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Canada Lithium Announces $5-Million Prepayment from Off-take Partner Tewoo-ERDC

TORONTO, Sept. 3, 2013 /CNW Telbec/ – Canada Lithium Corp. (“Canada Lithium” or the “Company”) (TSX: CLQ) (U.S. OTC: CLQMF) today announced that it is receiving a $5-million pre-payment from Chinese off-take partner Tewoo-ERDC. This pre-payment strengthens the Tewoo/Canada Lithium relationship as the two companies continue to advance their lithium carbonate business in China. The Company and Tewoo are also in discussions about future pre-payments based on further milestone achievements.

The funding from Tewoo will be used for working capital purposes as the company continues to commission the Québec Lithium project located near Val d’Or, Quebec. The previously announced maintenance upgrade is scheduled to re-start processing operations by mid-September, and the Company will subsequently recommence lithium carbonate shipments to Tewoo in China in October. The project is still scheduled to complete commissioning and be at full production by end Q1, 2014.

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 MD&A for the three-month period 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.
source newwire.com

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