CEYLON GRAPHITE TO CLARIFY TECHNICAL DISCLOSURES
December 13 2021 - 4:15PM
Ceylon Graphite Corp. (“Ceylon” or the “Company”) (TSX-V: CYL)
(OTC: CYLYF) (FSE: CCY) announces that, as a result of a review by
the British Columbia Securities Commission (the “BCSC”) of the
Company's technical disclosure under National Instrument 43-101
- Standards of Disclosure for Mineral Projects ("NI
43-101") and its Form 43-101F1 (the “Form”), the Company is issuing
this news release to clarify certain disclosures previously made by
the Company.
The technical report failed to follow the Form
and does not provide the information required by the Form and it
does not appear that the mineral resource estimate was prepared
following industry standard practice in accordance with Form
43-101F1 and must be revised to follow the 2014 CIM Definition
Standards.
As a result the review by the BCSC, the
technical report reported on December 6, 2021 is contrary to NI
43-101, including the mineral resource estimate, and should not be
relied on until an amended independent technical report is
filed.
Qualified Person
Donald K.D. Baxter, P. Eng. is a Qualified
Person under National Instrument 43-101 and has reviewed and
approved the technical information provided in this news
release.
About Ceylon Graphite Corp.
Ceylon Graphite is a public company listed on
the TSX Venture Exchange that is in the business of mining for
graphite, and developing and commercializing innovative graphene
and graphite applications and products. Graphite mined in Sri Lanka
is known to be some of the purest in the world and has been
confirmed to be suitable to be easily upgradable for a range of
applications including the high-growth electric vehicle and battery
storage markets as well as construction, healthcare and paints and
coatings sectors. The Government of Sri Lanka has granted the
Company’s wholly owned subsidiary Sarcon Development (Pvt) Ltd. an
IML Category A license for its K1 mine and 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.
Further information regarding the Company is
available at www.ceylongraphite.com
Don Baxter, Chief Executive Officer
info@ceylongraphite.com
Corporate Communications
1 604-765-8657
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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, 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, 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.
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