Plumbago acquires additional Exploration Licences and Land in Sri Lanka
March 27, 2013 (Source: Accesswire) — Plumbago Refining Corp. (“Plumbago” or the “Company”) is pleased to announce that is has been granted exploration licences for an additional 22 one-square-kilometre grid units in the western province of Sri Lanka. The Company now holds exploration licences for 49 grids (the “Exploration Licences”).
“With our strong local team, Plumbago is able to secure the most promising sites in Sri Lanka,” Plumbago Director, Dr. Ian Flint reports.
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In addition to the Exploration Licences, Plumbago has increased its land package from its previously announced 100 one-square-kilometre grids to 114 one-square-kilometre grids (the “Grids”), with each Grid having historical surface vein graphite production. The unique, and comparatively higher margin, vein deposits currently make-up less than 1% of the world graphite production. Meanwhile, the exploration grids represent the majority of known graphite resources in Sri Lanka. The relevant areas in which the Grids reside have previously had historical production dating back to the 1920s and 1930s.
“During our most recent visit to all the sites, it was exciting to see that a lot of the old adits are in great condition and at some sites the veins are at surface,” added Dr. Ian Flint.
Plumbago is aggressively advancing its exploration work with the goal of near-term graphite production.
Plumbago Refining Corp. is a privately-owned company currently exploring and developing graphite mines in proven resource jurisdictions in Sri Lanka.
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