VANCOUVER, BC, March 26,
2024 /CNW/ - Applied Graphite Technologies
Corp. ("AGT") (TSXV: AGT), is pleased to announce
that it has purchased the past-producing Queen's Mine in
Sri Lanka. The property is
centrally located between AGT's Dodangaslanda Graphite Properties.
The combined properties will be called the Queens Mine Complex ("QMC").
The Queens Mine was reported to be extracting high-grade
graphite veins at a rate of 20 tonnes per month. The former
operator had intentions to ramp up production to 3,000 tonnes per
year. Adits which provided access to the underground workings
expose at least six graphite veins over a total width of 25 meters,
with veins varying in thickness up to 0.4 metres.
The former operator had done extensive laboratory testing on its
run-of-mine ("ROM") tonnes which consisted of high-grade
graphite +95 Cg. Vein graphite direct from the mine will sell for
$2,000 per tonne. The ROM vein
graphite, when upgraded to battery-quality graphite, sells for
between $8,000 and $12,000 per tonne. The demand for battery ready
graphite will reach five million tonnes per annum by 2030,
according to Benchmark Mineral Intelligence.
AGT plans on making the QMC a priority to re-commence bulk
shipping of the high-grade vein graphite material once it has
completed its mine permitting and development on the prospect.
"We are extremely pleased to have acquired the QMC, thanks to
our strategic in-country relationships," comments Don Baxter, President, and CEO. "From my
experience with multiple OEMs regarding battery ready graphite,
they want to see the ability to produce large tonnages for their
battery requirements. The QMC will enable us to plan near
term operations to illustrate potential from our properties to
satisfy OEM requirements."
Options Granted
AGT has granted 800,000 stock options at an exercise price of
$0.15, with a five year term expiring
March 23, 2029 to consultants,
directors, and officers of the company.
About Applied
Graphite Technologies
Applied Graphite Technologies is developing the Queens
Mine Complex in Sri Lanka. The
QMC is on private land in the heart of the vein graphite district,
with historical workings and vein graphite outcrops. Vein graphite
is naturally high grade (+95% carbon content in the ground) and
does not require primary processing. Testing of vein graphite in
lithium-ion battery anodes has shown very high capacities,
performing better than synthetic graphite. Natural vein graphite
has a far superior ESG footprint than synthetic and is cheaper
without compromising performance.
The technical information in this news release has been prepared
by Don Baxter, P.Eng., a "qualified
person" as defined in National Instrument 43-101 Standards of
Disclosure for Mineral Projects ("NI 43-101").
www.appliedgraphite.com
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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 Applied Graphite
Technologies (AGT)'s grids, plans to undertake additional
drilling and to develop a mine plan, 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 AGT, including
the assumption that, 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, a failure to comply with environmental
regulations and a weakening of market and industry reliance on high
quality graphite. AGT cautions the reader that the
above list of risk factors is not exhaustive.
SOURCE Applied Graphite Technologies Corporation