Monday, May 27

Applied Graphite Technology closes key acquisition of Queens Mine in Sri Lanka

–News Direct–

Applied Graphite Technology Corporation CEO Don Baxter joined Steve Darling from Proactive to announce the successful acquisition of the past-producing Queens Mine in Sri Lanka. Situated centrally between AGTs Dodangaslanda Graphite Properties, the newly acquired property will be amalgamated into the Queens Mine Complex.

Baxter revealed to Proactive that the Queens Mine previously extracted high-grade graphite veins at a rate of 20 tonnes per month, with plans to increase production to 3,000 tonnes per year. Adits providing access to underground workings exposed at least six graphite veins spanning a total width of 25 meters, with vein thickness varying up to 0.4 meters.

In the coming three to six months, the company's focus will be on finalising exploration licenses, which are critical for securing mining rights over the owned properties and avoiding negotiations with landowners. This process is expected to lead swiftly to obtaining a mining license, propelling the company into production.

Baxter expressed optimism about the regulatory environment in Sri Lanka, noting improvements in governmental procedures and support, contrasting with his previous experiences, and highlighting the presence of motivated individuals within the Bureau of Mines aiming for expedited processes.

Contact Details

Proactive North America

+1 604-688-8158

NA-editorial@proactiveinvestors.com

View source version on newsdirect.com: https://newsdirect.com/news/applied-graphite-technology-closes-key-acquisition-of-queens-mine-in-sri-lanka-520970712

Applied Graphite Technologies Corporation

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