Canada Lithium Awarded Prestigious Québec Award; Project Commissioning to
Commence in December
TSX: CLQ; U.S. OTC: CLQMF
TORONTO, Nov. 26, 2012 /CNW Telbec/ - Canada Lithium Corp. (TSX: CLQ) (U.S.
OTC: CLQMF) announced today it has been awarded the prestigious "Entrepreneur
of the Year Award" by the Québec Mineral Exploration Association (AEMQ).
The association noted that "the award emphasizes the work of a contractor or
team of contractors whose company has made significant progress over the past
year. This progress can be related to the development of a specific project,
to all company activities or the development of a mining project towards its
phase of production."
"We are very honoured to have been recognized by the association for our
Québec Lithium Project, which is now approaching the commissioning phase,"
said Canada Lithium President and CEO Peter Secker.
The award was granted at AEMQ's annual recognition awards ceremony during the
Québec Mining Exploration Convention, November 19-22.
The Company notes that dry commissioning of the crushing, grinding and
flotation circuits is scheduled for end-December 2012. The first stage of the
Tailings Management Facility (TMF) is on schedule for completion by
mid-December and will be operating when wet commissioning of the spodumene
circuit begins in January 2013. Structural, mechanical and electrical
installation for the hydrometallurgical circuit is ongoing and commissioning
of the hydrometallurgical plant will commence in February 2013. The first
shipment of lithium carbonate to the Tewoo Group in China is on schedule for
end-March 2013. (See press release dated November 12, 2012, for details on the
five-year Tewoo offtake agreement.) Full production of the
20,000-tonne-per-annum lithium carbonate processing plant is on-schedule for
The Company also announced it has filed on SEDAR a National Instrument 43-101
Technical Report in support of the Updated Feasibility Study announced October
Lithium Carbonate Market Update
In reporting its latest Third Quarter results, major lithium producer Sociedad
Química y Minera de Chile S.A (SQM) noted that "demand growth continues to be
led by the battery market, along with important growth in uses related to
glass and grease. We believe that (the) lithium market is positioned to grow
in the short and long term resulting from the development of new technologies
related to energy storage. Volumes increased over 14% in the third quarter
when compared to the third quarter of 2011."
SQM went on to note that "increased demand has impacted market prices, which
have increased over 10% in the first nine months of 2012 when compared to the
first nine months in 2011."
Further evidence of a strong market may have been provided by Chengdu Tianqi,
a major Chinese lithium producer, when it recently announced a competing bid
($7.15 per share) for Talison Lithium Limited, approximately 10% higher than
an earlier $6.50-per-share bid by Rockwood Holdings, Inc. The Tianqi bid is
under review by the Talison Board.
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. It is nearing
completion of an open-pit mine and processing plant on-site with estimated
capacity to produce approximately 20,000 tonnes of battery-grade lithium
carbonate annually. Metallurgical tests have produced battery-grade lithium
carbonate samples. Lithium carbonate is used in lithium-ion batteries that
power consumer electronics (laptops, tablets, etc.) power-grid storage
facilities and electric and hybrid vehicles. 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 Canadian securities legislation. Forward-looking information is based upon
the Company's beliefs, estimates and opinions as at the date of this press
release, which the Company believes are reasonable, but no assurance can be
given that these will prove to be correct. Furthermore, the Company undertakes
no obligation to update or revise forward-looking information contained herein
if these beliefs, estimates and opinions or other circumstances should change,
except as otherwise required by applicable law.
Forward-looking information relates to future events or to future conditions,
performance or results of operations and reflects current expectations or
beliefs regarding such matters including, but not limited to, information or
statements with respect to: (i) the amount of mineral resources; (ii)
exploration, development and production activities, including information
regarding the potential mineralization and resources; (iii) the amount of
future output over any period; (iv) net present value and internal rates of
return of the mining operation; (v) assumptions relating to capital costs,
operating costs and other cost metrics; (vi) assumptions relating to gross
revenues, operating cash flow and other revenue metrics; (vii) assumptions
relating to future price and demand for lithium and other macroeconomic
metrics; (viii) exploration and development plans, including anticipated costs
and timing thereof, time frames for completion, and anticipated time to
production; (ix) mine potential and expected mine life; and * sources of and
anticipated financing requirements.
All information other than matters of historical fact may be forward-looking
information. In some cases, forward-looking information can be identified by
the use of words such as "seek", "expect", "anticipate", "budget", "plan",
"project", "estimate", "assume", "continue", "forecast", "intend", "believe",
"predict", "potential", "target", "strategy", "goal", "may", "could", "would",
"might", or "will" and similar words or phrases (including negative
variations) suggesting future outcomes or statements regarding an outlook.
Forward-looking information is based upon certain assumptions by the Company
or its consultants and other important factors that, if untrue, could cause
the actual results, performances or achievements of the Company to be
materially different from future results, performances or achievements
expressed or implied by such information. Such information is based on
numerous assumptions regarding present and future business strategies and the
environment in which the Company will operate in the future, including the
price of lithium, anticipated costs and ability to achieve goals. Certain
important factors that could cause actual results, performances or
achievements to differ materially from those in the forward-looking
information include, but are not limited to: (i) required capital investment
and estimated workforce requirements; (ii) estimates of net present value and
internal rates of return; (iii) future demand and market prices for lithium;
(iv) receipt of regulatory approvals on acceptable terms within commonly
experienced time frames; (v) anticipated timelines for the commencement of
production; (vi) anticipated timelines for community consultations and the
impact of those consultations on the regulatory approval process; and (vii)
future exploration plans and objectives.
By its nature, forward-looking information involves known and unknown risks,
uncertainties and other factors which may cause actual results, performance or
achievements, or industry results, to differ materially from those expressed
or implied by such forward-looking information. Some of the risks and other
factors that could cause actual results to differ materially from those
expressed in the forward-looking information contained in this press release
include, but are not limited to, risks and uncertainties relating to: (i) the
interpretation of drill results, the geology, grade and continuity of mineral
deposits and conclusions of economic evaluations; (ii) results of feasibility
studies, and the possibility that future exploration, development or mining
results will not be consistent with the Company's expectations, (iii) the
outcome of litigation in which the Company is or may in the future become
involved; (iv) risks relating to possible variations in reserves, grade,
planned mining dilution and ore loss, or recovery rates and changes in project
parameters as plans continue to be refined; (v) mining and development risks,
including risks related to accidents, equipment breakdowns, labor disputes
(including work stoppages and strikes) or other unanticipated difficulties
with or interruptions in exploration and development; (vi) risks related to
the inherent uncertainty of production and cost estimates and the potential
for unexpected costs and expenses; (vii) risks related to future commodity
demand and price and foreign exchange rate fluctuations; (viii) the
uncertainty of profitability based upon the cyclical nature of the industry in
which the Company operates; (ix) risks related to failure to obtain adequate
financing on a timely basis and on acceptable terms or delays in obtaining
governmental approvals or in the completion of development or construction
activities; * risks related to environmental regulation and liability; (xi)
political and regulatory risks associated with mining and exploration; (xii)
risks related to the uncertain global economic environment; and (xiii) other
risks and uncertainties related to the Company's prospects, properties and
business strategy. Although the Company has attempted to identify important
factors that could cause actual results or events to differ materially from
those described in the forward-looking information, readers are cautioned that
this list is not exhaustive and there may be other factors that the Company
has not identified. Readers are cautioned not to place undue reliance on
forward-looking information contained in this press release. All
forward-looking information contained in this press release or incorporated by
reference herein is expressly qualified by this cautionary note.
Peter Secker, President and CEO (416) 361-2821
Olav Svela, Director, Investor Relations (416) 361-2821 or (416) 479-4355 or
Christine Stewart, Renmark Financial Communications Inc. (416) 644-2020 or
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Corporate Office: 401 Bay Street, Suite 2010, Box 118, Toronto, ON, M5H 2Y4
SOURCE: CANADA LITHIUM CORP.
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