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Message: Canada Lithium Announces Drill Results including 32 metres
grading 1.29% Li2O; Provides Project Update
TSX: CLQ OTC: CLQMF
TORONTO, Sept. 23, 2011 /CNW/ - Canada Lithium Corp. (TSX: CLQ) (OTC: CLQMF) announced today preliminary results from a further 10 holes of a recently completed 56-hole drill program. Highlights from the program include 32.0 metres grading 1.29% Li2O, 12.3 metres grading 1.51%, 10.7 metres at 1.26% and 8.1 metres at 1.11%. The program included both step-out and in-fill drilling at the Company's Québec Lithium Project near Val d'Or, Québec.
"The latest drill results continue to demonstrate consistency in both grade and width across the deposit. We are also pleased that the Company is now transitioning from an exploration company into a mine developer and producer," said President and CEO Peter Secker. (See table below for details on the latest drill results.)
The environmental approval process is proceeding according to schedule. In mid-September, the Company received environmental approval from Québec's Ministère du Développement durable, de l'Environnement et des Parcs (MDEEP) allowing it to commence construction of the lithium carbonate process plant.
Preliminary site clearing has been ongoing at the Québec Lithium site since mid-August. As the Company begins to ramp up development of the project, additional orders have been placed for new equipment, including a flotation circuit, crushing circuit and high-voltage switching gear. Previously, the Company had announced the placing of key orders for long-lead-time items, such as a ball mill, rod mill and kiln and mine-haul trucks.
Several additional senior staff positions have been filled. The new personnel include Stephane Turgeon as Financial Controller, Larry McCann as Health and Safety Co-ordinator and David Alexander as Supply Chain Superintendent. All of these senior personnel have worked within the Abitibi mining industry for a number of years and will be based at the Quebec Lithium site.
Canada Lithium Corp. is negotiating with several international and domestic financial institutions with a view to agreeing to terms for the debt financing required for the remainder of the capital expenditures to build the mine and processing plant.
The Company also noted that the lithium market continues to strengthen, as reflected in the mid-year public announcements by South American producers Chemetall and FMC of lithium product price increases of between 15% and 25%.
Drill results now are pending on the final 27 holes of the program. Following receipt of all assays and Quality Assurance/Quality Control (QA/QC) work, a new mineral resource model will be undertaken by AMC Mining Consultants. It is anticipated that this updated mineral resource model will be available in late October or early November. The expected aim of the drill program is to increase the mineral resource and to lower the strip ratio in the open pit. The preliminary assay results for the latest 10 holes are as follows:
|QL-S11-17||No Significant Values - Abandoned at
* True widths have yet to be established.
A map showing locations of drill holes is available at the following link:
Mitch Lavery, P.Geo., is the Qualified Person for the Québec Lithium Project in accordance with NI 43-101. Mr. Lavery has read and approved the contents of this news release.
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. The Company plans to build an open-pit mine and processing plant on-site with capacity to produce approximately 20,000 tonnes of battery-grade lithium carbonate. Metallurgical tests have produced battery-grade lithium carbonate samples. 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 applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking information is based on reasonable assumptions that have been made by the Corporation as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Corporation to be materially different from those expressed or implied by such forward-looking information.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Corporation does not undertake to update any forward-looking information referenced herein, except in accordance with applicable securities laws.
Source: Canada Newswire (September 23, 2011 - 8:00 AM EDT)
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