The probable origin of the graphite at the Crystal Graphite mine near Dillon, Montana, has often been discussed in the geologic literature. Heretofore those writers who have advanced any theories of origin have all concluded that the graphite is genetically associated with the granitic pegmatites of the area.Field and laboratory work done in 1950 is discussed herein. It is concluded that the graphite mineralization is much later than any period of metamorphism or pegmatite emplacement. These deposits also show structures and textures typical of epithermal mineralization. They therefore require an hypothesis of origin divorced from any genetic association with the pegmatites of the property.