Applied Graphite Technologies Corp. announced that it has purchased the past-producing Queen's Mine in Sri Lanka. The property is centrally located between AGT's Dodangaslanda Graphite Properties.

The combined properties will be called the Queens Mine Complex. The Queens Mine was reported to be extracting high-grade graphite veins at a rate of 20 tonnes per month. The former operator had intentions to ramp up production to 3,000 tonnes per year.

Adits which provided access to the underground workings expose at least six graphite veins over a total width of 25 meters, with veins varying in thickness up to 0.4 metres. The former operator had done extensive laboratory testing on its run-of-mine ("ROM") tonnes which consisted of high-grade graphite +95 Cg. Vein graphite direct from the mine will sell for $2,000 per tonne.

The ROM vein graphite, when upgraded to battery-quality graphite, sells for between $8,000 and $12,000 per tonne.