Canada Lithium Appoints Geological Consultant to Conduct Independent Review of the Company's Mineral Resources

TSX: CLQ; U.S. OTC: CLQMF

TORONTO, Feb. 28 /CNW/ - Canada Lithium Corp. (TSX: CLQ; U.S. OTC: CLQMF) announced today that it has appointed Roscoe Postle and Associates Inc. to undertake a preliminary independent review of its previously announced mineral resources.  The independent evaluation has been initiated following an internal review that indicated a material reduction in the measured, indicated and inferred mineral resources incorporated in the 43-101-compliant report announced Oct. 28, 2010.  The Company was unable to reconcile the results of the internal review, which incorporated various resource estimation methodologies, with the reported 43-101 resources announced in October 2010. Michelle Stone, Ph.D., P. Geo., a Qualified Person as defined by NI 43-101, was the author of the 43-101 report.

The Company anticipates that the independent review could be completed within two weeks.  A detailed audit (including a new 43-101 report prepared by an independent consulting group) will follow and could require up to a number of months to complete. On-going detailed engineering and design of the Company's planned lithium carbonate mine and processing plant near Val d'Or, Quebec, will continue during the review/audit period. 

In October 2010, Canada Lithium reported measured and indicated mineral resources of 46 million tonnes grading 1.19% Li2O (at a 0.8% Li2O cut-off), plus an inferred mineral resource of 57 million tonnes grading 1.18% Li2O.  This resource was used to develop a mine plan with a schedule to process one million tonnes of ore per year over an initial mine life of 14.8 years. The current mine plan will be reviewed following the review/audit.

About Canada Lithium Corp.

Canada Lithium Corp., a "clean-tech" mine developer, is anticipated to emerge as the world's next significant fully-integrated lithium carbonate producer. The Company has completed a definitive Feasibility Study (FS) on its Quebec Lithium Project near Val d'Or, the geographical heart of the Quebec mining industry. Its planned open pit mine and processing plant should be producing lithium carbonate by late 2012 to meet the growing needs of the emerging global market for electric and hybrid electric vehicles. It has an agreement with Japanese metals trading firm, Mitsui and Co. Ltd., to market a portion of Canada Lithium Corp.'s product in China, Korea and Japan. Metallurgical tests have produced battery-grade lithium carbonate from deposit samples. The Company trades under the symbol CLQ on the TSX and on the U.S. OTCQX under the symbol CLQMF.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained herein constitute forward-looking statements.  The Company believes that the expectations reflected in the forward-looking statements are reasonable but no assurance can be given that such expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon.  The forward-looking statements included in this press release are made as of the date of this press release and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.


SOURCE CANADA LITHIUM CORP.

For further information:

Peter Secker, President and CEO (416) 361-2821

Olav Svela, Director, Investor Relations (416) 361-2821 or (416) 479-4355 or email osvela@canadalithium.com

Christine Stewart, Renmark Financial Communications Inc. (416) 644-2020 or email cstewart@renmarkfinancial.com

Please visit the Canada Lithium website at www.canadalithium.com.

Corporate Office: 401 Bay Street, Suite 2010, P.O. Box 118, Toronto, ON, M5H 2Y4

Profil de l'entreprise

CANADA LITHIUM CORP.

Renseignements sur cet organisme


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.