International Lithium Crp (ILHMF)

[BullMeetsBear]

International Lithium Reports $1 million Budget for the Avalonia Lithium JV, Ireland

Vancouver, British Columbia--(Newsfile Corp. - January 11, 2018) - International Lithium Corp. (TSXV: ILC) (the "Company" or "ILC") is pleased to announce, together with joint venture partner GFL International Co. Ltd., a subsidiary of Jiangxi Ganfeng Lithium Co. Ltd. ("Ganfeng Lithium" or "GFL"), the adoption of a 2018 budget for continued work at the Avalonia lithium pegmatite project ("Avalonia JV") in Ireland, a joint venture between the two companies

The ownership of the Avalonia project is currently 55% GFL and 45% ILC. GFL have an option to earn an additional 24% by either incurring CDN$10 million expenditures on exploration activities or delivering a positive feasibility study on the project, at which time the ownership will be 79% GFL and 21% ILC.

On December 27, 2017, ILC and Ganfeng Lithium approved a budget for the 2018 calendar year for the Avalonia JV. The budget calls for Euro 705,000 (approximately CDN $1 million) to be invested in the Avalonia project. The budget covers ongoing exploration and evaluation work, administration fees and continigencies.

Work currently planned for 2018 is to follow up on the 2016 exploration results, in particular at the Moylisha target area, where extensive boulder trains of spodumene-bearing pegmatite assaying up to 4.59% Li2O* have yet to be traced back to source.

https://www.marketwatch.com/story/international-lithium-reports-1-million-budget-for-the-avalonia-lithium-jv-ireland-2018-01-11