International Lithium Corp. 2012 Year End Update
VANCOUVER, British Columbia,
Jan. 16, 2013 /PRNewswire/
-- International Lithium Corp. ("ILC" or the "Company")
(ILC: TSX-V) is pleased to provide an update of the Company's
operational activities in 2012, and plans for 2013.
Key Highlights
- Received increased financial support from Jiangxi Ganfeng
Lithium Co. Ltd. ("Ganfeng Lithium")
- Plans to drill and bulk sample at Mariana, Argentina which hosts Lithium-Boron and some
of the highest Potash Grades in an Argentine salar
- Successful year-end drill program at Mavis Lake Ont.
- Drill Program planned for Blackstairs, Ireland - funded by partner Ganfeng
Lithium
- Strengthened Management and Expertise
In the last fiscal period ILC continued to increase their
strategic relationship and corporate objectives with Ganfeng
Lithium, a strategic partner from China, via a $2,000,000 investment in the Company. The
financial commitment reflects continued support of ILC's
management, philosophy and technical programs moving into 2013.
Mariana Project, Salta, Argentina
A combination of sediment and brine sampling drilling is planned
to occur early in 2013 on the Company's wholly owned
lithium-potassium brine project in Argentina (news release dated 6 December 2012). The drilling will provide a
better understanding of the resource potential of the entire salar.
GEOS Mining, an Australian geological consultancy with experience
in brine resource estimation, has been retained to assist in
planning the project and carry out the necessary studies to support
a resource estimation if warranted at this stage.
The Company will also collect bulk samples of the brine to be
used for more advanced process and recovery testing by Ganfeng
Lithium. The implementation of a program to install test
evaporation ponds and a pilot plant is also being considered in
addition to hydrogeological, climatic and geophysical studies.
The Mariana project consists of several contiguous mining claims
that cover an expansive 160 square kilometres over the entire Salar
de Llullaillaco in Salta, Argentina. The Company, and strategic partner
Ganfeng Lithium, have 100% control over the development of the
mineral rich brines at Mariana. The current planned program is
intended to gain a broad working knowledge of the mineral
recoveries, process metallurgy and final mineral products that can
be produced from the Mariana brine, which in conjunction with a
resource estimation will enable the Company to make business
decisions to advance the project.
Mavis Lake Project, Ontario
ILC is completing a drill program on the Lithium and Rare Metals
project at Mavis Lake near Dryden,
Ontario. Naicatchewenin Development Corporation, a 100%
aboriginal owned corporation, was contracted to provide diamond
drilling services for a minimum 2,000 metre program.
Two drills were used on the project during the year-end
campaign. Drilling focused on extending significant pegmatite
bodies discovered in the 2011 drilling campaign which returned
1.86% Li2O over 26.25m and 1.22% Li2O over 28.45m (drill hole
MF11-12, news release dated 12 January
2012). These two intersections appear to indicate a
previously unknown pegmatite body that is wider than previously
drilled pegmatites and may be oriented in a different
direction. In addition, drilling continued to extend and
infill between previously drilled pegmatites and to test historical
lithogeochemical anomalies.
Results of the drilling program will be released as soon as the
data are compiled and assay results become available.
Blackstairs Project, Ireland
The Company's 100% owned Blackstairs project in Ireland was optioned to Ganfeng Lithium late
in 2012. Ganfeng has the option to fund up to ten million dollars worth of exploration on the
project over the next ten years to earn an approximate 75% interest
in the project (news release dated 2 October
2012). Ganfeng has a second option on the property whereby,
following an initial due diligence period with expenditures on the
order of $350,000, Ganfeng can elect
to purchase a 100% interest in the project for two million dollars.
The Company, in conjunction with Ganfeng Lithium, has initiated
the first phase of the due diligence reconnaissance which is
scheduled to be completed in the first quarter 2013 (see news
release 4 December 2012).
Management
The Company further expanded their management team by naming Mr.
Anthony Kovacs as Chief Operations
Officer. Mr. Kovacs has over 18 years international experience in
mineral exploration and development. Before joining International
Lithium Corp. he worked in senior leadership roles with Pacific
North West Capital Corp. and Adriana Resources Inc. Mr. Kovacs'
experience working with industrial minerals, ferrous metals,
non-ferrous metals and precious metals throughout Canada, Europe, Mexico and Africa, will be a welcome addition to the core
management team at ILC.
Outlook for 2013
"I am very optimistic about the year ahead. ILC is at the
forefront of the clean energy vanguard, with Lithium continuing to
be a key element of the energy storage solutions being developed to
meet growing global demand. Recent high-profile mergers and
acquisitions related to lithium resource companies confirms the
growing demand for this commodity; thus creating an opportune
moment for ILC to showcase its assets and capitalize on increased
investor interest. We have a well-established management team,
solid portfolio of lithium and potash assets, and access to capital
to develop them. One factor that differentiates ILC among the
junior explorers and developers is our strong strategic partner,
Ganfeng Lithium. Ganfeng backs ILC financially and gives us access
to their latest technologies and methodologies to extract and
process our lithium resources. I hope that you find our latest
developments encouraging. On behalf of our team I wish you a
healthy and prosperous New Year," Kirill
Klip, President of International Lithium.
In other news the Company has granted 3,075,000 incentive stock
options to directors, officers, employees and consultants of the
Company. The options are exercisable at $0.10 per share for a period of five years,
subject to regulatory approval. The options are subject to a
four-month hold period.
About Jiangxi Ganfeng Lithium Co. Ltd.
Ganfeng Lithium, based in Xinyu, Jiangxi Province, China, is a professional producer of lithium
products which has developed a comprehensive product chain,
including lithium metal and alloys, inorganic and organic lithium
chemicals, supplies a wide range of lithium products for primary
and secondary lithium battery market, pharmaceutical and new
material industries. Ganfeng Lithium's principal market is in
China with international exports
to Europe, Japan, the USA and India. Ganfeng Lithium was founded in 2000 and
listed on the Shenzhen Stock Exchange in August 2010, notably as the first publicly listed
lithium company in China and has
experienced rapid continuous growth over the last 11 years.
Ganfeng Lithium is a major shareholder and strategic partner to
International Lithium Corp., currently holding approximately 17.5%
of the issued and outstanding shares of ILC.
About International Lithium Corp.
International Lithium Corp. is an exploration company with an
outstanding portfolio of projects, strong management ownership,
robust financial support and a strategic partner and keystone
investor Jiangxi Ganfeng Lithium Co. Ltd., a leading China based lithium product manufacturer.
The Company's primary focus is the Mariana lithium-potash brine
project in Argentina within the
renowned South American 'Lithium Belt' that is host to the vast
majority of global lithium resources, reserves and production. The
160 square kilometre Mariana project strategically encompasses an
entire mineral rich evaporite basin that ranks as one of the more
prospective salars, or 'salt lakes' in the region.
Complementing the Company's lithium brine projects are rare
metals pegmatite properties in Canada and Ireland that have revealed through recent
highly positive results a clear potential that the Company will
advance with the support of its strategic partner, Ganfeng Lithium.
These projects can add distinct value as the Company strives to
source rare metals to help meet the increasing demand through the
growth in global technologies that utilize the rare metals suite of
elements.
With the increasing demand of high tech applications in battery
and vehicle propulsion technologies, lithium and other rare metals
are no doubt the metals of tomorrow's green tech economy. By
positioning itself with solid development partners and projects
with significant resource potential, ILC aims to be the green tech
resource developer of choice for investors and build value for its
shareholders.
International Lithium Corp.'s mission is to find, explore and
develop projects that have the potential to become world-class
lithium, potash and rare metal deposits.
On behalf of the Board of Directors,
Kirill Klip
President, International Lithium
Corp.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. Statements in this press release other
than purely historical information, historical estimates should not
be relied upon, including statements relating to the Company's
future plans and objectives or expected results, are
forward-looking statements. News release contains certain
"Forward-Looking Statements" within the meaning of Section 21E of
the United States Securities Exchange Act of 1934, as amended.
Forward-looking statements are based on numerous assumptions and
are subject to all of the risks and uncertainties inherent in the
Company's business, including risks inherent in resource
exploration and development. As a result, actual results may vary
materially from those described in the forward-looking
statements.
*Original release date was January
8th, 2013.
620 - 650 West Georgia Street
Vancouver, British Columbia
V6B 4N9, Canada
Voice: (604) 687-7551
Fax: (604) 687-4670
1-800-667-4470
E-mail: info@internationallithium.com
Website: http://www.internationallithium.com
SOURCE International Lithium Corp.