long lead-time equipment arrives on site.

cnw






TSX: CLQ; U.S. OTCQX: CLQMF




TORONTO, April 23, 2012 /CNW/ - Canada Lithium Corp. (TSX: CLQ) (OTCQX:
CLQMF) announced today it has finalized and signed an aggregate of C$92
million of financing facilities for the construction and development of
Canada Lithium's Quebec Lithium open pit mine and process plant near
Val d'Or, Quebec. As announced in the press release of February 13,
2012, the financing facilities comprise a C$75-million project debt
facility and a US$17-million lease facility for the mobile mining
equipment. The Project debt facility will be supported by a financial
guarantee from Investissement Quebec and will be provided by The Bank
of Nova Scotia and Caterpillar Financial Services ("Cat Financial").
Drawdown of the financing facilities is subject to standard project and
lease financing conditions, including permitting requirements and
completion of the final project funding requirements.


As part-consideration to Investissement Quebec, the Company has obtained
TSX approval to grant five-year warrants, to be issued at drawdown. In
addition, Cat Financial has been issued 100,000 Warrants at an exercise
price of $0.61.


Project Update - Construction on Schedule and on Budget


Construction of the Quebec Lithium Project began in August 2011.
Completion of the integrated mine and lithium carbonate processing
facility has now reached a milestone stage with work commencing inside
the concentrator building for the installation of the ball mills and
flotation circuits. Major equipment long-lead items such as crushers,
ball mills, electrical sub-station, kiln and hydrometallurgical
components have commenced arriving on-site.. Commissioning of the
US$207-million project is scheduled to commence in late 2012, and the
Company is continuing discussions in respect of lithium carbonate
off-take agreements with a number of potential customers. Sales of
battery-grade lithium carbonate are anticipated to begin late in the
first quarter of 2013. At full production, the Quebec Lithium Project
would produce in excess of 20,000 tonnes of battery-grade lithium
carbonate per year.


Photographs of the site construction work can be viewed at our website. Canada Lithium is being advised on the financing of the Quebec Lithium
Project by Endeavour Financial.


About Canada Lithium Corp.


The Company holds a 100% interest in the Quebec Lithium Project near Val
d'Or, the geographical heart of the Quebec mining industry. The Company
is in the midst of building 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.


About Endeavour Financial


Endeavour Financial is a private independent merchant banking company
focused on providing expert and unbiased financial advisory services to
the global natural resources sector. Endeavour Financial has a history
of achieving success for clients based on resource industry focus,
innovative transaction skills and the diverse professional backgrounds
of its award-winning team. Offering advice in project, corporate and
debt capital markets; equity-linked financings; mergers and
acquisitions; and strategic business development over more than two
decades, Endeavour Financial has established itself as a leading
financial advisor in the natural resources sector. Specific to the
mining sector, in the last ten years the firm has closed in excess of
US$ 4 billion of development financings for single-asset emerging
producers.




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.












For further information:



Peter Secker, President and CEO (416) 361-2821

Olav Svela, Director, Investor Relations (416) 361-2821 or (416) 479-4355 or email cstewart@renmarkfinancial.com

Please visit the Canada Lithium website at

The Company's corporate office is at 401 Bay Street, Suite 2010, P.O. Box 118, Toronto, ON, M5H 2Y4