VANCOUVER, BC / February 16, 2016 /
Electra Stone Ltd. (TSX Venture: ELT) ("Electra") or the ("Company") announces it intends to complete an additional 15 drill holes at the Company's PEM 100 Geyserite quarry near Apple Bay on Holberg Inlet, Vancouver Island by early March 2016. The Company's objective is centered on updating the mine plan and exploring the potential for producing a new high grade silica product.
This 2016 drilling will be comprised of shallow percussion drill holes ranging from 14 to 40 meters. Drilling will further characterize the known alumina silica mineralization and will provide a greater operational understanding of the extent of high grade (>95%) silica within the existing mine plan.
Mr. John Costigan, President and CEO of Electra Stone Ltd, commented, "Although high grade silica is already mined in the quarry to blend with higher grade alumina silica, Electra Stone has identified a potential market opportunity for a stand alone high grade silica product. This program may allow us to expand the annual output of the PEM100 Quarry and increase the Company's revenue. Regional consumption of alumina silica and high grade silica is estimated to be greater than 500,000 tonnes per annum. This program is part of managements continued efforts to improve operational efficiencies at the PEM 100 quarry."
About Electra Stone
Electra Stone Ltd. Has been operating the PEM 100 Geyserite quarry continuously since 2003. In 2015 the Company entered into a new market with the focus on building a vertically integrated nephrite mining, trading & marketing company. Electra continues to develop its international market presence and grow the sale of industrial minerals regionally as well as Jade from British Columbia into Asian markets.
For further information and sales enquires on Electra Stone Ltd. please visit www.electrastone.com.
Or contact: Tyler Lowes 604-620-8589.
On behalf of the Board of Directors,
"John Costigan"
President and Director.
Forward Looking Statement
This document contains forward looking statements. Forward looking statements in this news release include: that we will drill 15 holes by early March, 2016; the composition of the drilling; that the drilling can expand and update the known aluminum silica resource; that we may be able to produce a new stand alone silica product; and that the regional consumption of aluminum silica and high grade silica is growing. Forward information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Factors which may prevent the forward looking statements from coming to fruition include: that we may not be able to drill as planned, as a result of weather, logistics, labour or regulatory issues; drilling may prove that our silica resource cannot be expanded; we may not have sufficient high grade silica to make production profitable; and consumption of silica may decline. Forward-looking information is provided as of the date hereof and is based on current expectations, including, but not limited to timing of mineral resource estimates, future exploration or project development programs and the impact on the Company of these events. We assume no responsibility to update, or revise them to reflect new events or circumstances, except as required by law. For a detailed list of risks and uncertainties as it relates to Electra Stone Ltd., please refer to the Company's 2014 Management Discussion and Analysis filed on SEDAR.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
