TORONTO, ONTARIO--(Marketwire - June 21, 2011) - Canada Lithium Corp. (the "Company") (News - Market indicators)(OTCQX:CLQMF) announced today that, further to its press release of June 13, 2011 announcing the completion and results of an updated Feasibility Study for the Quebec Lithium Project (the "Updated Feasibility Study"), it has filed a National Instrument 43-101 ("NI-43-101") compliant Technical Report respecting the Updated Feasibility Study dated June 10, 2011 (the "June Technical Report") on SEDAR at www.SEDAR.com. The June Technical Report replaces the Technical Report dated January 5, 2011 (the "January Technical Report") that was prepared in respect of a Feasibility Study for the Quebec Lithium Project (the "Project") that was completed in December, 2010 (the "Prior Feasibility Study"). It also replaces the NI 43-101 compliant Technical Report dated June 3, 2011 respecting the updated mineral resource estimate that was prepared by AMC Mining Consultants. The June Technical Report is also available on the Canada Lithium website at www.canadalithium.com.
Default Correction
In a press release dated May 2, 2011, the Company announced that the Ontario Securities Commission ("OSC") had noted the Company in default of its continuous disclosure obligations under Ontario securities law due to the Company's announcement on February 28, 2011 that an internal review had indicated a material reduction in the measured, indicated and inferred mineral resource for the Project announced on October 28, 2010. According to the OSC, the January Technical Report would remain deficient and non-compliant with the disclosure requirements of NI 43-101 until such time as the Company either confirmed the accuracy of the measured, indicated and inferred mineral resources on its Québec Lithium Property, as disclosed in the January Technical Report, or it filed a new technical report to support revised measured, indicated and inferred mineral resources on its Québec Lithium Property.
In its announcement on February 28, 2011, the Company advised that it had appointed Roscoe, Postle & Associates ("RPA") to undertake a preliminary independent review of the October 28, 2010 mineral resource estimate. On March 16, 2011, the Company announced that RPA had confirmed there were significant issues with the geological modelling that had produced the mineral resource estimate announced on October 28, 2010. The Company also confirmed that it had appointed AMC Mining Consultants (Canada) Ltd. ("AMC") to independently conduct a mineral resource estimate for the Project and expeditiously prepare a new technical report compliant with NI 43-101.
In a press release dated May 16, 2011, the Company announced that AMC had completed its mineral resource estimate for the Project. An NI 43-101 compliant Technical Report in respect of the AMC mineral resource estimate dated June 3, 2011 has been filed on SEDAR. The May 16, 2011 press release also disclosed that BBA Inc. was then in the process of completing a mineral reserve estimate and mine planning based on the AMC block model and mineral resource estimate and that the results of this work, together with the AMC mineral resource estimate announced May 16, 2011, would comprise part of the Updated Feasibility Study and the June Technical Report.
As noted above, the Company announced the completion and results of the Updated Feasibility Study in its press release dated June 13, 2011, a copy of which has been filed on SEDAR.
With the filing of the June Technical Report and all required consents on SEDAR, the Company has ceased to be in default of its continuous disclosure obligations under Ontario securities law.
In addition, as previously announced in its press releases of May 2, 2011 and May 16, 2011, the Company applied to the Canadian securities regulatory authorities pursuant to National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203") requesting that a management cease trade order be imposed upon the Chief Executive Officer ("CEO") and the Chief Financial Officer ("CFO") of the Company in lieu of a general cease trade order in respect of the Company's continuous disclosure default. On May 10, 2011, the OSC imposed a temporary management cease trade order on the CEO and CFO. On May 20, 2011, the temporary management cease trade order was replaced by a permanent management cease trade order that was to remain in effect until two business days following receipt by the OSC of all filings the Company is required to make under Ontario securities law, or further order of the OSC. With the filing of the June Technical Report and all required consents on SEDAR, the OSC is now in receipt of all filings that the Company is required to make under Ontario securities law and the permanent management cease trade order will therefore cease to be effective on June 24, 2011.
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. 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.
