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Ceylon Graphite

Ceylon Graphite encouraged by new assay results showing high-purity graphite

The samples taken from the M1 site in Sri Lanka indicated a carbon content of 99.2%, which Ceylon said is “vastly superior” to other natural graphite sources

Ceylon Graphite -
Graphite mined in Sri Lanka is known to be some of the purest in the world

Ceylon Graphite Corp (CVE:CYL) (OTCMKTS:CYLYF) rose on Thursday as it told investors that new assay results from the company’s Sri Lankan projects revealed extremely high purity levels.

The samples taken from the M1 site in the Malsiripura area in Sri Lanka indicated a carbon content of 99.2%, which Ceylon said is “vastly superior” to other natural graphite sources.

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.

READ: Ceylon Graphite gets nod from Sri Lanka’s Central Environmental Authority for graphite mining project

“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, the junior company’s CEO.

“Our work on the shaft at M1 continues and we expect to start the process to seek an IMLA license soon.”

Ceylon told shareholders it is looking forward to additional testing from its excavation efforts, as bedrock extracted graphite at lower depths from this site is expected to produce even higher purity.

Earlier this week the Vancouver-based company’s wholly owned subsidiary Sarcon Development Pvt Ltd received the greenlight from Sri Lanka’s Central Environmental Authority (CEA) for its K1 graphite mining project at Karasnagala, in Sri Lanka.

The company should be able to kick off commercial production once the license is granted by the relevant authority of the Sri Lankan government.

In afternoon trading, Ceylon Graphite shares were 9% higher at C$0.12.

 -- Adds share price --

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Ceylon Graphite

Price: $0.11

Market: TSX-V
Market Cap: $5.75 m
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