July 3, 2019, Vancouver – Ceylon Graphite Corp. (“Ceylon Graphite” or the “Company”) (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) at the request of the Investment Industry Regulatory Organization of Canada, the Company hereby retracts and corrects certain statements made in its news release dated July 2, 2019.The Company has only received exploration rights for its mineral properties (121) in Sri Lanka, has not yet received any mining permits for such properties, and has not, to date, performed a NI 43-101 compliant preliminary economic assessment, pre-feasibility study, or feasibility study, to support the technical feasibility or economic viability of the project. As such the Company specifically retracts the following disclosure:
The Company would also like to clarify disclosure relating to statements regarding the purification of its graphite samples:
Ceylon commissioned American Energy Technologies Company (“AETC”) to test samples of graphite from the K1 and M1 sites. AETC has certified that through simple Thermal Purification procedures, the graphite samples could be upgraded and meet the specifications of marketable battery grade graphite for lithium-ion battery manufacturers and other energy storage end-users, which is currently set at 99.99wt%. K1 graphite was upgraded from 87.19wt% Cg to 99.9997wt% Cg, and M1 graphite was upgraded from 91.22 wt% Cg to 99.996 wt% Cg. Thermal Purification techniques are among the most cost effective techniques used in the graphite industry to purify graphite mineralized material.
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.
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.
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
