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 Licence for the Malsiripura, “M1” mining project in Sri Lanka from the Geological Survey and Mines Bureau (“GSMB”). The Licence grants exclusive rights to mine graphite from within the M1 mining area.
With the M1 permit in hand, the Company expects to be hoisting graphite after the shaft has been deepened by twenty feet and crosscut to a parallel vein system. The K1 mining project is fully permitted, and the Company is in the process of deepening the shaft and has doubled capacity for hoisting graphite.
Recent political unrest in Sri Lanka earlier this summer has subsided with the appointment of a new President. Ceylon’s operations were not adversely affected, and the Company only experienced a few delays in obtaining the final details of certain permits, but the Company is now able to expedite activities at both mines.
“The M1 and K1 licences demonstrate our ability to meet, or surpass, 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 and the permitting of both the K1 and M1 mining projects, we are now in position to expedite our goal of achieving free cash flows from hoisting our high-grade, direct shipping, vein graphite from both projects within the next few months.”
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