Vancouver B.C. November 28, 2012: International Lithium Corp. ("ILC" or the "Company") (ILC: TSX-V) is pleased to announce that Jiangxi Ganfeng Lithium Co. Ltd. ("Ganfeng Lithium"), has agreed to lend ILC a total of $2,000,000 to advance the Company's Mariana Lithium-Potassium Brine project in Argentina and for general corporate purposes. Subject to final approval by the TSX Venture Exchange, and as amended from what ILC originally announced on October 2, 2012, Ganfeng Lithium will advance ILC a total of $2 million, of which $1 million is convertible into shares of the Company at a price of $0.10 per share during the two year term of the agreement. ILC will pay interest of 10% per annum, payable quarterly, which interest may be payable in common shares of ILC at the election of Ganfeng Lithium. The second $1 million advance is non-convertible
In consideration of making the non-convertible loan, Ganfeng Lithium will receive a total of 2,500,000 bonus shares of ILC.
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.
About International Lithium Corp.
International Lithium Corp. is an exploration company with a focused portfolio of projects. A strong management team with personal ownership in the company compliments robust financial support from key stakeholders. A leading China based lithium product manufacturer, Jiangxi Ganfeng Lithium Co. Ltd., is a strategic partner and keystone investor in ILC. The Company currently has several active rare metals projects, including lithium-potash brines in Argentina, and hard-rock pegmatites in Canada and Ireland.
The Company's primary focus is the Mariana lithium-potash brine project. 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. Mariana consists of a salar or 'salt lake' covering 160 square kilometres. The project strategically encompasses the entire mineral rich basin. 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 rare metals pegmatite properties in Canada and Ireland. Despite the excellent accessibility of these hard-rock rare metals projects, there is limited past exploration and geochemical sampling for rare metals. There is a clear potential for exploration success and added value here as the Company strives to source rare metals to help meet the increasing demand through the growth in global technologies that utilize the rare metals suite of elements.
Completing the Company's lithium portfolio 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,
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.