Canada Lithium Produces Initial Run of 99.1% Lithium Carbonate; Awarded
posted on
Jul 02, 2013 10:42PM
Edit this title from the Fast Facts Section
ISO Certificates
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TSX: CLQ; U.S. OTC: CLQMF
TORONTO, July 2, 2013 /CNW Telbec/ - Canada Lithium Corp. ("Canada
Lithium" or the "Company") (TSX: CLQ) (U.S. OTC: CLQMF) announced today
that it has produced its initial run of 99.1% lithium carbonate from
its processing plant near Val d'Or, Quebec. This material is currently
being upgraded to 99.5% battery-grade material with the commissioning
of the solvent extraction and bicarbonate circuits. The first shipment
to the Tewoo Group in China under the five-year off-take agreement is
anticipated to occur later this week.
All the circuits of the mine and plant have now been tested at
commissioning-level volumes and the Company has commenced methodically
ramping up throughput. The next shipment to Tewoo is currently
scheduled for the end of July.
ISO Certification
The Company is also pleased to report it has been awarded Certificates
of Registration for both Environmental and Occupational Health & Safety
systems. The Environmental Management system certificate was granted
for compliance with ISO 14001: 2004, while the OH&S Management system
was certified under the BS OHSAS 18001:2007.
Production Schedules
As the plant commissioning continues to progress, production from the
mine will gradually be increased in order to build up ore stockpiles at
the processing plant. The ramp-up to annual design capacity of 20,000
tonnes of lithium carbonate is still scheduled to be completed in Q1,
2014 and the impact on the Company's working capital levels is being
monitored. Over the next few months the mining operation will add a
night shift roster, ore crushing will also move to a two-shift roster
and commissioning of the pyrometallurgical and hydrometallurgical
plants will continue to be ramped up.
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. For more information regarding the Company, please refer to
the Company's public filings available on Sedar and website including, in particular, the Company's Management Discussion and
Analysis for the year ended December 31, 2012 and its Annual
Information Form for the year ended December 31, 2012 and the
Financials and MD&A for the three-month period ended March 31, 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: (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.
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 >http://www.canadalithium.com/s/PhotoGallery.asp. You can also follow us on Facebook and Twitter.
Corporate Office: 401 Bay Street, Suite 2010, Box 118, Toronto, ON, M5H 2Y4