Good Day,
In May
2008, Canada Lithium obtained TSX Venture Exchange approval and closed the
transaction to acquire Quebec Lithium near Val D�Or, Quebec from IAMGOLD
Corporation ("IAMGOLD").
Canada
Lithium Corp. plans to commence an economic scoping study metallurgical testing
(see news release attached) in summer 2009 to determine the viability of taking
the Quebec Lithium property to production.
Quebec
Lithium Corporation as an underground mine, surface concentration plant and
refinery from 1955 to 1965. When mining operations were suspended, the proven
ore reserve was stated to
be 15,612,300 tonnes at a grade of 1.14% Li2O
calculated down to the 150 metre level in the proven,
probable and possible categories.
Demand
for lithium is increasing from the current market of ~ 100,000 tonnes LiCO2 equivalent. Lithium ion batteries have become
the rechargeable battery of choice and are now almost used exclusively in cell
phone and computer batteries with items such as shavers, power tools, and
hybrid and electric cars switching over from the nickel varieties
Automotive
companies have recently been announcing that lithium ion batteries will be in
their hybrid cars in 2009 and 2010. Toyota
is targeting 1 million hybrid cars for 2010. Hybrid car numbers continue to
increase as a result of increasing fuel prices and emission issues with
conventional vehicles.
For
more information please contact Mr. Daniel Vine.
MI3 Financial Communication
514 904-1333
Daniel@Mi3.ca
www.mi3.ca
------
CANADA LITHIUM CORP.
Suite 2700 � 130 Adelaide
Street West
Toronto, Ontario
M5H 3P5
FOR IMMEDIATE
RELEASE
TSX.V
March 2, 2009
Symbol: CLQ
Toronto, Ontario
Shares Outstanding: 87,877,801
Canada Lithium Corp. Advances Lithium Carbonate
Metallurgical Process
Canada Lithium Corp. (the �Company�) is pleased to
announce that it has materially advanced its lithium carbonate metallurgical
process and has recently produced lithium carbonate that is comparable to the
battery market specifications that are widely accepted by the industry.
Canada Lithium�s product significantly exceeds specifications with respect to
aluminum and iron which are considered deleterious.
Canada Lithium Corp. is the 100% owner of
the Quebec Lithium Project located 60 km northwest of Val d�Or, Quebec.
The project is a large lithium spodumene deposit with
excellent infrastructure and favourable metallurgy.
Quebec Lithium was an
underground mine, surface concentration plant and a refinery from 1955 to 1965
which produced 272,000 tonnes of ceramic grade and chemical grade spodumene concentrates, lithium carbonate, lithium
hydroxide monohydrate as well as a small quantity of lithium chloride and
feldspar. At the time of the suspension of mining operations the ore
reserve was 15 million tonnes at a grade of 1.14 % Li2O calculated
down to the 150m level. The actual recovered grade during the ten years
of production was 1.25% Li2O.
Canada Lithium
Corp. is working
in conjunction with SGS
Lakefield Research to complete metallurgical
test-work for the production of spodumene
concentrate, lithium carbonate as well as high grades and purities of lithium
carbonate. Metallurgical processing test-work results completed to date
have resulted in the production of a spodumene
concentrate grading 7.17% Li2O with an 80% recovery. The high-grade spodumene concentrate achieved with an 80% recovery is a
material improvement over the approximate 50% recovery achieved at Quebec
Lithium�s operations from 1955 to 1965 and will result in lower operating
costs. Canada Lithium Corp. has now achieved producing lithium
carbonate that is comparable to the battery market specifications that are
widely accepted by the industry. The company will continue to optimize its
lithium carbonate processing methodology and will start continuous process for
metallurgical purposes in the second quarter of 2009.
In conjunction with optimizing
the metallurgical processing activity, the Company is evaluating project
economics including capital and operating costs, as well as downstream market
off-take and pricing. The most recent industry forecast for lithium
demand is a four-fold increase for 2015 from the 2007 market demand of 100,000 tonnes of lithium carbonate equivalent (Li2CO3).
The previous reserve is being
treated as a historical resource and is not National Instrument 43-101
compliant as it was completed prior to the implementation of these
requirements. However, given the quality of the work completed, and the fact
that the operation was a going concern over a decade, the company believes the
historical resource to be relevant and reliable. In addition, a qualified
person has not done sufficient work to classify the historical resource as a
current mineral resource and the issuer is not treating the historical resource
as current. Hence, the historical resource should not be relied upon.
Mitch Lavery (P.Geo), is the Company's qualified as required under NI 43-101
and has reviewed the technical information contained in this press release.
For more information please contact:
Gary Pearse, COO
|
Judy Baker, President and CEO
(416) 361-2821
|
|
Or visit our website at www.canadalithium.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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