From Australia to come good news: First Graphite (WKN A2ABY7 / ASX FGR) has been able to complete a good quarter.Corporate Chef Craig McGuckin is extremely pleased with the progress that has been made in the first three months of the current year.It had been a busy and exciting time McGuckin says about the first quarter of this year - and the outlook of Australians suggests that the further course of the year will hardly be otherwise.
To start of the year there were several intensive work. The cash flow statement First Graphite has investments in exploration work in the amount of nearly 1.03 million Australian dollars - for the entire first nine months of the current fiscal year 2015/2016, the Company investment in this area of 2.49 million Australian dollars , The spending represents the bulk of the cash outflow in the first calendar quarter of 2016 of just under 1.59 million Australian dollars.
Only a few steps to the commercial breakthrough
For First Graphite has achieved significant progress in the graphite activities. In Sri Lanka, the Company processed lands with an area of 39,500 hectares in the meantime. For the project Pandeniya Australians have obtained a license, which entitles them to an industrial mining operation. In addition, work to make the mining project itself advances, you will now focus on the shaft safety work on the expansion of access to the graphite deposits, it said in a statement the company.
Analysts at Far East Capital believe that First Graphite after removal of mining equipment support up to 5,000 tonnes of graphite per year and thus can earn 7,5 Million Australian dollars before interest and taxes. Yet it is not applicable, however, the sampling with potential industrial customers already running. The ongoing graphite mining is now to be advanced so that you can provide product samples available to prospective customers on a large scale. This should already be the case soon, Report Australians. Meanwhile, test potential buyers already use the raw material, here intends to present further information on the occasion of First Graphite the stock market.
Strong Drill Results at Aluketiya project
When Aluketiya project meanwhile undergo further expansion and exploration work, which should determine the full potential of the deposit. The Australians have on the site can last recorded strong drilling results. Corporate Chef McGuckin speaks to the results even of a "new dimension" for the Aluketiya project, are promoted in the shaft construction. Further drilling on the project area to promote additional evidence for potential funding on Aluketiya to days.
The share of First Graphite has today's trading on the Australian Stock Exchange at 0.096 Australian dollar ended at 1.05 percent in positive after the share price recorded a strong performance in April.
