. has engaged local communities, secured support, and plans to restart production at its Ambato-Arana graphite mine.

What is the size of the Ambato-Arana graphite mine project?

The Ambato-Arana graphite mine project spans 4,375 hectares (10,811 acres) in Madagascar.

What initiatives are included in Global Li-Ion Graphite Corp.'s community support framework?

The framework includes support for education, healthcare, potable water access, job creation, and local supplier utilization.

What are the terms of the reset stock options announced by Global Li-Ion Graphite Corp.?

The Company reset 2.5 million stock options at $0.12, expiring on April 10, 2024.

How has COVID-19 impacted Global Li-Ion Graphite Corp.'s operations?

COVID-19 lockdowns caused nearly a year of delays in advancing the Ambato-Arana graphite project.