Melbourne, Australia — 12 July 2012 – Australian resource company Syrah Resources – which has a diversified exploration portfolio in East and Southern Africa – is moving ahead with its Balama graphite prospecting project in Mozambique, and has completed the tenth of a 14-hole programme to calculate the size of the resource.

As it started drilling the eleventh hole, the company said in a statement released here that the 10 holes drilled so far had intersected graphite mineralisation of potentially high quality “from start to finish.” It pointed out, however, that an estimate of available reserves and of the quality of the graphite might only be available in a few months’ time.

Syrah Resources has been selling off its non-strategic assets in order to focus on graphite assets in Africa – particularly the Balama project in Mozambique.

The project has already been proven, via metallurgical tests, to have more and higher quality potential reserves than graphite deposits in Canada, Europe and Australia.

Source: Syrah Resources. For more information, click here.