Las Vegas, NV -- (SBWIRE) -- 12/07/2012 -- USA Graphite Inc. (OTC:USGT) is the latest amounts several penny stocks that have hit the OTCBB in recent months quick to associate themselves with the precious metal Graphite When the price of Graphite exploded from under $500 USD per ton back in 2004 to today's prices of over $2,500 USD per ton I knew it was only a matter of time before a number of Penny Stocks jumped on the bandwagon; quick to associate themselves with the precious metal.
USGT saw a significant spike in volume earlier this week at the $0.50 mark and USGT has been heading north ever since recetnly surpassing the $0.60 mark on big volume.
According to the Company USA Graphite is a publicly traded US exploration company focused on the acquisition, exploration and development of world-class graphite properties in North America. USA Graphite intends to become a domestic (US) graphite supplier.
USGT recently announced a LOI to acquire the Gordon Creek Graphite Property.
Under the terms of the transaction there is a $1,200,000 in cash and stock and a $500,000 work program commitment. A production Net Smelter Royalty (the "NSR") will be retained by the vendor equal to two percent (2%) of the net smelter returns, as per the terms and conditions of the Option Agreement. The Company shall have a one-time right to purchase fifty percent (50%) of the NSR in the Property for five hundred thousand dollars ($500,000).
The Gordon Creek Graphite Property is located about 22 miles south of the town of Wells, Nevada. It's accessible via the Great Basin Highway (Highway 93) which intersects Interstate 80. Excellent access to infrastructure such as paved highways, electricity and clean water, are readily available. The Property covers about 200 acres and lies within the Eastern Humbolt Range, a Cordilleran metamorphic core complex. The of high-grade metamorphism has both graphitic marble and graphitic gneiss.
OTCMAGIC has recently published a new article on USGT. To find out more about this stock and what OTCMAGIC projects for USA Graphite Inc. both short term and long term please go here: USGT
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