TSX: CLQ; U.S. OTCQX: CLQMF
TORONTO, Jan. 24 /CNW/ - Canada Lithium Corp. (TSX: CLQ; U.S. OTCQX:
CLQMF) announced today that it has awarded the contract for
Engineering, Procurement, Construction and Management (EPCM) of its
planned open-pit mine and processing plant to Quebec-based GENIVAR Inc.
In addition, GENIVAR will be supported by Met-Chem Canada Inc., also
based in Montreal, Quebec, for part of the process design and
"GENIVAR and Met-Chem are world-class engineering groups with the
advantage of having deep roots and considerable experience in the
development of Quebec's mining sector," said Canada Lithium President
and CEO Peter Secker. "With this appointment, detailed engineering and
design are now under way."
Mr. Secker also noted that the Company remains "firmly on pace to meet
deadlines to begin site works by mid-2011 for the planned open-pit mine
and processing plant."
Commissioning of the mine and plant is scheduled for late 2012, with
full production expected in 2013, subject to financing and final
permitting. Based on the final Feasibility Study completed in
mid-December 2010, initial capital costs are estimated to be US$202.0
million and cash operating costs are estimated at US$2,600 per tonne of
battery-grade lithium carbonate.
GENIVAR has significant expertise in the lithium-ion battery sector. It
is currently building a state-of-the-art, lithium-based cathode
material manufacturing plant for Phostech Lithium Inc. near Montreal.
This cathode material is an essential element of the new, efficient and
environmentally benign lithium-ion batteries coming on to the market.
In addition, GENIVAR has large engineering and environmental offices in
both Val d'Or and Amos, in close proximity to the Quebec Lithium
About GENIVAR Inc. and Met-Chem Canada Inc.
GENIVAR Inc. provides a comprehensive range of engineering and environmental
services. Its clients benefit from the expertise of skilled
specialists with extensive experience in geology, feasibility studies,
environmental assessments, mining development, mineral processing,
mining infrastructure, engineering, design, project management, applied
technologies and mining environments.
Met-Chem Canada Inc., headquartered in Montreal, Quebec, is a multi-disciplinary engineering
group established in 1969. Originally mandated to provide all phases of
mining, mineral processing and engineering services throughout the
world, Met-Chem's expertise has grown to include the environmental
sector and operations management. Met-Chem has completed numerous
projects worldwide. Recent projects include Bucko Lake in Manitoba and
Duck Pond in Newfoundland.
About Canada Lithium Corp.
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 CLQMF. 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. The Company plans to
begin construction of an open-pit mine and processing plant capable of
producing by late 2012 approximately 44 million pounds per year 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 from deposit samples have produced
99.9% battery-grade lithium carbonate.
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
SOURCE CANADA LITHIUM CORP.
For further information:
Peter Secker, President, CEO and Director (416) 361-2821
Olav Svela, Director, Investor Relations (416) 361-2821 or (416) 479-4355; (cell) (905) 442-8663 or email firstname.lastname@example.org
Christine Stewart, Renmark Financial Communications Inc. (416) 644-2020 or email email@example.com
Please visit the Canada Lithium website at www.canadalithium.com.
Corporate Office: 401 Bay St., Suite 2010, P.O. Box 118, Toronto, ON, M5H 2Y4