VANCOUVER, British Columbia, Dec. 04,
2017 (GLOBE NEWSWIRE) -- Ceylon Graphite
Corp. ("Ceylon Graphite") (TSX-V:CYL)
(OTC:CYLYF) (FSE:CCY) announces it has received assay results of
laboratory testing of graphite samples taken from the overburden of
its exploration GRIDs in the Malsiripura and Katuwana areas in Sri
Lanka. These results indicate carbon content ranging from 98.89% to
78.43% (w/w). The laboratory testing was done by Kahatagaha
Graphite Lanka Ltd. (Government owned mining company) and SGS India
Pvt Ltd.
These tests were conducted in the normal course of
exploration work and the quality of results are significant as the
samples were taken from the overburden - subsurface but not from
the bedrock. Graphite from the bedrock is almost always of
better quality as the mineral has less exposure to the weathering
processes. The results are only valid for the samples tested.
As a consequence of these results, Ceylon Graphite
intends to accelerate its exploration and rehabilitation work at
these two sites with the intent to develop mine plans.
Bharat Parashar, Chief Executive
Officer, said: "We are delighted with these results which indicate
that Ceylon Graphite has some of the world's purest graphite
available in its GRIDs. We expect the unweathered mineral mined
from the bedrock at these sites will yield an even higher grade
graphite. We now intend to ramp up work on these two sites to
quickly bring them to pre-commercial production stage."
Qualified
Person
Robert Marvin, P.Geo (ONT) is a Qualified Person under National
Instrument 43-101, and has reviewed and approved the geological
information provided in this news release.
About Ceylon
Graphite Corp.
Ceylon Graphite is a public company listed on the TSX Venture
Exchange that is in the business of exploring for and development
of graphite in Sri Lanka. The Government of Sri Lanka has granted
the company exploration rights in a land package of over 100km².
These exploration grids (each a square kilometre in area) cover
areas of historic graphite production from the early twentieth
century, and represent a majority of the known graphite occurrences
in Sri Lanka. Sri Lankan graphite is known to be some of the purest
in the world, and currently accounts for less than 2% of the world
graphite production.
"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."
FORWARD LOOKING
STATEMENTS:This news release contains
forward-looking information as such term is defined in applicable
securities laws, which relate to future events or future
performance and reflect management's current expectations and
assumptions. The forward-looking information includes statements
about Ceylon Graphite'sgrids, Ceylon Graphite's plans to undertake
additional drilling and to develop a mine plan, Ceylon Graphite's
intention to apply for a Mining License and to commence
establishing mining operations. Such forward-looking statements
reflect management's current beliefs and are based on assumptions
made by and information currently available to Ceylon Graphite,
including the assumption that, the drilling exercises will confirm
the presence of high quality graphite, sufficient financial
resources will be available, the records from the drilling
exercises prove to be accurate, there will be no unanticipated
delays or costs materially affecting Ceylon Graphite's exploration,
development and production, there will be no material adverse
change in metal prices, all necessary consents, licenses, permits
and approvals will be obtained and the market. Investors are
cautioned that these forward looking statements are neither
promises nor guarantees, and are subject to risks and uncertainties
that may cause future results to differ materially from those
expected. Risk factors that could cause actual results to differ
materially from the results expressed or implied by the
forward-looking information include, among other things, an
inability to reach a final acquisition agreement, inaccurate
results from the drilling exercises, a failure to obtain or delays
in obtaining the required regulatory licenses, permits, approvals
and consents, an inability to access financing as needed, a general
economic downturn, a volatile stock price, labour strikes,
political unrest, changes in the mining regulatory regime governing
Ceylon Graphite, a failure to comply with environmental regulations
and a weakening of market and industry reliance on high quality
graphite. Ceylon Graphite cautions the reader that the above list
of risk factors is not exhaustive.
These
forward-looking statements are made as of the date hereof and,
except as required under applicable securities legislation, Ceylon
Graphite does not assume any obligation to update or revise them to
reflect new events or circumstances. All of the forward-looking
statements made in this press release are qualified by these
cautionary statements and by those made in our filings with SEDAR
in Canada (available at www.sedar.com)
Further information regarding the Company is
available at www.ceylongraphite.com
Bharat Parashar, Chairman & Chief Executive
Officer
info@ceylongraphite.com
Corporate Communications
(604) 559-8051