GRAPHITE ONE RESOURCES INC. ANNOUNCES $602,000 PRIVATE PLACEMENT OF UNITS

February 1, 2013 - Calgary, Alberta – Graphite One Resources Inc. (GPH: TSX-V; GPHOF: OTCQX) (“Graphite One” or the “Company”) announces that it has arranged a non-brokered private placement, to sell up to 4,300,000 units (the “Units”) on a private placement commercially reasonable efforts basis at a price of C$0.14 per Unit for gross proceeds of up to C$602,000.

Each Unit shall consist of one common share of the Company and one common share purchase warrant

(“Warrant”). Each Warrant shall be exercisable into one common share of the Company for a period of five years from closing at an exercise price of C$0.20 per share in the first two years and C$0.30 per share for the remainder of the period. There are no finder’s fees associated with this placement.

The proceeds raised under the Offering will be used for general working capital purposes.

Closing of the Offering is anticipated to occur on or before February 6, 2013 and is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange. Securities issued under the Offering will be subject to a four month hold period which will expire four months from the date of closing.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States

Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.