Graphite One Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 23, 2015) - Graphite One Resources Inc. (TSX VENTURE:GPH)(OTCQX:GPHOF) ("Graphite One" or the "Company") is pleased to provide a corporate update on the Graphite Creek Project, U.S.'s largest known large-flake graphite deposit.

• $2 million financing completed
• 2016 focus is on development of EV Battery-Grade Spherical Graphite and anticipated completion of PEA
• Company appoints Rick Van Nieuwenhuyse to Board of Advisors

With its recently completed financing of $2 million, the Company is well-positioned to progress its corporate objectives during 2016, including anticipated completion of its Preliminary Economic Assessment ("PEA") concerning the Graphite Creek Project.

"We are very excited as we look forward to the year ahead and advancing our world-class project towards the commercialization stage," said Anthony Huston, CEO of Graphite One. "Our large scale U.S. domestic project has captured the attention of various industry corporations as the market for battery materials, specifically graphite and lithium, has taken center stage in the alternative energy space."

In addition, the Company is pleased to announce the appointment of Rick Van Nieuwenhuyse to its advisory board. "Rick brings a wealth of knowledge in the natural resource sector," said Mr. Huston, "as well as years of working experience in Alaska."

Rick is President and Chief Executive Officer of NovaCopper, a director of NovaGold, and has more than 30 years of experience in the natural resource sector. This experience includes his role as Founder, President, and CEO of NOVAGOLD since 1997 and his role as Vice President of Exploration for Placer Dome Inc. from 1990 to 1997. In addition to his international exploration perspective, Rick brings years of experience in, and knowledge of working in Alaska, to Graphite One. Rick has managed projects from grassroots discovery through to advanced feasibility studies, production and closure. Rick holds a Candidature degree in Science from the Université de Louvain, Belgium, and a Masters of Science degree in Geology from the University of Arizona.

Spherical graphite is used mainly in lithium ion batteries, the main demand driver being electrical and hybrid vehicles. According to first-hand data compiled and analyzed by London-based Benchmark Mineral Intelligence, the anode graphite market (natural and synthetic) is projected to grow from 80,000 tpa today to at least 250,000 tpa by 2020.

On April 15, 2015, the Company announced that TRU Group's comprehensive study of the Company's deposit revealed unique characteristics of the Graphite Creek's mineralization. As identified by TRU, these distinguishing features can be described as spheroidal, thin, aggregate and expanded -- or STAX.

"In the case of spherical graphite in particular," Mr. Huston noted, "TRU confirmed that naturally occurring graphite in the shape of spheres -- close to the size ranges of interest for lithium ion battery-grade graphite -- was seen in all drill hole concentrate samples."

The Company has engaged TRU Group to produce trial spherical graphite lab scale samples for internal assessment of electrochemical performance and for potential end-user evaluation. TRU expects to produce the spherical graphite and complete the PEA during the first half of 2016.

About Graphite One

Graphite One Resources Inc. (TSX VENTURE:GPH)(OTCQX:GPHOF) is exploring with the intent to develop the Graphite Creek Project, USA's largest known large flake graphite deposit situated on the Seward Peninsula of Alaska about 60 kilometers north of Nome. The project is progressing from the exploration to the evaluation phase. Work to date has identified a large, high grade and at-surface resource with simple geology and good mineralization continuity. The project has the potential to produce products that will effectively compete in the high end battery market (for both electric vehicles and power storage) as well as other markets for purified graphite and graphite by-products. For more information please see www.graphiteoneresources.com.

ON BEHALF OF THE BOARD OF DIRECTORS

"Anthony Huston" (signed)

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This release includes certain statements that may be deemed to be forward-looking statements. All statements in this release, other than statements of historical facts that address the progress anticipated during 2016, the timing and successful completion of the PEA, the industry projections regarding the future demand for graphite, the results of the TRU Group's study being accurate regarding the characteristics of the Graphite Creek mineralization, exploration drilling, exploitation activities and events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this press release, and the Company undertakes no obligation to update publicly or revise any forward-looking information, except as required by applicable securities laws. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.

Contact

Graphite One Resources Inc.
Anthony Huston
CEO, President & Director
(604) 697-2862
AnthonyH@GraphiteOneResources.com
www.GraphiteOneResources.com
Investor Relations Contact
1-604-684-6730
GPH@kincommunications.com