Sampling results from Ontario Graphite property

Prior to recent work the property had reserves of 244,500 tons in the drill-indicated category, and an additional 750,000 tons in the geologically-inferred category, for a total of one million tons averaging 8% graphite. Earlier this year an I.P. geophysical survey was completed on the property, the results of which Lodi said “indicate most strongly that reserves on the property exceed the one million ton mark by a considerable factor.”

Black Hawk can acquire a 55% interest in the property from Lodi by spending $1.25 million before September, 1991. To date, it has spent about $100,000.

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