Sri Lankan Graphite Explorer

Bora Bora Resources Limited (ASX: BBR) is a Sydney-based graphite exploration company with a suite of high grade graphite projects in Sri Lanka. The company listed on the Australian Securities Exchange in May 2012.

In April 2013, Bora Bora Resources acquired a 75% interest in 6 high grade vein graphite projects located in central and southern Sri Lanka. Our flagship project, the Matale/Kurunegala Graphite Project is located approximately 25km north-west of the city of Kandy in central Sri Lanka directly contiguous to 3 of the country’s 4 operating mines. It is the most prospective area for graphite in Sri Lanka and contains the highest total graphitic carbon (TGC) grades in the world ranging from 90% up to +99% run-of-mine TGC head grades. In addition to the Matale/Kurunegala Project, the company holds the Paragoda North and Paragoda South Graphite Projects that are also located in this highly prospective region.

In southern Sri Lanka, the company holds a further 3 high grade graphite projects known as the Baduraliya, Neluwa and Ambalangoda Graphite Projects. These projects are in established historical producing graphite regions of Sri Lanka, and contain old pits, shafts, adits and artisanal workings from former periods of graphite production when Sri Lanka was a major graphite producer and exporter globally.

When we decided to explore for graphite in Sri Lanka wewere influenced by the positive demand fundamentals for graphite and the well-established principle in the resources industry that “grade is king”. As mentioned above, the extraction grade of Sri Lankan vein graphite exceeds 90% TGC, many multiples higher than the deposits found in other regions of the world which range from <5% up to 25% TGC such as in Africa, Europe, Canada, Australia, South Korea and China. This makes Sri Lankan vein graphite unique as a more highly valuable product with minimal impurities compared to lump or amorphous graphite. With very minimal processing (i.e. low capex) it can be upgraded into a very high purity form suitable as a replacement for synthetic graphite, use in lithium ion batteries, or in the production of graphite oxide or graphene. We believe this to be very attractive to investors as the prices for these graphite products are between 10x and 100x what the competing lower grade graphite companies receive for their products meaning a commercial discovery by Bora Bora Resources at any of our projects in Sri Lanka will be a company-maker.

In June 2014, we entered into a binding Heads of Agreement with RS Mines (Pvt) Limited (RSM) to earn-in to RSM’s Queens Graphite Mine adjoining our Matale/Kurunegala Graphite Project exploration licences in central Sri Lanka. The Queens Graphite Mine is 1 of 3 operating graphite mines in the region with a run-of-mine head grade of up to 99%+ TGC. RSM have developed a process to manufacture graphene oxide, the precursor and building block to graphene technology. Subject to the successful completion of due diligence, the company can fast track becoming a producer through the deal with RSM.

For further details on graphite, the company’s projects, investor information and our Exploration Timetable please refer to the relevant sections of the website.

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