  We report on a systematic temperature dependent X-band electron paramagnetic
resonance (EPR) study of nano-sized graphite particles prepared by
ball-milling. In as-prepared samples a very intense and sharp EPR resonance at
$g=2.0035$ has been measured. The EPR linewidth shows a Korringa-like linear
temperature dependence arising due to the coexistence and strong exchange
coupling of itinerant and localized edge states. With a prolonged aging in
inert atmosphere changes in the EPR signal suggest gradual structural
reconstruction where the localized edge-states dominate the EPR signal. In this
case the EPR spin susceptibility shows a maximum at $\approx 23\, {\rm K}$
indicating the development of antiferromagnetic correlations as expected for
the graphene lattice with a bipartite symmetry.
