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Canada Lithium Corp. (TSX:CLQ)
Canada Lithium Focuses on Advanced Quebec Project; Relinquishes
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Sunday, January 31, 2010 12:31:46 AM
Canada Lithium Focuses on Advanced Quebec Project; Relinquishes Interest in Grassroots Nevada Brines Play
Toronto, November 5, 2009 - Canada Lithium Corp. (TSXV: CLQ) announced today that it has relinquished its interest in the Nevada brines joint venture with Gold Summit Corporation (TSXV: GSM) to focus exclusively on the Company's Quebec Lithium Project near Val d'Or, Quebec. Canada Lithium held a 75% interest while Gold Summit held the remaining 25%.
"Strategically, we can't justify devoting resources, both manpower and money, to a grassroots brines prospect in distant Nevada when we have an advanced project perhaps only two years from construction startup in our own backyard," said Canada Lithium President and CEO Peter Secker.
The decision follows the completion of a single test hole drilled in October and the recently announced conceptual tonnage increase in Quebec. (For the latest news on the Quebec Project, please see press release dated Nov. 2, 2009.)
Canada Lithium Corp. is a Canadian-based resource and exploration company trading under the symbol CLQ on the TSX-V. The Company has initiated a prefeasibility study on the Quebec Lithium Project, which will include environmental, metallurgical, geological and engineering studies. 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 have produced battery-grade lithium from deposit samples.
For more information please contact:
Peter Secker, President and CEO (416) 361-2821
Olav Svela, Director, Investor Relations (416) 361-2821 or email email@example.com
Dan Symons, Renmark Financial Communications Inc. (514) 939-3989 or email firstname.lastname@example.org
Please visit our new updated Canada Lithium website at www.canadalithium.com.
Corporate Office: 401 Bay St., Suite 2010, P.O. Box 118, Toronto, Ont. M5H 2Y4
invest at your own risk, based on your own due diligence, at your own risk tolerance
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