TSXV: CLQ
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.
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.
Forward-looking Information
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.
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For further information: Peter Secker, President and CEO, (416) 361-2821; Olav Svela, Director, Investor Relations, (416) 361-2821, [email protected]; Dan Symons, Renmark Financial Communications Inc., (514) 939-3989, [email protected]; Please visit our new updated Canada Lithium website at www.canadalithium.com.
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