Ceylon Graphite – Veteran Graphite Mining and Upgrading Executive Don Baxter Joins the Board of Ceylon Graphite

Don Baxter

VANCOUVER, British Columbia, Jan. 06, 2020 (GLOBE NEWSWIRE) — Ceylon Graphite Corp. (“Ceylon Graphite”) (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) today announced that Don Baxter has joined the Board of Directors of the company.

Don Baxter is one of the premier graphite experts outside of China, having built one of only two producing graphite mines in North America. He is presently Chief Executive Officer and Director of Applied Graphite Technologies Corp. Prior to this, Don served as President, CEO and Executive Director of Alabama Graphite Corp, successfully completing the company’s disruptive Preliminary Economic Assessment (PEA) and introducing a new, battery-focused strategy.

“Don brings to Ceylon experience, ideas and capabilities we cannot find anywhere else,” said Bharat Parashar, Chief Executive Officer. “Now that we are in commercial production, we will benefit from his expertise as we invest to ensure we have top quality upgraded graphite for the growing lithium-ion battery market.”

As President and Chief Operating Officer of Focus Graphite Inc., Don led Focus Graphite to wide recognition in the graphite industry, updated the company’s PEA and advanced the company to a completed Feasibility Study. He was also responsible for rapidly advancing the development of value-added graphite products, namely coated spherical purified graphite for the lithium-ion battery sector. Prior to Focus, Don served as President of Northern Graphite Corporation and was responsible for all technical aspects relating to the Bissett Creek graphite project, including the company’s Feasibility Study, metallurgical test work, environmental and mine permitting, as well as developing battery-related graphite products.

“I’m excited to join the Board of Ceylon,” said Baxter. “As I look at the market today and the incredible demand for high quality graphite products, I see that Ceylon is the real deal – a production level operation, with purity and easy upgradability you cannot find elsewhere. The potential is incredible.”

Don also served as Mine Superintendent at the Kearney Graphite Mine and was Director of Mining at Ontario Graphite Ltd. Don holds a degree in Mining Engineering from Queen’s University, is a Registered Professional Engineer and, is a past member of the Board of Directors of the National Association of Advanced Technology Batteries International (NAATBatt International) — a US-based not-for-profit trade association commercializing advanced electrochemical energy-storage technology for emerging, high-tech applications — and is a ‘Qualified Person’ as defined by National Instrument 43-101 (NI 43-101) guidelines.

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.

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.

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.com

Bharat Parashar, Chairman and & Chief Executive Officer

Chairman & Chief Executive Officer

info@ceylongraphite.com

Corporate Communications

(202)352-6022

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