Canada Lithium Receives $10-Million Bridge Loan

 TSX: CLQ; U.S. OTC: CLQMF  TORONTO, Dec. 24, 2013 /CNW Telbec/ - Canada Lithium Corp. ("Canada Lithium"  or the "Company") (TSX: CLQ) (U.S. OTC: CLQMF) announced today that it has  received a bridge loan of $10 million in connection with the Arrangement  Agreement entered with Sirocco Mining Inc. on December 4, 2013. The loan  will bear interest of 11% per annum and CLQ will use the proceeds for  operating and capital expenditures in the ordinary course of its business and  for working capital. (Please see the Press Release "Sirocco and Canada Lithium  Combining to Form Strategic International Competitor in Growth-Oriented  Industrial Minerals Sector", dated December 4, 2013 and available on SEDAR  www.sedar.com or the Canada Lithium website www.canadalithium.com).  Canada Lithium has also reached an agreement with its Lenders to reschedule  the principal repayment due December 31, 2013 under its April 4, 2012 Credit  Agreement. This will better align the Company's loan repayment schedule with  the revised production and delivery schedule for lithium carbonate and its  anticipated cash flow. The Company continues to monitor working capital levels.  About Canada Lithium Corp. revised production  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. A five-year off-take  agreement for a minimum of 12,000 tonnes per year has been signed with  Tewoo-ERDC, one of China's larger commodities traders. A second off-take for  up to 5,000 tonnes per year has been signed with Marubeni Corp., a major  Japanese commodities trading company. Lithium carbonate is used in lithium-ion  batteries that power consumer electronics (laptops, tablets, etc.), power-grid  storage facilities and electric and hybrid vehicles. For more information  regarding the Company, please refer to the Company's public filings available  at www.sedar.com and www.canadalithium.com including, in particular, the  Company's Management's Discussion and Analysis for the year ended December 31,  2012 and its Annual Information Form for the year ended December 31, 2012 and  the Management's Discussion and Analysis for the three-month and six-month  periods ended June 30, 2013. 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 the use of proceeds, in addition to the following:  (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:  assumptions regarding the going concern of the Company, the Company's ability  to continue to satisfy its interest payment obligations under its outstanding  convertible debentures, the ability of the Company to comply with its  financial ratio covenants in its debt facility and to better align its debt  facility repayment obligations with its revised project schedules, successful  and timely commissioning, ramp-up and production at the Québec Lithium  Project in accordance with the project's revised schedules, the lack of any  further significant capital expenditures during the commissioning stage or to  bring the hydrometallurgical process plant into production, timely lithium  carbonate delivery of acceptable quality to the Company's off-take partners in  accordance with the off-take agreements, the continuing support and  cooperation of the Company's off take partners, and the achievement of  breakeven cash flow as projected, in addition to the following: (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, investors and others 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.  For more information on the risks, uncertainties and assumptions that could  cause the Company's actual results to differ from current expectations, please  refer to the Company's public filings available at www.sedar.com and  www.canadalithium.com including, in particular, the "Risks and Uncertainties"  section of the Company's Management's Discussion and Analysis and the "Risk  Factors" section of the Company's Annual Information Form for the year ended  December 31, 2012 .    SOURCE  Canada Lithium Corp.  Peter Secker, CEO and Deputy Chairman (416) 361-2821  Olav Svela, Director, Investor Relations (416) 361-2821 or (416)  479-4355  osvela@canadalithium.com  Laurence A. Lachance, Renmark Financial Communications Inc. (416)  644-2020  llachance@renmarkfinancial.com  Please visit the Canada Lithium website atwww.canadalithium.com  You can also follow us on Facebook and Twitter. Corporate Office: 401 Bay  Street, Suite 2010, Box 118, Toronto, ON, M5H  2Y4  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/December2013/24/c6497.html  CO: Canada Lithium Corp. ST: Ontario NI: MNG FIN