Ceylon Graphite Signs Agreement to Acquire Local Graphite Company

Ceylon Graphite (“Ceylon”) (TSX-V:CYL) (OTC:CYLYF) (FSE:CCY) announces it has signed an agreement to acquire all of the issued and outstanding shares of JADS Enterprises (Private), a local Sri Lankan mining company that has five graphite exploration Grid units (“GRIDs”) and an exploration license in the Malsiripura/Kurunegela region in central Sri Lanka.

The acquisition of JADS will take the total number of GRIDs under Ceylon’s umbrella in Sri Lanka from 116 to 121. Historical drilling records, from over 30 exploration holes at the Panliyadda sites, suggests the potential for high quality vein/lump graphite in these 5 GRIDs.

Upon completion of the acquisition, Ceylon intends to conduct a limited drilling program on the Panliyadda site of the Malsiripura property to confirm the quality and quantity of the graphite mineralization, and develop a mine plan.

Upon completion of the drilling program, and provided the results of that program are favourable, Ceylon intends to apply for a Class B Mining License, with the ultimate goal of establishing mining operations.

Click here to read the full text release. 

"Did you know graphite is as tough as diamonds, but its unique structure makes it light, soft, and highly resistant to heat as well?"

Find out everything an investor needs to know about graphite investing. Click below to download a FREE industry report on the graphite market.
 

Get the Latest Graphite Investing Stock Information

Get the latest information about companies associated with Graphite Investing delivered directly to your inbox.

Graphite Production/Mining
Graphite Prospecting and Exploration
Graphite Resource Definition/Pre Feasibility
Graphite Resource Expansion/Feasibility Study/PEA

By selecting company or companies above, you are giving consent to receive email from those companies. And remember you can unsubscribe at any time.

"Did you know graphite is as tough as diamonds, but its unique structure makes it light, soft, and highly resistant to heat as well?"

Find out everything an investor needs to know about graphite investing. Click below to download a FREE industry report on the graphite market.
 
Comments

Leave a Reply