TORONTO, Nov. 5 /CNW Telbec/ - Canada Lithium Corp. (TSXV: CLQ) announced today that it has relinquished its interest in the Nevada brines joint venture with Gold Summit Corporation (TSXV: GSM) to focus exclusively on the Company's Quebec Lithium Project near Val d'Or, Quebec. Canada Lithium held a 75% interest while Gold Summit held the remaining 25%.
"Strategically, we can't justify devoting resources, both manpower and money, to a grassroots brines prospect in distant Nevada when we have an advanced project perhaps only two years from construction startup in our own backyard," said Canada Lithium President and CEO Peter Secker.
The decision follows the completion of a single test hole drilled in October and the recently announced conceptual tonnage increase in Quebec. (For the latest news on the Quebec Project, please see press release dated Nov. 2, 2009.)
Canada Lithium Corp. is a Canadian-based resource and exploration company trading under the symbol CLQ on the TSX-V. The Company has initiated a prefeasibility 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.
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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, firstname.lastname@example.org; Dan Symons, Renmark Financial Communications Inc., (514) 939-3989, email@example.com; Please visit our new updated Canada Lithium website at www.canadalithium.com.