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Ceylon Graphite obtains an industrial exploitation license for the M1 mining project

By on August 15, 2022 0

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Vancouver, Aug. 15, 2022 (GLOBE NEWSWIRE) — Ceylon Graphite Corp. (“the Company” or “Ceylon Graphite”) (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) is pleased to announce the renewal of the industrial mining license for the Malsiripura mining project, “ M1” in Sri Lanka from the Geological Survey and Mines Bureau (“GSMB”). The license grants exclusive graphite mining rights within the M1 mining area.

With the M1 permit in hand, the Company expects to extract graphite once the shaft has been deepened twenty feet and traversed to a parallel vein system. The K1 mining project is fully licensed, and the Company is deepening the shaft and doubling its graphite mining capacity.

The recent political turmoil in Sri Lanka earlier this summer has subsided with the appointment of a new president. Operations in Ceylon were not negatively affected, and the Company experienced only a few delays in obtaining the final details of certain permits, but the Company is now able to ramp up activities at both mines.

“The M1 and K1 licenses demonstrate our ability to meet or exceed the requirements set by the GSMB as well as the social license we have developed in Sri Lanka,” said Don Baxter, President and CEO. “With the closing of our recent financing and the approval of the K1 and M1 mining projects, we are now able to accelerate our goal of achieving free cash flow from the lifting of our high-grade, shipping vein graphite. direct from both projects within the next few months. »

QUALIFIED PERSON

Donald KD Baxter, P.Eng., CEO of Ceylon Graphite Corp., is a Qualified Person as defined by National Instrument 43-101 (“NI 43-101”) guidelines and has reviewed and approved the contents of this Press release.

About Ceylon Graphite Corp.

Ceylon Graphite is a public company listed on the TSX Venture Exchange, who is in the business of graphite mining and the development and commercialization of innovative graphene and graphite products and applications. Graphite mined in Sri Lanka is known to be some of the richest in the world and has been confirmed to be suitable to be easily upgraded for a range of applications including high growth vehicle markets electrical and battery storage, as well as the construction, healthcare, and paints and coatings sectors. The government of Sri Lanka has granted the wholly owned subsidiary of Sarcon Development (Pvt) Ltd. a category A IML license for its K1 and M1 mines and exploration rights in a land complex of more than 120 km². These exploration grids (each one square kilometer in area) cover areas of historical graphite production since the early 20th century and represent the majority of known graphite occurrences in Sri Lanka.

Further information about the Company is available at www.ceylongraphite.com

Don Baxter, General Manager

[email protected]

Business communication

+1(604) 765 8657

Neither the 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 press release contains forward-looking information, as that term is defined in applicable securities laws, that relates to future events or future performance and reflects management’s current expectations and assumptions. Forward-looking information includes statements about: the Investor Relations Activities (as that term is defined in the policies of the TSX Venture Exchange) to be performed by North Equities and the anticipated approval of the TSX Venture Exchange for such activities, the potential commercial purposes for graphite mined in Sri Lanka and the grade of the Company’s graphite assets located in Sri Lanka. These forward-looking statements reflect management’s current beliefs and are based on assumptions made by Ceylon Graphite and information currently available for ceylon graphite, 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 and market licenses. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that could 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 others, the failure to obtain or delays in obtaining licenses, permits, approvals and required regulatory consents, inability to access financing as needed, general economic downturn, volatile stock market price, strikes, political unrest, changes in the mining regulatory regime governing Ceylon Graphite, non-compliance with regulations environmental impacts and a weakening of market and industry dependence on high quality graphite. Ceylon cautions the reader that the above list of risk factors is not exhaustive.

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Source: Ceylon Graphite Corp.

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