Ceylon Graphite renews K1 industrial mining licence

Jun 14, 2022

2022-06-13 16:51 ET – News Release

 

Mr. Don Baxter reports

CEYLON GRAPHITE ANNOUNCES RENEWAL OF INDUSTRIAL MINING LICENCE FOR THE K1 MINE

Ceylon Graphite Corp. has renewed the industrial mining licence for the Karasnagala (K1) mine in Sri Lanka from the Geological Survey and Mines Bureau (GSMB). The licence is Category A mining licence, which is the highest category licence issued in Sri Lanka. The licence grants exclusive rights to mine, process and export mined graphite from within the K1 mining area.

“The K1 licence renewal demonstrates our meeting or surpassing the requirements set out by the GSMB as well as the social licence we have developed in Sri Lanka,” said Don Baxter, president and chief executive officer. “With the closing of our recent financing, we are now in position to expedite the generation of positive free cash flows from the exploration and development activities of our high-grade, direct shipping, vein graphite from Sri Lanka.”

Qualified person

Donald K.D. Baxter, PEng, chief executive officer of Ceylon Graphite, is a qualified person as defined by National Instrument 43-101 guidelines and has reviewed and approved the content of 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 mining for graphite and developing and commercializing innovative graphene and graphite applications and products. Graphite mined in Sri Lanka is known to be some of the highest grade in the world and has been confirmed to be suitable to be easily upgradable for a range of applications, including the high-growth electric vehicle and battery storage markets as well as in the construction, health care, and paints and coatings sectors. The government of Sri Lanka has granted the company’s wholly owned subsidiary Sarcon Development Pvt. Ltd., an IML Category A licence for its K1 mine and exploration rights in a land package of over 120 square kilometres. These exploration grids (each one square kilometre in area) cover areas of historic graphite production from the early 20th century and represent a majority of the known graphite occurrences in Sri Lanka.

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https://www.ceylongraphite.com/

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