February 26, 2020, Vancouver – Ceylon Graphite Corp. (“Ceylon Graphite” or the “Company”) (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) is very pleased to announce excellent results of Spheronization test work carried out at an independent facility with vein graphite from our K1 mine. All analyzed parameters of the manufactured spherical graphite product are in the range of typical comparable products. SEM images display well rounded spherical graphite particles similar to products on the market. Spheronization is a sizing and shaping process that micronizes and rounds the vein graphite particles. Spheronization is done to optimize the particle surface area to achieve the highest performance in the anode. The Scanning Electron Microscopy (SEM) picture below shows smooth, spherical particles. This is significant as presently all-natural spherical graphite is produced from flake graphite.
Ceylon has not yet undertaken electrochemical characterization of our vein graphite, however published papers indicate that vein graphite exhibits “many favourable characteristics such as high reversible capacity…Among the natural graphite varieties, vein graphite typically possesses very high crystallinity together with high natural purity, which in turn reduces the cost of purification.” Half-cell testing was carried out with vein graphite and “Galvanostatic charge-discharge, cycle voltammetry, and impedance analysis revealed a high and stable reversible capacity of 378 mAh/g, which is higher than the theoretical capacity of flake graphite at 372 mAh/g”. The study also observed low irreversible capacity acquiesces to high columbic efficiency of over 99.9%. The study concluded that “highly crystalline developed natural vein graphite can be presented as a readily usable low-cost anode material for Li-ion rechargeable batteries”.
Ceylon Graphite also announces that Robert Marvin has resigned as a Director of the company. Donald Baxter, P.Eng., Director of Ceylon Graphite Corp., is the new Qualified Person as defined by National Instrument 43-101 (“N.I. 43- 101”) guidelines
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
info@ceylongraphite.com Corporate Communications (202) 3526022
On behalf of the Board of Directors of CEYLON GRAPHITE CORP.
Bharat Parashar, Chairman and Chief Executive Officer
QUALIFIED PERSON
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 Information
This press release contains forward-looking information based on current expectations. Statements about the acquisition or disposition of securities of the Company by the Acquiror, among other things, are all forward-looking information. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, and other factors, many of which are beyond the control of the Company. Risk factors that could cause actual results or outcomes to differ materially from the results expressed or implied by forward-looking information include, among other things: changes in laws, general economic and business conditions; and changes in the regulatory regime. The final exchange bulletin will not be issued if the Exchange determines that the Company has not met the conditions set out in the Exchange’s conditional approval letter. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information or for a copy of the early warning report filed with the relevant Canadian Securities regulators in conjunction with this news release please contact Optimal Energy B.V., Attention: Jody Lenihan at 949.677.2299.
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).
Further information regarding the Company is available at www.ceylongraphite.com
Bharat Parashar, Chairman & Chief Executive Officer
Corporate Communications
(604) 559-8051
