Canada Lithium Announces Project Update and Appointment of New CFO
posted on
Apr 12, 2013 07:43AM
Edit this title from the Fast Facts Section
cnw
TSX: CLQ; U.S. OTC: CLQMF
TORONTO, April 12, 2013 /CNW Telbec/ - Canada Lithium Corp. ("Canada
Lithium" or the "Company") (TSX: CLQ) (U.S. OTC: CLQMF) announced today
that it continues to work actively with the Canadian Standards
Association (CSA) with a view to the completion of the CSA's inspection
of the process plant kiln. Following a conference call yesterday with
CSA representatives, the Company continues to provide technical
information and documentation, and now anticipates that CSA technical
staff will effect their on-site inspection of the kiln next week. The
on-site inspection which had been anticipated to occur earlier this
week was not undertaken.
Prior to on-site inspection by the CSA, the Company anticipates testing
the process control programs of the kiln in the coming days, during
which conversion of spodumene will occur. As part of the commissioning
phase, the kiln will be pre-heated to its operating temperature.
Production of lithium carbonate through the kiln will not commence
until CSA approval is obtained. The Company continues to expend
working capital on the mining operation and the ongoing commissioning
of the project. Demobilisation of the construction team has commenced
and is ongoing.
Tailings Management Facility (TMF)
Golder Associates, the Company's TMF geotechnical consultant, has
submitted, as scheduled, a remedial action plan to the Ministcre du
Developpement durable, de l'Environnement de la Faune et des Parcs
(MDDEFP) in respect of the plant's TMF and has received initial
comments on the plan. Once this plan is approved, remediation will
commence. Canada Lithium anticipates that the remediation work can be
completed within 10 days of MDDEFP approval and without affecting plant
commissioning.
Executive Appointments
The Company also announced that Halina McGregor, Vice President,
Finance, has been appointed Chief Financial Officer. Ms. McGregor, a
member of the Institute of Chartered Accountants of Ontario and l'Ordre des CPA du Quebec, was formerly Vice President, Finance, and CFO with such major
companies as Goldcorp Inc. and Sherritt International Corp. Ms.
McGregor is fluently bilingual and most recently served as CFO of Calyx
Transportation, a 1,000-employee logistics and transportation firm.
Ms. McGregor assumes the CFO position formerly held by Germaine Coombs,
who served as CFO during the Company's transitional phase from
exploration company to mine developer.
"Ms. Coombs played a central role in our early development," said CEO
Peter Secker. "It is with regret that we see her leave the Company and
I speak for the entire senior management team in wishing her well as
she continues in her role as CFO of Stonegate Agricom Ltd."
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. 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 was recently signed with Tewoo-ERDC, one of
China's largest commodities traders. A second off-take for up to 5,000
tonnes per year was recently 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. 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.
SOURCE: Canada Lithium Corp.
For further information:
Peter Secker, CEO and Deputy Chairman (416) 361-2821
Olav Svela, Director, Investor Relations (416) 361-2821 or (416) 479-4355 or email osvela@canadalithium.com
Christine Stewart, Renmark Financial Communications Inc. (416) 644-2020 or email cstewart@renmarkfinancial.com
Please visit the Canada Lithium website at
Corporate Office: 401 Bay Street, Suite 2010, Box 118, Toronto, ON, M5H 2Y4