Vancouver B.C. June 5, 2013: International Lithium Corp. (“ILC” or the “Company”) (ILC: TSX-V) is pleased to announce that Ganfeng Lithium Co. Ltd. (“Ganfeng Lithium”) has advanced to ILC USD$1,199,000, being the first advance of a total USD$2,289,000 loan committed to ILC from Ganfeng Lithium, as previously announced by the Company on May 10, 2013. The loan advance bears interest of 10 percent per annum, payable quarterly.
In lieu of receiving repayment of the loan, Ganfeng Lithium may elect to convert into an interest in the Mariana Property. The loan agreement contemplates that Ganfeng Lithium may convert what would otherwise be ILC’s repayment obligation for the first loan advance into a 26% interest in ILC’s rights in the Mariana Property. Likewise, instead of receiving repayment of the second advance, Ganfeng Lithium may convert into a 25% interest in ILC’s rights to the Mariana Property, for a total interest of 51%. If Ganfeng Lithium elects to convert into a 51% property interest, at that time, the parties would enter into a joint venture relationship for the operation of the Mariana Property.
The Company has used the loan proceeds to make the underlying property payment to the vendors of the Mariana Property and related costs.
About 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 12 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 Ganfeng Lithium Co. Ltd., a leading China based lithium product manufacturer.
The Company’s primary focus is the Mariana lithium-potash brine project in Argentina 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 projects are rare metals pegmatite properties in Canada and Ireland that have recently reported positive geochemical results (latest news releases dated April 3,2013 and April 9, 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.
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.
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.