TSX: CLQ; U.S. OTCQX: CLQMD
TORONTO, July 26 /CNW/ - Canada Lithium Corp. (TSX: CLQ; U.S. OTCQX: CLQMD) announced today that it has been included in the world's first Lithium ETF (NYSE Arca: LIT). Global X Funds, the New York-based provider of exchange-traded funds, launched the ETF July 23.
According to Global X Funds, this is the first ETF to offer investors targeted access to a resource industry critical for the renewable energy and green movement.
"The Global X Lithium ETF is an efficient way to invest in what we refer to as a 'green' commodity because of its direct correlation to the renewable energy market, such as electric cars and energy storage," said Bruno del Ama, CEO of Global X Funds.
The ETF tracks the Solactive Global Lithium Index, which is designed to reflect performance of the largest and most liquid lithium battery producing and mining and refining companies in the world. As of July 13, 2010, the three largest components of the ETF are lithium producers SQM from Chile, FMC Corporation and Rockwood Holdings from the US.
Canada Lithium Corp. President and CEO Peter Secker said he wasn't surprised by the Company's inclusion in an ETF that ranks it with major lithium carbonate producers/near-development companies and the major players in the battery field.
"Our strategy is to build a lithium mining and processing operation near Val d'Or, in the regional heart of Quebec's mining industry and become the third or fourth largest battery-grade lithium carbonate producer in the world," he said. "We could be capable of supplying the growing demand for lithium carbonate at a rate of roughly 43 million pounds per annum by late 2012."
Global X noted that the basket of lithium-related equities in its ETF will give investors access to the complete lithium value chain, from mining and refining through lithium battery production. As of July 13, 2010, 51% of the index includes lithium battery manufacturers, while 49% of the index consists of lithium mining and refining companies.
"Lithium is the lightest metal," said Jose C. Gonzalez, COO of Global X Funds. "When processed it has the capacity to store electric energy more efficiently than any other material. Efficient electric energy storage is necessary for all green energy products and the computer systems that control them - like electric cars, solar, wind and water power."
About Global X Funds
Global X Funds is one of the most innovative and fastest growing family of exchange- traded funds. Funds include a suite of Brazil and China sector-specific ETFs and Silver and Copper Miners ETFs, among others. Global X Funds will continue to bring innovative tools to investors, as indicated by its recent filings with the SEC, which include Uranium and Aluminum ETFs.
About Canada Lithium Corporation
Canada Lithium Corp. is a Canadian-based "clean tech" mine developer trading under the symbol CLQ on the TSX and on the U.S. OTCQX market under the symbol CLQMD. The Company is in the midst of a definitive Feasibility Study (FS) by engineering firm BBA Inc. of Montreal on its Quebec Lithium Project near Val d'Or, the geographical heart of the Quebec mining industry. A positive FS would lead to construction of an open pit mine and processing plant capable of producing by late 2012 approximately 43 million pounds of battery-grade lithium carbonate 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 from deposit samples.
Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
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, 705-848-9192, (cell) 905-442-8663, email: firstname.lastname@example.org; Christine Stewart, Renmark Financial Communications Inc., (416) 644-2020, email: email@example.com; Please visit the Canada Lithium website at www.canadalithium.com.