Canada Lithium Provides Project Update
TSX: CLQ; U.S. OTC: CLQMF
TORONTO, Jan. 31, 2013 /CNW Telbec/ - Canada Lithium Corp. (TSX: CLQ) (U.S. OTC: CLQMF) announced today that commissioning of the mineral processing sections of the process plant continues as scheduled with spodumene production being achieved on a regular basis and final electrical work and software programming being undertaken on the lithium carbonate circuits.
There will be a number of site visits by our off-take partners and various battery manufacturers as we approach the first shipment of lithium carbonate under the five-year Tewoo off-take agreement at end-March 2013. The 20,000-tonne-per-annum lithium carbonate processing plant is scheduled to complete ramp-up to full production by Q4, 2013.
The Company expects the final drawdown, in the amount of $25M of the $75M debt facility from the banking syndicate, to occur during February-March, 2013.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. Lithium carbonate is used in lithium-ion batteries that power consumer electronics (laptops, tablets, etc.), power-grid storage facilities and electric and hybrid vehicles. 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.
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