VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 28, 2012) - Galaxy Graphite Corp. (TSX VENTURE:GXY) (the "Company" or "Galaxy") is pleased to announce that it has successfully completed a Phase 1 exploration program on the Laurier Graphite Project, Ontario. The work performed has verified the reports from historic work on the property, and demonstrates the presence of a zone of high grade graphite mineralization, with grades up to 22% graphite.
Work was restricted to only a small area of the property to corroborate information from the Ontario Geological Survey (OGS) Open File Report 5649 (1987). The report is entitled "Graphite in the Central Gneiss Belt of the Grenville Province in Ontario."
A program of 20 km of Line cutting and Magnetometer - VLF Surveying was carried out. The VLF-EM yielded a well-defined conductor axis at the centre of the grid which correlates to a magnetic high. Both the magnetometer and VLF anomalies coincide with the OGS mapped graphite zone.
Mapping and prospecting identified abundant graphite, occurring in a quartz-feldspar-biotite-graphite schist metasedimentary unit outcropping in the centre of the grid. Channel sampling of outcrops, both across and along the strike of the zone, returned assays of 3% to 22%.
Analytical results are presented in the following table:
| Laurier Project Sample Data | ||||
| Sample ID | Sample Type | Location | Sample type/zone dimension | % Graphite |
| 26457 | Rock | L 50 N - 225 W | channel - chip/2.5 metres wide | 4.94 |
| 26458 | Rock | L 300 N - 250 W | channel - chip/75 metres along strike | 3.47 |
| 26459 | Rock | L 200 N - 150 W | channel - chip/2.1 metres wide | 22.27 |
| 26460 | Rock | L 200 N - 100 W | channel - chip/2.0 metres wide | 14.88 |
| 26461 | Rock | L 850 N - 150 E | grab/1.5 metre wide | 4.11 |
Analytical work was carried out by Acme Metallurgical in Vancouver. The geophysical work was performed by both a contractor, Meegwich Consultants, Inc of Temagami, ON, and Galaxy staff. The channel samples were collected by Galaxy staff.
Chris Healey, President of Galaxy commented, "This program has now confirmed what the OGS reported in 1987, that this property contains a significant zone of high grade graphite mineralization."
Chris M. Healey P.Geo, a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical content of this release.
ON BEHALF OF THE BOARD
Chris M. Healey, President and CEO
We seek safe harbor.
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.
Contact Information:
Chris M. Healey
President and CEO
(604) 921-1810
(604) 921-1898 (FAX)