Canada
Lithium Appoints Quebec-based GENIVAR Inc. to Manage EPCM Engineering Contract
for US$202-million Quebec Lithium Project
Canada
Lithium Corp. (TSX: CLQ; U.S. OTCQX: CLQMF) announced today that it has awarded
the contract for Engineering, Procurement, Construction and Management (EPCM)
of its planned open-pit mine and processing plant to Quebec-based GENIVAR Inc.
In addition, GENIVAR will be supported by Met-Chem
Canada Inc., also based in Montreal, Quebec, for part of the process design and
engineering stages.
"GENIVAR and Met-Chem are world-class
engineering groups with the advantage of having deep roots and considerable
experience in the development of Quebec's mining sector," said Canada
Lithium President and CEO Peter Secker. "With this appointment, detailed
engineering and design are now under way."
Mr. Secker also noted that the Company remains "firmly on pace to meet
deadlines to begin site works by mid-2011 for the planned open-pit mine and processing
plant."
Commissioning of the mine and plant is scheduled for late 2012, with full
production expected in 2013, subject to financing and final permitting. Based
on the final Feasibility Study completed in mid-December 2010, initial capital
costs are estimated to be US$202.0 million and cash operating costs are
estimated at US$2,600 per tonne of battery-grade
lithium carbonate.
GENIVAR has significant expertise in the lithium-ion battery sector. It is
currently building a state-of-the-art, lithium-based cathode material
manufacturing plant for Phostech Lithium Inc. near
Montreal. This cathode material is an essential element of the new, efficient
and environmentally benign lithium-ion batteries coming on to the market. In
addition, GENIVAR has large engineering and environmental offices in both Val
d'Or and Amos, in close proximity to the Quebec Lithium Project.
About GENIVAR Inc. and Met-Chem
Canada Inc.
GENIVAR Inc. provides a comprehensive range of engineering and
environmental services. Its clients benefit from the expertise of skilled
specialists with extensive experience in geology, feasibility studies,
environmental assessments, mining development, mineral processing, mining
infrastructure, engineering, design, project management, applied technologies
and mining environments.
Met-Chem Canada Inc., headquartered in
Montreal, Quebec, is a multi-disciplinary engineering group established in
1969. Originally mandated to provide all phases of mining, mineral processing
and engineering services throughout the world, Met-Chem's
expertise has grown to include the environmental sector and operations
management. Met-Chem has completed numerous projects
worldwide. Recent projects include Bucko Lake in Manitoba and Duck Pond in
Newfoundland.
About Canada Lithium Corp.
Canada Lithium Corp. is a Canadian-based "clean-tech" mine
developer trading under the symbol CLQ on the TSX and on the U.S. OTCQX market
under the symbol CLQMF. The Company has completed a definitive Feasibility
Study (FS) on its Quebec Lithium Project near Val d'Or, the geographical heart
of the Quebec mining industry. The Company plans to begin construction of an
open-pit mine and processing plant capable of producing by late 2012
approximately 44 million pounds per year of battery-grade lithium carbonate to
meet the growing needs of the emerging global market for electric and hybrid
electric vehicles. 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 from deposit samples have produced
99.9% battery-grade lithium carbonate.
For more information please contact:
Peter Secker, President, CEO and Director (416) 361-2821
Olav Svela, Director, Investor Relations (416)
361-2821 or (416) 479-4355; (cell) (905) 442-8663 or email osvela@canadalithium.com
Christine Stewart, Renmark Financial
Communications Inc. (416) 644-2020 or email cstewart@renmarkfinancial.com
Please visit the Canada Lithium website at www.canadalithium.com.
Corporate Office: 401 Bay St., Suite 2010, P.O. Box 118, Toronto, ON, M5H 2Y4
Forward-looking Information
The
statements made in this press release may contain certain forward-looking
statements concerning potential developments affecting the business, prospects,
financial condition and other aspects of Canada Lithium Corp. The actual
results of the specific items described in this release, and the company's
operations generally, may differ materially from what is projected in such
forward-looking statements. Although such statements are based upon the best
judgments of Canada Lithium Corp. management as of the date of this release,
significant deviations in magnitude, timing and other factors may result from
business risks and uncertainties including, without limitation, the Company's
dependence on third parties, general market and economic conditions, technical
factors, the availability of outside capital, receipt of revenues and other
factors, many of which are beyond the control of the Company. Canada Lithium
Corp. disclaims any obligation to update information contained in any
forward-looking statement.