VANCOUVER, British Columbia, Nov. 27, 2017 (GLOBE NEWSWIRE) -- Ceylon Graphite Corp. (“Ceylon Graphite”) (TSX-V:CYL) (OTC:CYLYF) (FSE:CCY) announces significant advancements in the clearing and refurbishment of the graphite shaft and adit at its K1 site. The upgraded and refurbished shaft has now reached a depth of 100 ft. and will continue to the current bottom of the shaft which is anticipated at around 130 ft. Drilling operations simultaneously continue as previously announced.
Upgrades and advancements include the refurbishment of the shaft access, strengthening of the passageway with steel and timber as well as installation of an electric winch and dewatering pumps. Work has also commenced on refurbishing the adit, which serves as a natural ventilation system and will be used to transport goods in and out of the shaft. All infrastructure upgrades are being installed throughout the underground area in anticipation of Ceylon Graphite achieving graphite production in the near term. In this regard, Ceylon Graphite expects to apply to upgrade its exploration license to a IML A license with the Geological Survey and Mines Bureau as soon as work on the shaft is completed.
For recent images of the K1 shaft and current work program please see Ceylon Graphite’s updated website and presentation.
Website link: www.ceylongraphite.com
In addition to these significant advancements at its K1 site, Ceylon Graphite has begun preparatory geological work on two new grids in preparation for exploration through drilling and refurbishment of existing shafts. These grids, one in Ingiriya and the other in Katuwana both have vein graphite visible on the surface.
Bharat Parashar, Chief Executive Officer states: “We are very encouraged with the pace of work at the K1 site. With preparation now underway for work at our next sites we are confident in our ability to become a near-term graphite producer of some of the world’s purest naturally occurring graphite”.
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 exploring for 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 100km². 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 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 intention to apply for a Mining License 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 a IML A License 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