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Ceylon Graphite signs 3 new exploration licenses

Ceylon Graphite Corp. has announced that it has received the assay results of laboratory testing of graphite samples taken from the overburden of its exploration GRID no 23, under Exploration License No EL/222/R/2 in the Pasyala area in Sri Lanka.

These new site test results indicate a carbon content (Cg) of 96.13% which is vastly superior to virtually every other natural graphite source globally. The laboratory testing was done by the Sri Lanka Government's Geological Survey and Mines Bureau's laboratory. 

Upon these material findings, the company has signed three new land agreements under Exploration Licenses 222 and 224 and is accelerating its exploration, and commencing a drilling program on the recently added site(s) to determine an additional resource estimate, in addition to its currently verified ore holdings. 

"We are delighted with this result which confirms that Ceylon Graphite has some of the world's purest graphite available in its grids," said Bharat Parashar, Chief Executive Officer. "With three active sites at present, we fully expect to bring the new land packages online for commercial extraction over the next several months - as we are now executing on a dual strategy of drilling and clearing out the historical shafts simultaneously."

The new sites contains several historic shafts and adits. The Government of Sri Lanka has granted the company exploration rights in a land package of over 120km² with substantial reserves of the world's  purest graphite.

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.

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