Mr. Frank Ferguson reports

ACQUISITION OF SECURITIES OF GREAT LAKES GRAPHITE INC.

Pursuant to a private-placement financing, Frank Ferguson and Mitzi Ferguson have acquired ownership of a $750,000 convertible note of Great Lakes Graphite Inc., which is convertible into common shares of the issuer at a conversion price of 10 cents per share, for a total of 7.5 million common shares, until maturity (48 months). In addition, Mr. Ferguson and Ms. Ferguson were issued 1,875,000 warrants, with each warrant exercisable into a common share for a period of four years at an exercise price of 10 cents per share.

Prior to the acquisition of the note, Mr. Ferguson and Ms. Ferguson beneficially owned and/or exercised control or direction over 8,305,999 common shares and common share purchase warrants, entitling Mr. Ferguson and Ms. Ferguson to acquire up to 3,778,628 common shares. Following the acquisition of the note and the warrants, Mr. Ferguson and Ms. Ferguson beneficially own and/or exercise control or direction over 8,305,999 common shares, warrants to acquire up to 5,653,628 common shares and the note entitling Mr. Ferguson and Ms. Ferguson to acquire up to 7.5 million common shares. This represents approximately 19.7 per cent of the issued and outstanding common shares on a partially diluted basis (or 21,459,627 common shares, assuming exercise of all of the warrants and conversion of the note held by Mr. Ferguson and Ms. Ferguson).

Mr. Ferguson and Ms. Ferguson acquired the note and the warrants for investment purposes only and may, in the future, depending on market and other conditions, increase or decrease their beneficial ownership, control or direction over common shares in the capital of the corporation.

A copy of the early warning report filed in connection with this press release may be found on SEDAR under GLK's corporate profile page.