VANCOUVER, British Columbia, Dec. 01, 2020 (GLOBE NEWSWIRE) — Ceylon Graphite Corp. (“Ceylon Graphite” or the “Company”) (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) is pleased to announce that its wholly-owned subsidiary Sarcon Development (Pvt) Ltd.’s K1 and M1 sites in Sri Lanka have returned to full operations following easing of local COVID-19 related restrictions. The Company’s primary near term objective is to accelerate the commercial production volumes at its K1 site which first began production this year. Graphite mined from the Company’s K1 site is known to be some of the highest grade in the world and has been confirmed to be suitable to be easily upgraded for a range of applications including the high-growth electric vehicle and battery storage markets. The Company is also advancing towards development completion at its M1 site and is in the process of attaining mining licensing approval for production at this site. Additional near-term priorities include advancing development of additional sites and initiating geological work at other prospective areas of its land bank.
Additionally, the company continues to engage in active negotiations with graphite processors and end-users around the globe with the objective of working towards sales agreements since announcing its first two commercial sales earlier in 2020.
“The capital from our recent successful financing has allowed us to aggressively target increased production,” said Bharat Parashar, Chairman and Chief Executive Officer. “We are in active discussions with international vendors for equipment that will enhance our capabilities underground and are close to restarting drilling at our third site known as H1. Our geological team has started geophysical work to follow up on high-grade rich graphite intercepts in the Sabargamuwa area which had historic mining. Our previous work had outlined this and other areas for follow up across our extensive land package.”
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, plus the exploration for and development of graphite mines in Sri Lanka. Graphite mined in Sri Lanka is known to be some of the purest 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. The Government of Sri Lanka has granted the Company’s wholly own subsidiary Sarcon Development (Pvt) Ltd. 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.
Further information regarding the Company is available at www.ceylongraphite.com
Bharat Parashar, Chairman and & Chief Executive Officer