Updating Press Release

Updating Press Release

VANCOUVER, British Columbia, Dec. 08, 2020 (GLOBE NEWSWIRE) — Further to its press release of earlier today, Ceylon Graphite Corp. (“Ceylon Graphite” or the “Company”) (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) would like to clarify the information disseminated with respect to the research report (the “Report”) prepared by Christopher Ecclestone of Hallgarten & Company.
The Company has removed the link to the report from its website and does not endorse the buy recommendation contained in the Report. The market price for the Company’s shares could be subject to wide fluctuations and the Company does not provide any guidance or assurance of the future price of its securities.Hallgarten & Company has acted as a strategic consultant to Ceylon Graphite and has been compensated for those services in the past, including the preparation of the Report, but it does not hold any stock in the company, nor does it have the right to hold any stock in the future.Further information regarding the Company is available at www.ceylongraphite.comBharat Parashar, Chairman and & Chief Executive Officer
info@ceylongraphite.com
Corporate Communications
+1(202)352-6022
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 releaseFORWARD 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.These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, Ceylon Graphite 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)

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