Canada Lithium appoints Endeavour Financial to source funding for Quebec
Lithium Project

TSXV: CLQ; U.S. OTC: CLQMF

TORONTO, March 29 /CNW Telbec/ - Canada Lithium Corp. (TSXV: CLQ; U.S. OTC: CLQMF) announced today that Endeavour Financial International Corporation, a subsidiary of Endeavour Financial Corporation, has been appointed financial adviser with respect to the project financing and development of the Quebec Lithium Project.

Based on the Pre-Feasibility Study announced March 22, development capital costs for the project are in the order of US$148 million. Operating costs to produce battery grade lithium carbonate on site are approximately US$2,815/tonne (US$1.27/lb) of Li2CO3.

"A major portion of our capital requirements will be drawn from non-equity sources for the construction of our lithium carbonate mine and processing plant near Val d'Or, Quebec," said Canada Lithium President and CEO Peter Secker.

"We are keenly aware of the dilutive effects on shareholders of any major common-share issue and that is the primary rationale for engaging the proven expertise of Endeavour Financial," Mr. Secker noted.

In 2009, during extremely challenging financial market conditions, Endeavour closed six separate debt transactions for natural resources companies for in excess of US$800 million and over the past twenty years has established a proven track record in raising debt financing for metals that are not exchange-traded.

Neil Woodyer, Chief Executive Officer of Endeavour commented that "Endeavour will work with Canada Lithium to meet its strategies of first production from the mine in late 2012 and maximizing the amount of third party finance available."

Under the terms of the agreement, Endeavour will identify and implement various financing options, such as conventional project, corporate or convertible debt, mezzanine financings and off-take agreements. For its services, Endeavour will be paid a combination of work fees and, when applicable, success fees. The Company will also, subject to the approval of the TSX Venture Exchange, grant to Endeavour 1,000,000 share purchase warrants, each warrant giving the right to acquire one common share of the Company at an exercise price of $0.50 per common share for a period of five years.

About Endeavour Financial Corporation

Endeavour Financial Corporation is an independent merchant banking company focused on the global natural resources sector. The Corporation offers advisory services in project, corporate and debt capital markets; equity financings; mergers and acquisitions; and strategic business development. Endeavour also has a gold-focused investment strategy and seeks maximum returns by identifying, investing in and consolidating junior gold companies. Endeavour Financial Corporation is listed on the Toronto Stock Exchange, symbol EDV.

About Canada Lithium Corp.

Canada Lithium Corp. is a Canadian-based resource and exploration company trading under the symbol CLQ on the TSX-V. The Company is currently preparing a Definitive Feasibility Study on the Quebec Lithium Project, which will include environmental, metallurgical, geological and engineering studies. 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 from deposit samples.

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.

Forward-looking Information

The statements made in this press release may contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of Canada Lithium Corp. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of Canada Lithium Corp. management as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the Company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the Company. Canada Lithium Corp. disclaims any obligation to update information contained in any forward-looking statement.

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SOURCE Canada Lithium Corp.

For further information: For further information: Peter Secker, President and CEO, (416) 361-2821; Olav Svela, Director, Investor Relations, (416) 361-2821, osvela@canadalithium.com; Dan Symons, Renmark Financial Communications Inc., (514) 939-3989, dsymons@renmarkfinancial.com; Please visit the Canada Lithium website at www.canadalithium.com.

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Canada Lithium Corp.

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