Ceylon Graphite Announces Environmental Protection License for Sarcon Development’s K1 Project
November 11 2019 - 7:30AM
Ceylon Graphite Corp. (“Ceylon Graphite”) (TSX-V:
CYL) (OTC: CYLYF) (FSE: CCY) today announced that its wholly owned
subsidiary Sarcon Development (Pvt) Ltd (“Sarcon”) has been granted
an Environmental Protection License (“EPL”) for its K1 Graphite
Mining Project at Karasnagla, Sri Lanka from the Central
Environmental Authority bearing No 17501 (R0) dated 14th October
2019 under provisions of the National Environmental Act 47 of 1980
and amended by Acts No 56 of 1988 and No 53 of 2000, of the
Government of Sri Lanka. The CEA is the Environmental Regulator in
Sri Lanka and was established by an Act of Parliament.
CYL also announces that a subsidiary of Sarcon,
BPA Lanka (Private) Ltd has purchased land next to the K1 project
that will allow the company to construct an adit from the main
shaft. This adit will facilitate the removal of graphite from the
mine, aid with ventilation and help with dewatering of the shaft
area.
Mr George Smitherman has resigned as a Director
of the Company. The Board thanks him for his tenure as a
Director.
“With this the last major license and the land
purchase in hand we move towards commercial production at K1,” said
Bharat Parashar, Chief Executive Officer. “Sarcon looks forward to
working closely with the CEA and other Government Departments in
Sri Lanka with the aim of being environmentally conscious and
abiding with all the rules set by the authorities as our business
grows.”
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 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 Mining License application 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 various
Local Government Licenses 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
info@ceylongraphite.com
Corporate Communications
(202) 352-6022
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