International Lithium Corp. 2012 Year End Update
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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV