GRAPHITE ONE COMPLETES AIRBORNE AND EXTENDS EM CONDUCTOR TO MORE THAN 16 KILOMETRES

July 3, 2012 - Calgary, Alberta – Graphite One Resources Inc. (GPH: TSX-V, GPHOF: OTCQX) ("Graphite One" or the "Company") is pleased to announce it has completed the airborne survey and has now received the data.  The airborne geophysical survey was conducted by SkyTEM Canada Inc. (“SkyTEM”) which comprised both magnetics and electromagnetics (SkyTEMs’ Dual-Moment, Time-Domain Electromagnetic (“TDEM”) System).

Based on the presence of a strong Electromagnetic conductor, the survey was extended to the northeast by 4.5km (an additional 309 line kilometres, now totaling 999 line kilometres).  As the EM conductor that is coincident with graphite occurrences is now more than 16 kilometres in strike length further increasing the potential for the discovery of a large tonnage, high-grade graphite deposit. 

“We are very excited to announce the substantial extension of our strike length,” stated Anthony Huston, President and Director.  “Graphite One has more than tripled the original strike length which dramatically increases the potential deposit size from the previous 150 to 250 million tonnes of graphite-bearing rock,” continued Mr. Huston.

The geophysical data is shown on the figure below as well as the link provided.

http://www.graphiteoneresources.com/_resources/news/20120703/figure1.jpg

Dean Besserer, P.Geol., V.P. Exploration, manages Graphite One's exploration and development programs and is the Qualified Person as defined by National Instrument 43-101.  He supervised the preparation of the technical information in this release.

About Graphite Creek
The Graphite Creek Property comprises 89 claims totaling 4,209 hectares on the Seward Peninsula of Alaska, 65 kilometres north of Nome.  Mineralization at the Graphite Creek Property is characterized by coarse crystalline (large-flake) graphite (>80mesh) within graphite-bearing schist(s).  Graphite mineralization is exposed at surface.  The large-flake graphite occurs as disseminations and high-grade segregations and lenses in distinctive garnet-bearing quartz biotite schist(s). The host schist(s) is continuous over 16 kilometres of strike length, based on mapping, geophysics, and has an approximate thickness of 100 metres, and is exposed down dip 100 to 200 metres, thus indicating the potential for 150 to 250 million tonnes of graphite-bearing rock.  The estimate of potential tonnage is based on the Company’s geological mapping in 2011.  Two samples were collected during 2011 of the graphite-bearing schist contain 9.1 to 21.8% graphite, respectively.  A sample collected within a high-grade lense within the schist contained 56.9% graphite.  A historical composite chip sample across a 16 metre outcrop of graphite-bearing schist contained 8.36% graphite.  Other schists in the area contain 2 to 6% graphite.  The potential size and grade of the mineralization at the Graphite Creek Property is conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in discovery of a mineral resource.  The Property is 3 kilometres away from intertidal waters at Windy Cove, approximately 20 kilometres away from road systems, and 3 kilometres from an airstrip to the southeast.

Graphite One uses Actlabs (Ancaster, Ontario), an ISO/IEC 17025 accredited analytical laboratory.  The technique used for determining graphitic carbon is by LECO whereby the pulp is either digested with hydrochloric and perchloric acids, or subjected to a multistage furnace treatment to remove all forms of carbon with the exception of graphitic carbon.

Graphite One Resources is committed to a regimented QA/QC program including utilizing standards, blanks and duplicates as per normal industry standards.

About Graphite One Resources Inc.
GRAPHITE ONE RESOURCES INC. (GPH: TSX-V, GPHOF: OTCQX) is a mineral exploration company with extensive experience in the state of Alaska and a business strategy to identify, acquire, and explore high potential projects ready for rapid advancement.  The Graphite Creek Property on the Seward Peninsula of Alaska fits with the Graphite One business strategy offering significant potential for the discovery and development of a large-flake, graphite deposit exposed at surface.  Graphite One has an option to earn a 100% interest in the Graphite Creek Property and plans to rapidly advance the Property to a NI 43-101 compliant resource.

The graphite market is only beginning to open up as green technology takes more precedence in the world today.  Graphite is vital for lithium-ion batteries, pebble bed nuclear reactors, and fuel cells amongst other uses.  Graphite has been named a "supply critical mineral" and a "strategic mineral" by the USA and European Union as more demand is being created that surpasses the supply threshold.  This has allowed for the price of graphite to rise, as over the past 7 years the price has nearly tripled. 

ON BEHALF OF THE BOARD OF DIRECTORS
(signed)
"Anthony Huston”

For more information on Graphite One Resources Inc. please visit the Company’s website, www.GraphiteOneResources.com or contact:

Anthony Huston
President & Director
Tel: (604) 697-2862
Email: [email protected]

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 access to capital, regulatory approvals, 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. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. 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, whether as a result of new information, future events or otherwise, 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

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