VANCOUVER, British Columbia, June 28, 2012 (GLOBE NEWSWIRE) -- International Lithium Corp. ("ILC" or the "Company") (TSX-V:ILC) held its Annual General Meeting on June 26, 2012 and is pleased to announce that all resolutions proposed in the information circular were passed. In addition, all agenda items, as outlined in the circular, were approved and all directors standing for election were re-elected with the exception of Mr. Bernard Dewonck who decided not to stand for re-election. The Directors for the ensuing year will consist of Mr. Kirill Klip MBA, Mr. Gary Schellenberg B.Sc., Mr. Wayne Spilsbury B.Sc M.Sc, Mr. Mike Sieb B.Sc MBA, and Mr. Xiasoshen Wang MBA.
Mr. Kirill Klip was reappointed as President, Mr. Garry Schellenberg as Chief Executive Officer and Mr. Jerry Bella as Secretary and Chief Financial Officer.
"Approximately 22.6 million shares, or 31% of the outstanding shares were voted with an overwhelming support from the shareholders for the direction Management and the Board of Directors is taking the Company" comments Gary Schellenberg, ILC Director and CEO.
The Board would like to thank Mr. Dewonck for all his time and effort provided to International Lithium as a Director.
International Lithium Corp.'s leading management is looking forward to advancing key projects and expanding the company's operations to its full capabilities alongside strategic partner Gangfeng Lithium.
"The recent successful launch of Tesla Model S high-performance, premium electric sedan is helping break the notion that you have to sacrifice performance, safety or high-end design with electric cars. Already in production it is only a matter of time before the vehicle starts to permeate the mass market; especially with the added government tax credit incentives. In anticipation of this emerging market, together with our strategic partners, we are setting the foundation for ILC to profit from this technological revolution" –Kirill Klip, President.
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's principal market is in China with international exports to Europe, Japan, USA and India."Ganfeng Lithium, as a leading lithium downstream products producer in Asia, has recently announced in the company's 2011 annual report USD75 million in sales revenue representing a 34% increase over the previous year. Currently Ganfeng consumes a significant volume of lithium raw material but taking into account projected business growth, sourcing a future supply of lithium becomes more and more important to support Ganfeng Lithium's core business. Increasing our share in ILC is part of our raw materials strategy." states Wang Xiaoshen, Executive VP of Ganfeng Lithium Co., Ltd. The company was founded in the year 2000, it was 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 10 years.
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.
ILC currently has 9 active rare metals projects, well balanced between lithium-potash brines in Argentina, Nevada and hard-rock pegmatites in Canada and Ireland. The Company's primary focus is the Mariana lithium-potash brine project, a salar or 'salt lake', covering an expansive 160 square kilometres and strategically encompassing the entire basin. Mariana is located in the renowned South American 'Lithium Belt' centred on the junction of Argentina, Bolivia and Chile that is host to the vast majority of global lithium resources, reserves and production. The Mariana lithium-potash brine project ranks as one of the more prospective salars in the region.
Complementing the Company's lithium brine projects are the rare metals pegmatite properties. The key characteristics shared by the hard-rock rare metals projects are their limited past exploration, excellent accessibility and limited assaying for rare metals. All of which imply a clear potential for additional exploration and development as well as added project value to meet the global technological growth in demand for the rare metals suite of elements.
International Lithium Corp.'s mandate is to increase shareholder value through aggressive advancement of its core projects and to source joint venture partners to expand the scope and diversify risk of its exploration effort.
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.
E-mail: info@internationallithium.com
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