VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- Mar 17, 2015 -- Graphite One Resources Inc. (TSX VENTURE: GPH)(OTCQX: GPHOF) ("Graphite One" or the "Company") is pleased to announce the completion of an updated mineral resource estimate for its Graphite Creek deposit near Nome, Alaska of 17.95 million tonnes ("Mt") indicated, grading 6.3% graphitic carbon ("Cg"), and 154.36 Mt inferred, with 5.7% Cg, using a 3% Cg cut-off grade ("COG"). The 2014 drill program, completed in October 2014, increased the vertical and lateral drill spacing along a 730m strike length of the 4.8 km long Graphite Creek deposit. The drilling results moved a portion of the previously released resource estimate (see News Release of January 20, 2014) from inferred to indicated resource status and will provide the basis for the Graphite Creek Project's initial Preliminary Economic Assessment ("PEA"), expected to be released in Q2 2015. The previous inferred mineral resource estimate released in January 2014 totaled 186.90 Mt of 5.5% Cg at a cut-off grade ("COG") of 3% Cg, and is superseded and replaced by the Updated Mineral Resource estimate announced by this Press Release.

The Graphite Creek Deposit is 29km (18 miles) from a seasonal road and approximately 113km (70 miles) from the port of Nome which could be accessible from the deposit by either land or water.

Highlights of the Updated Mineral Resource Estimate:

--  Indicated Mineral Resource of 17.95 Mt at 6.3% Cg and an Inferred
    Resource of 154.36 Mt of 5.7% Cg, both at 3% COG, makes the Graphite
    Creek deposit the largest published graphite resource in the United
    States 

--  An indicative 14% increase in grade within the area of 2014 infill
    drilling as shown by the new Indicated Mineral Resource from the
    previous Inferred Resource grade (5.54% to 6.3% Cg COG) 

--  The 2014 drilling program further confirmed positive continuity of near
    surface, higher grade graphite within a simple geological setting,
    moving 11% of the previous Inferred resource to the Indicated resource
    category 

--  High-grade graphite mineralization is present at the surface and has
    been extended to depths of over 200 m by drilling. 

--  The deposit remains open along strike in both the east and west
    directions, as well as down dip. 

--  The Company will utilize this updated mineral resource estimate to
    prepare an initial Preliminary Economic Assessment for the Graphite
    Creek Deposit under direction of RPA Inc., Vancouver, B.C. 

"Our progress at Graphite Creek is due to a combination of factors: the continuity of the mineralization, a near surface location and simple geology. Taken together these factors have allowed us to grow our resource to an impressive size with limited drilling - just 50 drill holes to date," stated Anthony Huston, CEO of Graphite One. "With this updated Mineral Resource Estimate, we have the basis for developing our initial PEA, and the foundation for an infill drill program in 2015 to bring additional resources into the measured and indicated category. The metallurgical samples we obtain will help us further refine our knowledge of the recovery and size distribution of our unique deposit and position Graphite Creek as a new source for the growing graphite market".

              Graphite Creek Resource Estimate - February 2015              
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Cut-off Grade                 Tonnes          Graphite      In Situ Graphite
(% Cg(1))                  (Million)            (% Cg)     (000's tonnes(2))
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                                                                   Indicated
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3                              17.95               6.3                 1,133
4                              17.31               6.4                 1,109
5                              15.06               6.7                 1,007
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                                                                    Inferred
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3                             154.36               5.7                 8,764
4                             121.58               6.2                 7,586
5                             105.70               6.5                 6,874
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1: This resource estimate recommends using a 3.0% Cg cut-off grade for the  
   base case to be consistent with its conservative approach of resource    
   recovery of 80 to 95% Graphite concentrate with average selling price of 
   USD$1,400/tonne.                                                         
2: The tonnage and in situ graphite (metric tonnes) have been rounded off to
   the nearest thousand, and therefore may not tally due to rounding.       

Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no guarantee that all or any part of the mineral resource will be converted into a mineral reserve.

The mineral resource estimate was prepared by Steven Nicholls, B.A.Sc., MAIG and Roy Eccles, M.Sc., P.Geol. of APEX Geoscience Ltd. -- both of whom are independent Qualified Persons under National Instrument 43-101 ("NI 43-101") -- using the most current Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Standards on Mineral Resources and Reserves, Definitions and Guidelines.

David Hembree, C.P.Geol., General Manager Operations for the Company and a "Qualified Person" under NI 43-101, is responsible for and has reviewed and approved the technical content of this news release. A technical report describing the 2014 drill program and Graphite Creek Indicated Resource will be filed on the Company's website and on SEDAR within 45 days.