ILC Loan Terms with Strategic Partner Gangfeng Lithium Approved; Drilling
Commences At Mavis Lake, Ontario
VANCOUVER, B.C., Dec. 3, 2012
VANCOUVER, B.C., Dec. 3, 2012 /PRNewswire/ --International Lithium Corp.
("ILC" or the "Company") (ILC: TSX-V) is pleased to announce that the TSX
Venture Exchange has approved Ganfeng Lithium's $2,000,000 investment in the
Company by way of a loan of which $1,000,000 of such loan is convertible into
common shares of the Company (news release of November 28, 2012 for more
details of loan NW_ILC_nov28).
oStrategic Partner Ganfeng Lithium long term loans terms approved
oFinancial commitment reflects continued support of ILC's management and
oILC boosting operations with end of year drill program at Mavis Lake, Ont.
oExploration projects being mobilized throughout key ILC properties
ILC is also pleased to report the commencement of a drill program on the
Lithium and Rare Metals project at Mavis Lake near Dryden, Ontario.
Naicatchewenin Development Corporation, a 100% aboriginal owned corporation,
has been contracting to provide diamond drilling services for a minimum 2,000
A field crew has been mobilized to Dryden with one drill and a second drill is
scheduled to join the project shortly to ensure the drilling is completed
during December. Drilling will focus on extending significant pegmatite
bodies discovered in the 2011 drilling campaign which returned 1.86% Li2O over
26.25m and 1.22% Li2O over 28.45m (drill hole MF11-12, news release dated 12
January 2012). These two intersections appear to indicate a previously
unknown pegmatite body that is wider than previously drilled pegmatites and
oriented in a different direction. Drilling will also infill along historical
pegmatites testing continuity and grade of those bodies.
Mavis Lake - Fairservice Property Area
The Mavis Lake -- Fairservice property is located 15 km Northeast of Dryden,
Ontario.The property is easily accessed via the Trans-Canada Highway and a
series of logging roads.The claim blocks comprise a total of 2,624 hectares
and cover several known rare metal pegmatites.
Regional pegmatite mineralization is directly associated with the strongly
peraluminous Ghost Lake Pluton and related pegmatitic granite dykes.Rare
metal mineralization in the Mavis Lake area occurs in zoned pegmatites hosted
by mafic metavolcanic rocks.Rare metal mineralization has been noted to
occur in four zones: internal beryl zone within the parent of the Ghost Lake
pluton that evolves to the east within the Fairservice and Mavis Lake claim
blocks into external zones of beryl-columbite, spodumene-beryl-tantalite and
albite-type pegmatites.The Mavis Lake property has reported high-grade
well-evolved lithium and tantalum zonation as well as significant levels of
cesium and rubidium across multiple pegmatite bodies.
About Jiangxi Ganfeng Lithium Co. Ltd.
Ganfeng Lithium based in Xinyu, Jiangxi Province, China, is a producer of
lithium products which has developed a comprehensive product chain, including
lithium metal and alloys, inorganic and organic lithium chemicals, supplies a
wide range of lithium products for primary and secondary lithium battery
market, pharmaceutical and new material industries. Ganfeng Lithium's
principal market is in China with international exports to Europe, Japan, the
USA and India. Ganfeng Lithium was founded in 2000 and listed on the Shenzhen
Stock Exchange in August 2010, notably as the first publicly listed lithium
company in China and has experienced rapid continuous growth over the last 11
About International Lithium Corp.
International Lithium Corp. is an exploration company with an outstanding
portfolio of projects, strong management ownership, robust financial support
and a strategic partner and keystone investor Jiangxi Ganfeng Lithium Co.
Ltd., a leading China based lithium product manufacturer.
The Company's primary focus is the Mariana lithium-potash brine project in
Argentina within the renowned South American 'Lithium Belt' that is host to
the vast majority of global lithium resources, reserves and production. The
160 square kilometre Mariana project strategically encompasses an entire
mineral richevaporitebasin that ranks as one of the more
prospectivesalarsor 'salt lakes' in the region.
Complementing the Company's lithium brine projects are rare
metalspegmatiteproperties in Canada and Ireland that have revealed through
recent highly positive results a clear potential that the Company will advance
with the support of its strategic partner,GanfengLithium. These projects
can add distinct value as the Company strives to source rare metals to help
meet the increasing demand through the growth in global technologies
thatutilizethe rare metals suite of elements.
With the increasing demand of high tech applications in battery and vehicle
propulsion technologies, lithium and other rare metals are no doubt the metals
of tomorrow's green tech economy. By positioning itself with solid development
partners and projects with significant resource potential,ILCaims to be the
green tech resource developer of choice for investors and build value for its
International Lithium mission is to find, explore and develop projects which
have the potential to become world class lithium, potash and rare metal
On behalf of the Board of Directors,
President, International Lithium Corp.
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. Statements in
this press release other than purely historical information, historical
estimates should not be relied upon, including statements relating to the
Company's future plans and objectives or expected results, are forward-looking
statements. News release contains certain "Forward-Looking Statements" within
the meaning of Section 21E of the United States Securities Exchange Act of
1934, as amended. Forward-looking statements are based on numerous assumptions
and are subject to all of the risks and uncertainties inherent in the
Company's business, including risks inherent in resource exploration and
development. As a result, actual results may vary materially from those
described in the forward-looking statements.
Stock Symbol: ILC:TSXV
Shares CUSIP: #459820 10 6
Warrants Symbol: ILC.WT
Warrant CUSIP: #459820 11 4
620 - 650 West Georgia Street
Vancouver, British Columbia
V6B 4N9, Canada
Voice: (604) 687-7551
Fax: (604) 687-4670
SOURCE International Lithium Corp.
Press spacebar to pause and continue. Press esc to stop.