International Lithium Corp. 2012 Year End Update
VANCOUVER, British Columbia, Jan. 16, 2013
VANCOUVER, British Columbia, Jan. 16, 2013 /PRNewswire/ --International
Lithium Corp. ("ILC" or the "Company") (ILC: TSX-V) is pleased to provide an
update of the Company's operational activities in 2012, and plans for 2013.
oReceived increased financial support from Jiangxi Ganfeng Lithium Co. Ltd.
oPlans to drill and bulk sample at Mariana, Argentina which hosts
Lithium-Boron and some of the highest Potash Grades in an Argentine salar
oSuccessful year-end drill program at Mavis Lake Ont.
oDrill Program planned for Blackstairs, Ireland - funded by partner Ganfeng
oStrengthened Management and Expertise
In the last fiscal period ILC continued to increase their strategic
relationship and corporate objectives with Ganfeng Lithium, a strategic
partner from China, via a $2,000,000 investment in the Company. The financial
commitment reflects continued support of ILC's management, philosophy and
technical programs moving into 2013.
Mariana Project, Salta, Argentina
A combination of sediment and brine sampling drilling is planned to occur
early in 2013 on the Company's wholly owned lithium-potassium brine project in
Argentina (news release dated 6 December 2012). The drilling will provide a
better understanding of the resource potential of the entire salar. GEOS
Mining, an Australian geological consultancy with experience in brine resource
estimation, has been retained to assist in planning the project and carry out
the necessary studies to support a resource estimation if warranted at this
The Company will also collect bulk samples of the brine to be used for more
advanced process and recovery testing by Ganfeng Lithium. The implementation
of a program to install test evaporation ponds and a pilot plant is also being
considered in addition to hydrogeological, climatic and geophysical studies.
The Mariana project consists of several contiguous mining claims that cover an
expansive 160 square kilometres over the entire Salar de Llullaillaco in
Salta, Argentina. The Company, and strategic partner Ganfeng Lithium, have
100% control over the development of the mineral rich brines at Mariana. The
current planned program is intended to gain a broad working knowledge of the
mineral recoveries, process metallurgy and final mineral products that can be
produced from the Mariana brine, which in conjunction with a resource
estimation will enable the Company to make business decisions to advance the
Mavis Lake Project, Ontario
ILC is completing a drill program on the Lithium and Rare Metals project at
Mavis Lake near Dryden, Ontario. Naicatchewenin Development Corporation, a
100% aboriginal owned corporation, was contracted to provide diamond drilling
services for a minimum 2,000 metre program.
Two drills were used on the project during the year-end campaign. Drilling
focused 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 may be oriented in a different
direction. In addition, drilling continued to extend and infill between
previously drilled pegmatites and to test historical lithogeochemical
Results of the drilling program will be released as soon as the data are
compiled and assay results become available.
Blackstairs Project, Ireland
The Company's 100% owned Blackstairs project in Ireland was optioned to
Ganfeng Lithium late in 2012. Ganfeng has the option to fund up to ten million
dollars worth of exploration on the project over the next ten years to earn an
approximate 75% interest in the project (news release dated 2 October 2012).
Ganfeng has a second option on the property whereby, following an initial due
diligence period with expenditures on the order of $350,000, Ganfeng can elect
to purchase a 100% interest in the project for two million dollars.
The Company, in conjunction with Ganfeng Lithium, has initiated the first
phase of the due diligence reconnaissance which is scheduled to be completed
in the first quarter 2013 (see news release 4 December 2012).
The Company further expanded their management team by naming Mr. Anthony
Kovacs as Chief Operations Officer. Mr. Kovacs has over 18 years international
experience in mineral exploration and development. Before joining
International Lithium Corp. he worked in senior leadership roles with Pacific
North West Capital Corp. and Adriana Resources Inc. Mr. Kovacs' experience
working with industrial minerals, ferrous metals, non-ferrous metals and
precious metals throughout Canada, Europe, Mexico and Africa, will be a
welcome addition to the core management team at ILC.
Outlook for 2013
"I am very optimistic about the year ahead. ILC is at the forefront of the
clean energy vanguard, with Lithium continuing to be a key element of the
energy storage solutions being developed to meet growing global demand. Recent
high-profile mergers and acquisitions related to lithium resource companies
confirms the growing demand for this commodity; thus creating an opportune
moment for ILC to showcase its assets and capitalize on increased investor
interest. We have a well-established management team, solid portfolio of
lithium and potash assets, and access to capital to develop them. One factor
that differentiates ILC among the junior explorers and developers is our
strong strategic partner, Ganfeng Lithium. Ganfeng backs ILC financially and
gives us access to their latest technologies and methodologies to extract and
process our lithium resources. I hope that you find our latest developments
encouraging. On behalf of our team I wish you a healthy and prosperous New
Year," Kirill Klip, President of International Lithium.
In other news the Company has granted 3,075,000 incentive stock options to
directors, officers, employees and consultants of the Company. The options are
exercisable at $0.10 per share for a period of five years, subject to
regulatory approval. The options are subject to a four-month hold period.
About Jiangxi Ganfeng Lithium Co. Ltd.
Ganfeng Lithium, based in Xinyu, Jiangxi Province, China, is a professional
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 years.
Ganfeng Lithium is a major shareholder and strategic partner to International
Lithium Corp., currently holding approximately 17.5% of the issued and
outstanding shares of ILC.
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 rich evaporite basin that ranks as one of the more prospective salars,
or 'salt lakes' in the region.
Complementing the Company's lithium brine projects are rare metals pegmatite
properties 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, Ganfeng Lithium. 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 that utilize the
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, ILC aims to be the
green tech resource developer of choice for investors and build value for its
International Lithium Corp.'s mission is to find, explore and develop projects
that 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.
*Original release date was January 8^th, 2013.
620 - 650 West Georgia Street
Vancouver, British Columbia
V6B 4N9, Canada
Voice: (604) 687-7551
Fax: (604) 687-4670
SOURCE International Lithium Corp.
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