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FS First Star Resources

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Last Updated: -
Delayed by 15 minutes
Share Name Share Symbol Market Type
First Star Resources TSXV:FS TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Northern Graphite Management Change and Corporate Update

08/07/2013 2:40pm

Marketwired Canada


Northern Graphite Corporation (TSX VENTURE:NGC) announces that Don Baxter P.Eng
has resigned as President of the Company. Don is available to provide services
to the Company on a consulting basis. The Board and management would like to
thank Don for his contributions to the Bissett Creek graphite project.


Environmental Permitting

On October 31, 2012, the Company submitted the Mine Closure Plan ("MCP") for the
Bissett Creek project to the Ministry of Northern Development and Mines
("MNDM"). This "45 day approval process" has been ongoing for over seven months
despite Bissett Creek being a relatively benign operation with no major
environmental issues. It has strong community support and First Nation
consultations have been positive and constructive.


The Company understands that MNDM's review of the MCP is complete but it cannot
be filed (approved) until the MNDM issues a mining lease for the project.
Application for the mining lease was made in October, 2011. In July, 2012 the
Company was ordered to redo the government survey of provincial lot and
concession lines that form the property boundary. The survey was submitted to
the Surveyor General's office in November, 2012 for a 30 day approval process
but a mining lease has still not been issued. The Company believes approval is
imminent but cannot provide further guidance and suggests any interested parties
contact the MNDM directly.


Northern Graphite is competing with companies in Quebec, Europe, Africa and
Australia to build the first new western graphite mine in over 20 years. Being
first to market is a very important but the Company is at a competitive
disadvantage due to the regulatory process in Ontario which continues to damage
the province's reputation as a place to invest and is potentially depriving it
of investment, jobs and tax revenues.


Revised Feasibility Study Economics

The economics in the existing bankable Feasibility Study ("FS") are being
revised to incorporate a new resource model and mine plan, a number of
modifications to the original capital and operating cost assumptions, and lower
graphite prices. Completion has been delayed over two months by the consulting
firm which has a large backlog of work with other clients.


Northern Graphite Corporation

Northern is a Canadian company that has a 100% interest in the Bissett Creek
graphite deposit located in eastern Ontario and is well positioned to benefit
from the favourable supply/demand outlook for graphite. Northern is the only
graphite company to have completed a bankable Feasibility Study. Bissett Creek
is a large flake, high purity, scalable deposit with low engineering, technical
and political risk, reasonable capital costs and competitive operating costs.
Additional information is available under the Company's profile on SEDAR at
www.sedar.com and on the Company's website at www.northerngraphite.com.


This press release contains forward-looking statements, which can be identified
by the use of statements that include words such as "could", "potential",
"believe", "expect", "anticipate", "intend", "plan", "likely", "will" or other
similar words or phrases. These statements are only current predictions and are
subject to known and unknown risks, uncertainties and other factors that may
cause our or our industry's actual results, levels of activity, performance or
achievements to be materially different from those anticipated by the
forward-looking statements. The Company does not intend, and does not assume any
obligation, to update forward-looking statements, whether as a result of new
information, future events or otherwise, unless otherwise required by applicable
securities laws. Readers should not place undue reliance on forward-looking
statements.


Neither 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Northern Graphite Corporation
Gregory Bowes
CEO
(613) 241-9959
www.northerngraphite.com

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