Ceylon Graphite Purchases Drill Rig
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 25, 2017) - Ceylon Graphite Corp. ("Ceylon") (TSX VENTURE:CYL)(OTC:CYLYF)(FRANKFURT:CCY) announces that Sarcon Development (PVT) Ltd ("Sarcon") its wholly owned subsidiary has purchased a HXY-2T type Core Drilling Rig from the H.H. Drill-Tech Drilling Machinery Co Ltd based in Lianyungang, Jiangsu Province, China. It is anticipated the drill will arrive in Sri Lanka by the middle of May. For it's immediate requirements, Sarcon has hired a local drilling operator, currently on site to start the drilling process at its K1 site which is a past producing graphite mine. Drilling at K1 will initially be in the area identified during VLF ground mapping around the old mine site and then other parts of the grid.
The company will drill all the 116 grids over the next 24 months, this will provide the precise location(s) of the graphite vein(s) in each grid. The company's goal is to build a geological database for its mining operations.
Bharat Parashar, Chief Executive Officer, said: "Owning its own drill rig will give Sarcon both a cost advantage plus positioning flexibility in the exploration process as we move towards our goal of commencing production."
About Ceylon Graphite Corp.
Ceylon Graphite Corp. is a public company listed on the TSX Venture Exchange (TSX VENTURE:CYL), 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 cover all relevant areas that had historical graphite production during the early twentieth century representing the majority of the known graphite occurrence in Sri Lanka. Ceylon's graphite is the purest in the world, and currently accounts for less than 1% of the world graphite production.
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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 the Company's expected increase in global exposure and anticipated investment from European investors. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company including the assumption that trading on the Frankfurt Stock Exchange will increase the Company's profile to European investors. 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 cause actual results to differ materially from the results expressed or implied by the forward-looking information include, among other things, a general economic downturn. The Company 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, the Company 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.
Contact
Ceylon Graphite Corp.
Bharat Parashar
Chairman & Chief Executive Officer
info@ceylongraphite.com
Corporate Communications
(604) 559-8051