Cedar Mountain Exploration Inc. Announces Shareholder Approval Of Name Change, Filing Of Articles Of Amendment And New Stock Symbol
March 23, 2012 - Vancouver, British Columbia – Cedar Mountain Exploration Inc. (CED: TSX-V) (“Cedar Mountain” or the “Company”) held its annual and special meeting on Thursday, March 22, 2012. Among the business of the meeting, shareholders approved a special resolution to amend the articles of the Company to change the Company’s name to “Graphite One Resources Inc.”.
The Company also announces that it has filed articles of amendment on March 23, 2012 to change the Company’s name to “Graphite One Resources Inc.” and that as of today it has ceased using its former name of “Cedar Mountain Exploration Inc.”. The Company continues to trade on the TSX Venture Exchange and the new stock symbol for the common shares of the Company will be “GPH”. The common shares are expected to start trading under the new stock symbol on or about March 27, 2012.
All future corporate communications and information will reflect the change of name to Graphite One Resources Inc. The Company’s mailing address and telephone numbers will remain the same.
About Graphite Creek
The Graphite Creek Property comprises 72 claims totaling 3,108 hectares on the Seward Peninsula of Alaska, 65 kilometres north of Nome. Mineralization at the Graphite Creek Property is characterized by coarse crystalline (large-flake) graphite (>80mesh) within graphite-bearing schist(s). Graphite mineralization is exposed at surface. The large-flake graphite occurs as disseminations and high-grade segregations and lenses in distinctive garnet-bearing quartz biotite schist(s). The host schist(s) is continuous over 5 kilometres of strike length, based on mapping, and has an approximate thickness of 100 metres, and is exposed down dip 100 to 200 metres, thus indicating the potential for 150 to 250 million tonnes of graphite-bearing rock. The estimate of potential tonnage is based on the Company’s geological mapping in 2011. Two sample collected during 2011 of the graphite-bearing schist contain 9.1 to 21.8% graphite, respectively. A sample collected within a high-grade lense within the schist contains 56.9% graphite. A historical composite chip sample across a 16 metre outcrop of graphite-bearing schist contained 8.36% graphite. Other schists in the area contain 2 to 6% graphite. The potential size and grade of the mineralization at the Graphite Creek Property is conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in discovery of a mineral resource. The Property is 3 kilometres away from intertidal waters at Windy Cove, approximately 20 kilometres away from road systems, and 3 kilometres from an airstrip to the southeast.
About Graphite One Resources Inc.
GRAPHITE ONE RESOURCES INC. (GPH: TSX-V) is a mineral exploration company with a clear and distinct business strategy to identify, acquire, and explore high potential projects ready for rapid advancement. The Graphite Creek Property on the Seward Peninsula of Alaska fits with the Graphite One business strategy offering significant potential for the discovery and development of a large-flake, graphite deposit exposed at surface. Graphite One has an option to earn a 100% interest in the Graphite Creek Property and plans to rapidly advance the Property to a NI 43-101 compliant resource.
The graphite market is only beginning to open up as green technology takes more precedence in the world today. Graphite is vital for lithium-ion batteries, pebble bed nuclear reactors, and fuel cells amongst other uses. Graphite has been named a "supply critical mineral" and a "strategic mineral" by the USA and European Union as more demand is being created that surpasses the supply threshold. This has allowed for the price of graphite to rise, as over the past 7 years the price has nearly tripled. Graphite is the mineral of tomorrow and as such, cannot continue to be overlooked and undervalued.
ON BEHALF OF THE BOARD OF DIRECTORS
For more information on Graphite One Resources Inc. please visit the Company’s website, www.graphiteoneresources.com or contact:
VP of Business Development & Director
Tel: (604) 697-2862
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 release.
This release includes certain statements that may be deemed to be forward-looking statements. All statements in this release, other than statements of historical facts that address access to capital, regulatory approvals, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. In particular, but without limiting the foregoing, this press release contains statements concerning the anticipated use of net proceeds of the Offering. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. The intended use of the net proceeds of the Offering by the Company might change if the board of directors of the Company determines that it would be in the best interests of the Company to deploy the proceeds for some other purpose, such as an acquisition. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this press release, and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com