Canada Lithium Corp. (CLQMF: OTCQX International) | Canada Lithium Announces Project Update

TSX: CLQ; U.S. OTC: CLQMF    

TORONTO, Oct. 4, 2013 /CNW Telbec/ – Canada Lithium Corp. (“Canada
Lithium” or the “Company”) (TSX: CLQ) (U.S. OTC: CLQMF) today announced
that commissioning of its open-pit mine and processing plant near Val
d’Or
, Québec, is proceeding as per the revised schedule. Mining
operations continued at a reduced level and approximately 100,000
tonnes of ore remain on stockpile at the crusher. The mining operation
is scheduled to resume at the end of the month.

Crushing, grinding and concentrator circuits are fully operational and
ramp-up to design capacity could be achieved quickly as the
hydro-metallurgical commissioning advances. The kiln is operating at
its design temperature of approximately 1,000 degrees and the kiln
throughput is being systematically increased over 50%.

The commissioning of the hydro-metallurgical circuit is ongoing,
including the sulphate, neutralisation, lithium carbonate and
purification circuits. The previously planned upgrades to the carbon
dioxide process have been completed and lithium carbonate product
currently in the system will be processed through the new circuit.
Through the commissioning phase, the Company continues to monitor
working capital levels. Product shipments to Tewoo in China are
scheduled to resume at the end of October.

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. 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 at www.sedar.com and www.canadalithium.com 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 MDA for the three-month and six-month periods ended
June 30, 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.

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,
investors and others 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. For
more information on the risks, uncertainties and assumptions that could
cause the Company’s actual results to differ from current expectations,
please refer to the Company’s public filings available at www.sedar.com and www.canadalithium.com including, in particular, the “Risks and Uncertainties” section of the
Company’s Management Discussion and Analysis and the “Risk Factors”
section of the Company’s Annual Information Form for the year ended
December 31, 2012.

SOURCE Canada Lithium Corp.

Article source: http://www.otcmarkets.com/stock/CLQMF/news?id=69455

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