Virtutone net revenues reached $43,216,403 for the second quarter of 2014, an increase of $34,555,976 or 399 % compared to the same period a year earlier, and an increase of $14,853,436 or 52 % compared to the first quarter of 2014
With the price of flake graphite having tripled since 2005 from $2,000 to $3,000 per tonne, Lomiko Metals Inc. [LMR-TSXV; LMRMF-OTC; DH8B-FSE] management recognized a real opportunity and has now joined the growing number of junior exploration companies targeting this sector.
This begs the question: what is so special about graphite? The answer is that graphite has many important new applications such as lithium-ion batteries. In addition, fuel cells, nuclear and solar power also have the potential to create significant incremental demand growth. Then there is graphene, a newly-discovered product with many potential uses. Though extremely thin, graphene is stronger and lighter than steel. While still in the R & D stage, graphene appears destined to play a large role in future industrial applications.
Of course, to join this sector, it is crucial to acquire a graphite prospect with excellent potential for development. A. Paul Gill, Chief Executive Officer, scoured Canada and the company has now acquired the Quatre Milles graphite property located in southwest Québec. The region is host to some of the most favourable geological terrain for graphite exploration in Canada and is known to host graphite resources, including the nearby Lac Des Iles Mine operated by Timcal.
Located approximately 175 km northwest of Montreal and 17 km north of the village of Sainte-Veronique, Québec, the road accessible Quatre Milles graphite property is early stage; however, initial exploration results have been very encouraging. Past operator, Graphicor Resources Inc., completed reconnaissance mapping and prospecting as well as ground geophysics and a 26-hole diamond drill program totaling 1,625 metres back in 1989.