Great Lakes Graphite Announces the Granting of Options and the Settlement of $40,000 of Debt

Toronto, Ontario--(Newsfile Corp. - August 6, 2014) - Great Lakes Graphite Inc. (TSXV: GLK) ("Great Lakes" or the "Company") wishes to announce that it has granted options to purchase up to 1,600,000 common shares of Great Lakes at the price of $0.12 per share expiring on August 6, 2019. The options were granted to directors, officers and consultants to the Company in accordance with Great Lakes' stock option plan and the requirements of the TSX Venture Exchange.

The Company also announces that it has settled a total of $40,000 of debt (the "Debt") with an arm's-length party to the Company (the "Shares for Debt Settlement").

The Debt payable to the arm's-length party totaled $40,000.00 and the Company has settled the same by issuing an aggregate of 400,000 common shares at a deemed price of $0.10 per share to Mr. Nathan Rotstein.

Securities issued as part of this transaction will be subject to a hold period of four months plus one day. The Shares for Debt Settlement is subject to regulatory approval.

The Company will have 60,764,819 shares outstanding (90,699,322 fully diluted) after completion of the Shares for Debt Settlement transaction and the granting of the options.

About Great Lakes Graphite: Great Lakes Graphite is an industrial minerals company with the mandate to bring graphite projects to production through the acquisition and development of high quality graphite properties. Graphite has moved to the forefront of the Industrial Mineral World as a Critical Mineral required for industrial use and as a major component in the development of new technologies. With the advancement of battery storage, mobile battery systems and alternative energy infrastructure, it is estimated that 20 new graphite mines will be required to keep up with worldwide demand by the year 2020.

As there are currently no graphite mines producing in North America, Great Lakes Graphite has the ability to become one of the first producers to supply a growing regional customer base that requires high-quality, purified graphite, where pricing and demand continue to rise.

The Company, through strategic acquisitions and capable management intends to become a leader in the industrial minerals marketplace. The Company's graphite properties are located in the Lochaber Township of southwestern Québec. The Company has also entered into option and joint-venture agreements with Eloro Resources Inc. (TSXV: ELO) on the Summit-Gaber Cobalt property located in the La Grande Greenstone Belt in the James Bay region of Québec. Further information regarding Great Lakes can be found on the Company's website at: www.GreatLakesGraphite.com.

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