Vancouver B.C. December 6, 2013: International Lithium Corp. ("ILC" or the "Company") (ILC: TSX-V)
is pleased to announce that pursuant to the option agreement between the Company and GFL International Co., Ltd. ("Ganfeng Lithium" or "GFL") the prospecting licenses for the Blackstairs Lithium Project were transferred to a private Irish Company, Blackstairs Lithium Limited ("BLL"), to facilitate the execution of the option agreement between ILC and Ganfeng Lithium and prepare for a joint venture partnership to advance the project.
On November 28, 2013 the Company received notice from the Department of Communications, Energy and Natural Resources located in Dublin, Ireland that the prospecting licenses that comprise the Blackstairs Lithium Project were successfully transferred to BLL.
Under the terms of the option agreement between the two Parties (the "Blackstairs Agreement") the formation of an Irish subsidiary was necessary to facilitate the advancement of the project as a joint venture between the two parties (NR_Oct02_2012). GFL will complete its obligations to acquire a 51% interest in the Blackstairs Lithium Project and enter into a joint venture partnership under the Second Option of the Blackstairs Agreement whereby GFL can earn an additional 24% interest for a total 75% interest in the project by incurring $10 million in expenditures on the Blackstairs Property or producing a positive feasibility study on the Property within ten years of the effective date.
"With the formation of Blackstairs Lithium Limited we achieve a very important milestone with our strategic partner Ganfeng Lithium who are currently building additional production facilities to accommodate their aggressive expansion campaign. Securing a stable supply of raw materials containing lithium is a strategic issue as the demand for electric vehicles increases globally. International Lithium is well positioned to address this need. We have strong support to develop our project through our continuing joint venture with Ganfeng Lithium which will help to advance the exploration in Ireland in a timely manner," Kirill Klip, President, International Lithium Corp.
About GFL International Co., Ltd.
GFL International Co., Ltd. is a subsidiary of Ganfeng Lithium Co., Ltd. It is based in Xinyu, Jiangxi Province, China and is a professional producer of lithium products with a comprehensive product chain, including lithium metal and alloys, inorganic and organic lithium chemicals, and supplies a wide range of lithium products for primary and secondary lithium battery markets, 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 the 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 12 years.
The Blackstairs project, comprised of eight mineral exploration licenses totalling 292 square kilometres, is located 65 to 100 km south of Dublin straddling the Counties of Carlow and Wicklow in Leinster, southeast Ireland. The Property encompasses an extensive NE-SW oriented 30 to 50 kilometre long rare metals pegmatite belt situated within the East Carlow Deformation Zone along the eastern side of the Leinster Granite. Approximately 19 significant lithium pegmatite occurrences have been discovered within the Property to date, primarily through boulder mapping with five buried pegmatites known through past trenching and drilling.
The Company has conducted preliminary testing on only two of the six main prospects located along the 35 kilometre lithium pegmatite belt (NR_June25_2013).
- Pegmatite intersected at Aclare containing 2.23% Li2O over 23.3m including 3.43% Li2O over 6.0m drill width (true thickness is yet unknown).
- Multiple pegmatite dyke intersections and 1.50% Li2O over 5.60m at Moylisha are consistent with historical results and confirm the prospectivity of the area.
- Step out drilling, 500m south of historical work at Moylisha, intersected lithium and other rare element mineralization within multiple, closely spaced, parallel pegmatites.
John Harrop, PGeo, FGS, and Vice President, Exploration of the Company is a "Qualified Person" as defined under NI 43-101 has reviewed and approved the technical content of this news release.
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 Ganfeng Lithium Co. Ltd., a leading China based lithium product manufacturer.
The Company's primary focus is the Mariana lithium-potash brine project, within the renowned South American "Lithium Belt" that is the host to the vast majority of global lithium resources, reserves and production. The 160 square kilometre Mariana project strategically encompasses an entire mineral rich evaporate basin that ranks as one of the more prospective salars or 'salt lakes" in the region.
Complementing the Company's lithium brine project are rare metals pegmatite properties in Canada and Ireland. These projects reported highly encouraging lithium mineralization in drill holes targeting pegmatites that are unexposed at surface (news releases dated April 3,2013 and June 25, 2013).
With the increasing demand for high tech rechargeable batteries used in vehicle propulsion technologies and portable electronics, lithium is paramount to tomorrow's "green-tech" economy. By positioning itself with solid development partners and acquiring high quality grass roots projects at an early stage of exploration, ILC aims to be the green tech resource explorer of choice for investors and build value for its shareholders.
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.