Canada Lithium Announces Project Update And Appointment Of New CFO
TSX: CLQ; U.S. OTC: CLQMF
TORONTO, April 12, 2013 /CNW Telbec/ - Canada Lithium Corp. (" Canada Lithium" or the "Company") (TSX: CLQ) (U.S. OTC: CLQMF) announced today that it continues to work actively with the Canadian Standards Association (CSA) with a view to the completion of the CSA's inspection of the process plant kiln. Following a conference call yesterday with CSA representatives, the Company continues to provide technical information and documentation, and now anticipates that CSA technical staff will effect their on-site inspection of the kiln next week. The on-site inspection which had been anticipated to occur earlier this week was not undertaken.
Prior to on-site inspection by the CSA, the Company anticipates testing the process control programs of the kiln in the coming days, during which conversion of spodumene will occur. As part of the commissioning phase, the kiln will be pre-heated to its operating temperature. Production of lithium carbonate through the kiln will not commence until CSA approval is obtained. The Company continues to expend working capital on the mining operation and the ongoing commissioning of the project. Demobilisation of the construction team has commenced and is ongoing.
Tailings Management Facility (TMF)Golder Associates, the Company's TMF geotechnical consultant, has submitted, as scheduled, a remedial action plan to the Ministère du Développement durable, de l'Environnement de la Faune et des Parcs (MDDEFP) in respect of the plant's TMF and has received initial comments on the plan. Once this plan is approved, remediation will commence. Canada Lithium anticipates that the remediation work can be completed within 10 days of MDDEFP approval and without affecting plant commissioning. Executive Appointments The Company also announced that Halina McGregor, Vice President, Finance, has been appointed Chief Financial Officer. Ms. McGregor, a member of the Institute of Chartered Accountants of Ontario and l'Ordre des CPA du Québec, was formerly Vice President, Finance, and CFO with such major companies as Goldcorp Inc. and Sherritt International Corp. Ms. McGregor is fluently bilingual and most recently served as CFO of Calyx Transportation, a 1,000-employee logistics and transportation firm. Ms. McGregor assumes the CFO position formerly held by Germaine Coombs, who served as CFO during the Company's transitional phase from exploration company to mine developer. "Ms. Coombs played a central role in our early development," said CEO Peter Secker. "It is with regret that we see her leave the Company and I speak for the entire senior management team in wishing her well as she continues in her role as CFO of Stonegate Agricom Ltd." 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. 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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts