Canada Lithium Appoints AMC Mining Consultants to Conduct Independent NI 43-101 Estimate of Mineral Resources
TORONTO, March 16 /CNW/ --
TORONTO, March 16 /CNW/ - Canada Lithium Corp. (TSX: CLQ) (OTCQX: CLQMF) (the 'Company') today
announced that it has appointed AMC Mining Consultants (Canada) Ltd.
('AMC') to independently conduct a resource estimate of the Quebec
Lithium Project (the 'Project') and expeditiously prepare a new
National Instrument 43-101 ('NI 43-101') compliant report. The
Company anticipates that AMC will complete the independent resource
estimate in approximately 60 days.
The AMC appointment was initiated after a preliminary independent review
(announced by the Company on February 28, 2011) by Roscoe Postle and
Associates ('RPA') confirmed that there are significant issues with the
geological modelling that produced the mineral resource estimate for
the Project (announced by the Company on October 28, 2010).
The Company believes that there will be a material reduction in the
measured, indicated and inferred mineral resources incorporated in the
NI 43-101 compliant report announced on October 28, 2010. It is not
possible to accurately quantify the magnitude of the reduction in the
mineral resource at this time and the Company has determined that a
detailed independent mineral resource estimate is required.
'We are committed to resolving this issue as quickly as possible,' said
Company President and CEO Peter Secker. 'Our geological resource data
is being forwarded to AMC and I anticipate AMC personnel will be
on-site early next week.'
AMC is a leading international mining consultancy, providing services
exclusively to the minerals sector. AMC employs approximately 140
personnel worldwide and has offices in Vancouver, United Kingdom and
Australia.
The Quebec Lithium Mine originally operated from 1955 to 1965 as an
underground mine and processing plant that produced spodumene, lithium
carbonate and lithium hydroxide monohydrate. In 1974, Surveyer,
Nenninger et Chenevert Inc. ('SNC') was contracted by Sullivan Mining
Group to write a feasibility report on the rehabilitation of the former
Quebec Lithium Mine. SNC calculated a historical reserve estimate of
15,736,938 tonnes grading 1.14% Li(2)O. This estimate is not compliant with NI 43-101 standards.
The Company believes that the historical reserve estimate is relevant;
however, the estimate should not be relied upon. The Company has not
done the work necessary to have the historical estimate verified by a
qualified person. The historical estimate was prepared under CIM
standards in 1974; however, they do not meet the current CIM Definition
Standards on Mineral Resources and Mineral Reserves adopted in 2005.
The Company is not treating the historical estimate as a current
mineral resource estimate under National Instrument 43-101.
Wayne Valliant, P. Geo, is a Principal Geologist with RPA. He
participated in the preliminary independent review by RPA of the
geological resource model for the Project and approves the contents of
this press release. RPA is unable to perform the resource estimation
due to RPA's time constraints.
About Canada Lithium Corp.
The Company holds a 100% interest in the Quebec Lithium Project near Val
d'Or, the geographical heart of the Quebec mining industry. The
project, as noted above, is currently the subject of an independent
resource audit. Metallurgical tests have produced battery-grade
lithium carbonate from project samples.
Cautionary Statement Regarding Forward-Looking Information
This press release contains 'forward-looking information' within the
meaning of applicable Canadian securities legislation. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as 'plans', 'expects' or 'does not
expect', 'is expected', 'budget', 'scheduled', 'estimates',
'forecasts', 'intends', 'anticipates' or 'does not anticipate', or
'believes', or variations of such words and phrases or statements that
certain actions, events or results 'may', 'could', 'would', 'might' or
'will be taken', 'occur' or 'be achieved'.
Forward-looking information is based on reasonable assumptions that have
been made by the Corporation as at the date of such information and is
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance or
achievements of the Corporation to be materially different from those
expressed or implied by such forward-looking information, including the
fact that an independent review is being conducted by a third party
that will work independently of the Company and, for reasons outside
the control of the Company, may cause the expected completion time
identified herein by management to be materially different.
Forward-looking information in this press release includes, among other
things, disclosure regarding the anticipated timing for completion of
the independent review and audit and the review of the existing mine
plan of the Company.
Although the Company has attempted to identify important factors that
could cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be
no assurance that such information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such information. Accordingly, readers should not place
undue reliance on forward-looking information. The Corporation does not
undertake to update any forward-looking information referenced herein,
except in accordance with applicable securities laws.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/March2011/16/c3242.html
Peter Secker, President and CEO (416) 361-2821
Olav Svela, Director, Investor Relations (416) 361-2821 or (416) 479-4355 or email osvela@canadalithium.com
Christine Stewart, Renmark Financial Communications Inc. (416) 644-2020 or email cstewart@renmarkfinancial.com
Please visit the Canada Lithium website at www.canadalithium.com.
Corporate Office: 401 Bay Street, Suite 2010, P.O. Box 118, Toronto, ON, M5H 2Y4