TSXV: CLQ; U.S. OTC: CLQMF
TORONTO, April 29 /CNW/ - Canada Lithium Corp. (TSXV: CLQ; U.S. OTC: CLQMF) announced today that a 6,000-metre drill program is under way at its Quebec Lithium Project 60 km north of Val d'Or, Quebec.
The program is aimed primarily at testing extensions of the known resource both at depth and along strike. As outlined to date, the deposit trends on a northwest-southeast axis with a strike length of approximately 1.5 km across a width of approximately 500m. It comprises a series of parallel, steeply dipping spodumene-bearing pegmatite dykes.
The deposit contains a measured and indicated mineral resource of 31.6 million tonnes grading 1.11% Li2O, with an additional 38.9 million tonnes grading 1.12% Li2O classified as an inferred mineral resource.
The current program, which will also include some infill drilling for increased resource definition within the initial pit design, is expected to conclude in August 2010.
On March 22, 2010, the Company announced results from a Pre-Feasibility Study (PFS) that set out a timeline to plant commissioning/production by late 2012. The Quebec Lithium operation is expected to produce approximately 42.6 million pounds (19,300t) per year of battery-grade lithium carbonate (Li2CO3) on site. The PFS (accuracy of +/- 30%) was prepared by BBA Inc. of Montreal in conjunction with SGS Lakefield, Golder Associates, Genivar Inc. and Caracle Creek International Consulting (CCIC).
Mitch Lavery, P.Geo., is the Qualified Person for the Quebec Lithium Project in accordance with NI 43-101. Mr. Lavery has read and approved the contents of this news release.
*The mineral resource estimates in this press release were prepared in accordance with the CIM "Definition Standards on Mineral Resources and Mineral Reserves" adopted by the CIM Council on December 11, 2005, and the CIM "Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines," adopted by CIM Council on November 23, 2003, in compliance with NI 43-101 guidelines, using the polygonal method.
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 & 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.
Please visit the Canada Lithium website at www.canadalithium.com.
Corporate Office: 401 Bay St., Suite 2010, P.O. Box 118, Toronto, Ont. M5H 2Y4
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.
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.
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