Big North Graphite Corp. (TSXV:NRT) entered into a letter of intent with Can-Am Gold Corp. to acquire all of the issued and outstanding shares of Grafito La Barranca SA de CV.
As quoted in the press release:
Grafito holds a 100% interest in the Aki Wiki concession (“Aki Wiki”) and has a 50/50 joint venture on the Nuevo San Pedro property (“Nuevo San Pedro”, and together with Aki Wiki, the “Property”), a past producing amorphous graphite mine which is currently being re-opened. Both concessions are located in the San Jose de Moradillas region, a region that has produced graphite for more than 145 years. San Jose de Moradillas is located approximately 45 kilometers southwest of the city of Hermosillo, Mexico.
Aki Wiki consists of approximately 145 hectares. There are two past producing mines on the property, La Fortuna and Caraples. Aki Wiki is located approximately 1.5 kilometers south of the historic El Cochi graphite mine, where there was a town of more than 600 workers living there at that time. The peak of graphite production for the region occurred in 1996, when the region produced and shipped approximately 58,000 tons.
Nuevo San Pedro is an approximately 11 hectare property located north of Aki Wiki and near the town of La Colorada. The La Lourdes graphite mine, which has been in operation for approximately 50 years, is located less than 1 kilometer to the north. Nuevo San Pedro is a past producing mine, which shut down due to low graphite prices. The mine is currently being re-opened.