CANADA LITHIUM ARRANGES $10 MILLION FINANCING WITH GLOBAL ASSET MANAGEMENT FIRM BLACKROCK INC.

TSX: CLQ; U.S. OTCQX: CLQMF

TORONTO, Nov. 24 /CNW/ - Canada Lithium Corp. (TSX: CLQ; U.S. OTCQX: CLQMF) is pleased to announce that it has entered into a $10 million private placement agreement to sell 12,500,000 common shares at a price of $0.80 per share to funds managed by affiliates of BlackRock, Inc.

BlackRock, Inc. (NYSE: BLK), one of the world's pre-eminent asset management firms with approximately US$3.45 trillion under management, is the sole placee for the financing.

"In effect, the starting gun has been fired on the development of the Quebec Lithium Project," said Canada Lithium President and CEO Peter Secker.

"The BlackRock funding, combined with current cash reserves, will cover the initial cash deposits for long lead-time items such as crushing, grinding and larger process-plant components. We will soon begin ordering critical path items to coincide with the feasibility study completion," he said.

He also noted that the funding, coming from one of the world's largest asset management firms, is "a strong vote of confidence in our Quebec Lithium Project."

The development timetable for the project, which is located near Val d'Or, Quebec, is on schedule.  A final Feasibility Study (FS) is expected in January 2011.  Subject to financing and final permitting, a positive FS is expected to lead to construction start-up by May 2011, with project commissioning in the fourth quarter of 2012 and full production in 2013. Canada Lithium is negotiating with several potential lenders for a majority portion of the project capital development costs.

Casimir Capital Ltd. acted as agent in the transaction and will receive a 5% cash commission. Completion of the offering is subject to regulatory approvals, including the approval of the Toronto Stock Exchange.

Definitive pricing of the placement was established November 12th; legal documentation was finalized November 24th.

About Canada Lithium

Canada Lithium Corp. is a Canadian-based "clean tech" mine developer trading under the symbol CLQ on the TSX and on the U.S. OTCQX market under the symbol CLQMF. The Company is nearing completion of a definitive Feasibility Study (FS) by engineering firm BBA Inc. of Montreal on its Quebec Lithium Project near Val d'Or, the geographical heart of the Quebec mining industry. A positive FS would lead to construction of an open pit mine and processing plant capable of producing by late 2012 approximately 43 million pounds per year of battery-grade lithium carbonate to meet the growing needs of the emerging global market for electric and hybrid electric vehicles. It has an agreement with Japanese metals trading firm, Mitsui and Co. Ltd., to market a portion of Canada Lithium Corp.'s product in China, Korea and Japan. Metallurgical tests from deposit samples have produced 99.9% battery-grade lithium carbonate.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking Information

The statements made in this press release may contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of Canada Lithium Corp.  The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of Canada Lithium Corp. management as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the Company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the Company. Canada Lithium Corp. disclaims any obligation to update information contained in any forward-looking statement.