Strategic Partner, Ganfeng Lithium, Announces Initial Budget for Joint Ventures with International Lithium
Vancouver, B.C. / TNW-ACCESSWIRE / June 18, 2014: International Lithium Corp. (the "Company" or "ILC") (TSX VENTURE:ILC.V) is pleased to announce that the Board of Directors of Ganfeng Lithium Co., Ltd. ("Ganfeng Lithium" or "GFL") approved a 2014 annual mining exploration budget for wholly owned subsidiary GFL International Co., Ltd. for fifteen (15) million yuan (approximately CAN $2,645,000). The funds were approved at a board meeting held on June 5, 2014 and will account for expenditures on the Blackstairs and Mariana projects collectively.
"We are encouraged by Ganfeng Lithium's approval of this exploration budget. These projects are a potential source of raw materials for GFL's manufacturing operations and we are officially making headway moving them along in accordance with our initial vertical integration model." Kirill Klip, President, International Lithium Corp.
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,
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.
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