Ceylon Graphite: M1 Site “New” Vein one of the largest in Sri Lanka
June 03 2019 - 9:00AM
Ceylon Graphite Corp. (“Ceylon Graphite”) (TSX-V:
CYL) (OTC: CYLYF) (FSE: CCY) today announced that further to its
report on the 14th of May 2019, the needle type crystalline
graphite vein it discovered 10 feet downhole at its M1 site
in the Malsiripura area in Sri Lanka has increased 2x in size with
depth (shown below at 20/25ft). The discovery of the widest
graphite vein found to date was made in the course of driving a new
ventilation shaft at the M1 site and has continued to grow in width
as the digging progresses deeper into the rock.
A photo accompanying this announcement is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f2915939-5ee2-4cdb-a572-514c71bbb172
A photo accompanying this announcement is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/3b64fd90-2442-4351-8219-b28d0977baea
Such a discovery clearly shows the robust
exploration potential of the M1 site. No such modern exploration
has occurred in one of the worlds best crystalline graphite
jurisdictions. The pictures above show the size of the vein.This
vein is in the southern section of the GRID.
“The size of this vein is larger than anything
we have seen below the surface – it is 'Epic' by any standards. We
are delighted at the continued growth in the size of the vein,”
said Bharat Parashar, Chief Executive Officer. “The M1 site
continues to provide fantastic results and will likely be one of
the largest graphite finds in Sri Lanka. Ceylon Graphite is looking
good to soon start commercial graphite production.”
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 Corp, is a public company
listed on the TSX Venture Exchange (CYL:TSX-V), that is in the
business of exploration and development of graphite mines in Sri
Lanka. The Government of Sri Lanka has granted the company
exploration rights in a land package of over 120km². These
exploration grids (each one square kilometer 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. Graphite mined in Sri Lanka is known to be some of the
purest in the world, and currently accounts for less than 1% of the
world graphite production.
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’s grids, Ceylon
Graphite’s plans to undertake additional drilling and to develop a
mine plan, Ceylon Graphite’s Mining License application 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, including various
Local Government Licenses 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.comBharat Parashar, Chairman and
& Chief Executive OfficerChairman & Chief Executive
Officerinfo@ceylongraphite.comCorporate
Communications(202)352-6022
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