VANCOUVER, British Columbia, May 2, 2012 (GLOBE NEWSWIRE) -- http://internationallithium.com/s/NR_2012-05-01.asp
International Lithium is pleased to provide a corporate update as to the progress and completion of its first year as a public company on the TSX Venture Exchange.
"International Lithium has demonstrated very impressive exploration success this year, our team is extremely pleased with the advance of our projects to date, resultantly I would like to provide a more comprehensive update to our shareholders" - Kirill Klip, President of ILC.
MILESTONES:
- Extensive 78 meter Mineralized Pegmatite with Extensive Lithium and Tantalum Zonation at Mavis Lake - Fairservice Lithium and Rare Metals Project, Ontario, Canada
- High-Grade Lithium Boulder Field Discovery Significantly Extends Moylisha - Blackstairs Project, Ireland
- Discovered Extensive Sand Layers Hosting Lithium - Boron and Highest Potash Grades in an Argentine Salar, - Mariana Brine Project, Argentina
- Strengthened Strategic Partnership with Ganfeng Lithium
International Lithium Corp. is a relatively new company in the public domain, nevertheless, we have been able to achieve important technical advancements and retain a very strong portfolio of development and exploration projects. Our commitment to success has seen a rapid advancement on the Mariana property with a realistic goal of Preliminary Economic Assessment within 18 months. As we continue to focus on our world class assets we will initiate further drill programs and explore the properties and partnership opportunities as they continue to arise.
This is an opportune and exciting time for us to be building a company that is transitioning with society and advancing into a post-carbon based economy. Electrification of transportation and energy storage systems for solar and wind power generation depend on lithium based battery technologies, all of which are rapidly accelerating -- International Lithium was structured on the grounds that would maximize on these future demands; from an attractive global portfolio of lithium and rare metal projects to a strong technical team and strategic partner.
PROJECTS:
Mavis Lake – Fairservice, Canada.
78 Metre Pegmatite Intersection Returns High Grade Lithium Mavis Lake - Fairservice Lithium and Rare Metals Project, Ontario
- Identified a continuous pegmatite field exhibiting high-grade, well-evolved, lithium and tantalum zonation as well as significant levels of cesium and rubidium
- Completed a 20 hole drill program, totaling 1,750 meters
- Encountered a 78 meter pegmatite intersection reporting two intervals grading 1.86% Li2O over 26.25m and 1.22% Li2O over 28.45m
- 13 of 17 drill holes intersected pegmatites >2 metres thick returned notable lithium grades
This preliminary drill program exceeded expectations by revealing more extensive pegmatite intersections than anticipated and a previously unknown near-surface pegmatite that attests to the under-explored potential of the project, In addition, the lithium grades observed fully support the decision to expand the scope of the project in the coming year.
Blackstairs, Ireland
High-Grade Lithium Boulder Field Discovered On International Lithium Corp.'s Rare Metals Blackstairs Project, Ireland
Highlights:
- High grade pegmatite boulder field discovered in a recently exposed area at Moylisha;
- Located 500m along trend to the southwest of past pegmatite exploration;
- 4.59%, 3.45% and 3.27% Li2O grab samples collected Indicates a potentially sizable, yet to be discovered buried pegmatite body
The high-grade lithium pegmatite boulder field identified at Moylisha significantly reinforces the potential to discover buried pegmatite bodies on the Property. These results, from a cursory investigation, far exceeded expectations and dramatically raise the directive for further work.
Mariana, Argentina
Extensive High-Grade Potash Discovery at International Lithium's Mariana Brine Project
Highlights:
- Extensive Potash, Lithium and Boron Brines in Sand Rich Layers Intersected At International Lithium's Mariana Lithium-Potash Brine Project, Argentina
- The highest grades of potash reported in an Argentine Salar;
- High potash values continue from surface to bottom in all holes;
- Potash, lithium and boron values remain open at depth.
- Average grades from drill program reveal: 255-345 mg/L Li, 9389-11292mg/L K , 510-714 mg/L B
We are very encouraged with the results from the Phase 1 resource delineation drilling at Mariana that confirmed our belief in the potential of this multi-commodity potash-lithium-boron brine project. The observed extent of high grade potash brine encountered provides ILC the support and confidence to continue to advance our plans towards development. The objective for the next stage of exploration is to complete the remaining 10 to 12 holes needed for delineation drilling in conjunction with hydrogeological testing required to produce a reportable resource. Drilling will be designed to test structures that may control higher grade potash, lithium or boron zones.
Strategic Partnership
In support of, and to further attest to our continued efforts and highly dedicated team, International Lithium`s current strategic partner Ganfeng Lithium increased its equity ownership in the company.
Highlights:
- Strategic Partner Ganfeng Lithium increases ownership in ILC to 14.7%; and
- Financial commitment reflects continued support of ILC's management and projects.
International Lithium has delivered impressive technical successes as demonstrated from recent exploration results on numerous ILC projects, hence I am pleased to see this vote of confidence from our strategic partner. Our partnership with China based Ganfeng Lithium Co., Ltd. continues to provide the Company with crucial technical and financial support. Our mutual goal is to position ILC in the potential supply chain of strategic commodities for the coming green technological shift.
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.
Thank you to all the shareholders for your support, we look forward to a prosperous year and taking you through to the next phase of our development.
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.
Contact:
620 - 650 West Georgia Street
Vancouver, British Columbia
V6B 4N9, Canada
Voice: (604) 687-7551
Fax: (604) 687-4670
1-800-667-4470
E-mail: info@internationallithium.com
Stock Symbol: ILC:TSXV
Shares CUSIP: #459820 10 6
Warrants Symbol: ILC.WT
Warrant CUSIP: #459820 11 4
This information was brought to you by Cision http://www.cisionwire.com
http://www.cisionwire.com/international-lithium-corp/r/international-lithium-year-end-summary--------------------------------------------------------------,c9254469