Breaking News

Tweet TWEET

Canada Lithium Signs Off-take Agreement with Marubeni for up to 5,000 tonnes per year of Lithium Carbonate

 Canada Lithium Signs Off-take Agreement with Marubeni for up to 5,000 tonnes  per year of Lithium Carbonate  TSX: CLQ; U.S. OTC: CLQMF  TORONTO, Jan. 9, 2013 /CNW Telbec/ - Canada Lithium Corp. (TSX: CLQ) (U.S.  OTC: CLQMF) announced today it has signed a three-year Distributorship  Agreement with Marubeni Corporation, one of Japan's largest commodities  trading companies. The Agreement provides for Marubeni to exclusively  distribute Canada Lithium's battery-grade lithium carbonate in Japan for an  initial three-year period beginning in 2013, with the option to extend the  Agreement for a subsequent three-year term commencing in 2016. Under the terms  of the Agreement, Marubeni will purchase a minimum 2,000 tonnes of lithium  carbonate in 2013. It holds an option to increase the off-take to 5,000  tonnes by 2015.  The first shipment to Marubeni will commence in July 2013. Marubeni will  purchase the lithium products Free on Rail (FOR) in Val d'Or, Québec.  In November 2012, Canada Lithium Corp. announced a five-year off-take  agreement with Tewoo ERDC (Tianjin Products and Energy Resources Development  Co., Ltd.), one of China's larger commodities traders, for a minimum annual  commitment of 12,000 tonnes of battery-grade lithium carbonate beginning in  2013. In the event Tewoo triggers a clause allowing for an additional 20%  off-take in 2014, Canada Lithium could deliver to Tewoo up to a maximum 14,400  tonnes during calendar year 2014 and in the years following.  Project Update  The project continues to meet its milestones with the production of the first  spodumene concentrates from the flotation plant at the end of December 2012.  Commissioning of the flotation plant is on-going and commissioning of  hydrometallurgical sections of the processing plant is now under way. The  first shipment of lithium carbonate under the five-year Tewoo off-take  agreement is scheduled for end-March 2013. The 20,000-tonne-per-annum lithium  carbonate processing plant is scheduled to complete ramp-up to full production  by Q4, 2013.  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 has completed  construction and is in the commissioning phase of an open-pit mine and on-site  processing plant 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 emailosvela@canadalithium.com  Christine Stewart, Renmark Financial Communications Inc. (416) 644-2020  or  emailcstewart@renmarkfinancial.com Please visit the Canada Lithium website  atwww.canadalithium.com or copy the following link into your Web browser to  view our Photo Gallery:http://www.canadalithium.com/s/PhotoGallery.asp. You  can also follow us on Facebook andTwitter. On our Home Page,  there is  also a link to a recent video that aired on  DiscoveryChannel'sDaily  Planet program. Corporate Office: 401 Bay Street, Suite 2010, Box 118,  Toronto, ON, M5H  2Y4  SOURCE: CANADA LITHIUM CORP.  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/January2013/09/c4949.html  CO: CANADA LITHIUM CORP. ST: Ontario NI: MNG ORDER LOAN MNA FIELD