TSX: CLQ; U.S. OTCQX: CLQMF
TORONTO, June 4, 2012 /CNW/ - Canada Lithium Corp. (TSX: CLQ) (OTCQX: CLQMF) announced today that it has received the mining licence from Québec's Ministère Des Ressources Naturelles et de la Faune (MNRF) for its Québec Lithium Project near Val d'Or.
The Company reports the Québec Lithium Project continues to meet the critical path schedule dates and remains on target for the $207-million capital cost. Commissioning of the mine and spodumene processing plant is anticipated at the end of 2012 and production of first lithium carbonate at the end of the first quarter of 2013.
Site construction work is now more than 20% complete, and EPCM contractor GENIVAR Inc. is installing mechanical and electrical components throughout the process plant. Crushers, ball mills, kilns and hydrometallurgical components have been arriving on-site and firm orders, fixed tenders or detailed supply offers have been made for approximately 50% of the budgeted capital expenditures.
The granting of the mining license follows recent approvals for the location of the Tailings Management Facility (TMF), waste dumps and mill site. Several other permits are anticipated, including an operating permit for the TMF. The main mining fleet of haul trucks, excavators and dozers is on-site and pre-stripping of the pit area and orebody is scheduled to commence in late July.
In full production, the open-pit operation will be mining approximately one million tonnes of ore per year to produce approximately 20,000 tonnes of battery-grade lithium carbonate.
To view site construction, copy the link: http://www.canadalithium.com/s/PhotoGallery.asp into your Web browser.
About Canada Lithium Corp.
The Company holds a 100% interest in the Québec Lithium Project near Val d'Or, the geographical heart of the Québec mining industry. The Company is in the midst of building an open-pit mine and processing plant on-site with capacity to produce approximately 20,000 tonnes of battery-grade lithium carbonate annually. Metallurgical tests have produced battery-grade lithium carbonate samples. The Company trades under the symbol CLQ on the TSX and on the U.S. OTCQX under the symbol CLQMF.
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company on to be materially different from those expressed or implied by such forward-looking information.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information referenced herein, except in accordance with applicable securities laws.
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 [email protected]
Christine Stewart, Renmark Financial Communications Inc. (416) 644-2020 or email [email protected]
For more information, please visit the Canada Lithium website at www.canadalithium.com.
The Company's corporate office is at 401 Bay Street, Suite 2010, P.O. Box 118, Toronto, ON, M5H 2Y4