VANCOUVER, British Columbia, Feb. 11, 2020 (GLOBE NEWSWIRE) — Ceylon Graphite Corp. (“Ceylon Graphite” or the “Company”) (CYL.V) (CYLYF) (FSE: CCY) is very pleased to announce that it has achieved 99.9997% Cg purity utilizing a thermal purification process with vein graphite from our K1 Mine. In addition to these positive, high-purity graphite results, it is important to note that Thermal Purification is environmentally responsible and sustainable and does not utilize acids that are commonly regarded as dangerous and environmentally harmful. (I.e. Hydrofluoric acid – as is a standard used in Chinese graphite purification for spherical graphite for battery grade graphite). The main market driver moving forward for natural graphite will be from lithium ion battery anode requirements that will require a minimum of 99.95% Cg for use in batteries.
Flake Graphite Projects aspiring to produce purified graphite for various secondary applications require Primary Processing of mined graphitic material which typically grades less than 20% Cg in the ground. This adds to higher OPEX and CAPEX requirements. Ceylon Vein Graphite requires no primary processing. “As mined” vein graphite grading > 90% Cg in the ground only requires sizing prior to the purification furnace.
About Ceylon Graphite Corp
Ceylon Graphite, is a public company listed on the TSX Venture Exchange (CYL:TSX-V), that is in the business of mining for graphite, plus the exploration for and development of graphite mines in Sri Lanka. The Government of Sri Lanka has granted the Company an IML Category A license for its K1 site and 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.
Further information regarding the Company is available at www.ceylongraphite.com
Bharat Parashar, Chairman and & Chief Executive Officer
On behalf of the Board of Directors of CEYLON GRAPHITE CORP.
Bharat Parashar, Chairman and Chief Executive Officer
Donald K. D. Baxter, P.Eng., Director of Ceylon Graphite Corp., is a Qualified Person as defined by National Instrument 43-101 (“N.I. 43-101”) guidelines, and has reviewed and approved the content of this news 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. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. 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 email@example.com www.ceylongraphite.com information include, among other things, a failure to obtain or delays in obtaining the required regulatory licenses, permits, approvals and consents, a general economic downturn, a volatile stock price, labour strikes, political unrest, changes in the mining regulatory regime governing the Company, a failure to comply with environmental regulations and a weakening of market and industry reliance on high quality graphite. The Company 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, the Company 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) 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.