Berkwood concludes $250,000 Project Finance Agreement with Progressive Planet Solutions Inc. to advance the Lac Guéret South Graphite Project.
Suite 3204 – 610 Granville Street
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email: [email protected]
Website: www.berkwoodresources.com
Berkwood concludes $250,000 Project Finance Agreement with Progressive
Planet Solutions Inc. to advance the Lac Guéret South Graphite Project.
October 30th, 2018, VANCOUVER, B.C. Berkwood Resources Ltd. (TSX-V: BKR, FSE: BK2,
WKN: A110N3) (“Berkwood” or the “Company”) is pleased to announce that an agreement to finance
has been concluded between Progressive Planet Solutions Inc. (PLAN -TSX:V) (“Progressive Planet” or
“PLAN”). The Terms of the agreement allow Progressive Planet to earn a 5% interest to the Lac Guéret
South Graphite property in exchange for expenditure of $250,000 on the project by December 31 st, 2018.
During a period of 6 months, either party will have the right to execute a buy- back scenario in which
Berkwood would purchase the 5% back by payi ng to Progressive Planet 1,750,000 Units in Berkwood.
Each unit will entitle PLAN to receive one share, and one half warrant of the Company, which at the time
of signing this agreement constitutes 5% of the Issued and Outstanding Shares of Berkwood. This
transaction is subject to Exchange approval.
The Lac Guéret South project is located directly south of Mason Graphite’s (TSX -LLG) advanced Lac
Guéret Project. With a market capitalisation of over $120 million Mason owns one of the largest high grade
graphite deposits in the world, and is planning on building a new graphite mine and processing plant. The
Berkwood Lac Guéret South project is br oadly analogous to the Mason Graphite deposit . The project
comprises 288 Claims which cover a total area of 15,552 hectares. Three drill programs have been
completed to date with 27 holes drilled recovering over 4,000m of drill core. Of the holes drilled, 26 of the
27 had significant graphite intersections (Hole 25 intersected 130.55 m averaging 17.37 Cgr). Assays have
confirmed average grades in the range of 14.39% to 25.52% Cgr and true thicknesses ranging 22.1 to 90
meters. The graphite lies near surface to open-pit mineable depths similar to the depths drilled by Mason
Graphite for its planned open pit development, and includes significant intervals of modal large flake
mineralogy.
The Company is progressing a Mise- Á-La-Masse geophysical program that is intended to inform a drill
program that is scheduled to mobilize in late November.
Tom Yingling, President and CEO states, “I am very pleased to have Progressive Planet partnered with
our near-term advancement of our Lac Guéret South discovery. We are determined to advance the project
toward a Preliminary Economic Assessment as soon as is practical, and we are thrilled to have the financial
support and technical endorsement of PLAN as we prepare to drive the Project forward.”
To view Pictures: https://berkwoodresources.com/projects/lac-gueret-extensions-graphite-project-quebec-
canada/
Edward Lyons PGeo (BC, QC, NL ) is a Qualified Person under the definition of Canadian National
Instrument 43- 101, and has approved the technical information in this news release. Ed has worked
extensively on the Lac Gueret Property, now owned by Mason, and neighbouring graphite properties since
2000.
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About Progressive Planet: Progressive Planet is a Canadian based mineral exploration company with a
flagship Zeolite Mine in British Columbia, a 20% interest in a lithium project in Manitoba and a graphite
property in Buckingham, Quebec . PLAN features a strong technical team that recognises promising
resource discoveries in the industrial mineral space.
About the Company: Berkwood is engaged in exploration for the commodities that enable the modern
revolution in essential technologies. These technologies are dependent upon the ethical mining and supply
of naturally occurring elements and minerals that enhance the performance of energy storage systems and
permit the development and miniaturization of new electronics and structural components for the new suite
of innovative tools. The Company is led by a team with collectively over 100 years experience and whose
members have been involved with the discovery of several producing mines.
On Behalf of the Board of Directors
Berkwood Resources Ltd.
‘Thomas Yingling’
President, CEO & Director
FOR MORE INFORMATION, PLEASE CONTACT:
Investor Relations:
[email protected] or 1-778-945-2935 www.berkwoodresources.com
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements, which reflect the expectations of management. Forward-looking statements
consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the
future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from
those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if
they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are
based on certain expectations, estimates and assumptions, which may prove to be incorrect.
Neither TSX Venture Exchange (“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 release.