Nemaska Lithium Initiates Talks With Lithium Buyers
QUEBEC CITY, QUEBEC, CANADA -- (Marketwire) -- 09/20/12 -- Nemaska Lithium Inc. ("Nemaska" or the "Corporation") (TSX VENTURE: NMX)(OTCQX: NMKEF) is pleased to announce that it is discussing potential off-take agreements with lithium hydroxide and carbonate end users. Nemaska Lithium has already produced battery-grade lithium hydroxide and carbonate during the metallurgical pilot plant scale tests done at SGS Canada Inc. Lakefield laboratory and has sent samples to potential customers for evaluation. The hydroxide was produced using Nemaska's proprietary electrolysis method. The patent application on this hydroxide production process was filed on April 23, 2012.
The Company's CEO is travelling to China to attend the 3rd Lithium Asia Conference in Chengdu, China, on September 27 and 28, to further discussions with potential buyers with a goal of securing long term sales agreements. This conference is attended by all the major producers and consumers of lithium globally, including Nemaska's strategic investor, Sichuan Tianqi Lithium Industries Inc. (Tianqi Lithium). Tianqi Lithium owns 19.9% of Nemaska Lithium and is represented on the Board of Directors.
Nemaska Lithium is currently developing its Whabouchi lithium project with a goal to be in production by 2014. The Whabouchi project is the richest North American spodumene deposit and is ranked as the 2nd hard rock lithium project closest to enter the chain of supply by independent researchers SignumBox in Chile. Nemaska Lithium will be releasing the results of its Preliminary Economic Assessment on October 2nd, 2012.
The production of lithium ion batteries has grown by 20% from 2000 to 2011, overtaking nickel cadmium type batteries in the market. Manufacturers have made use of lithium batteries higher energy density, life cycle and low weight in several applications including mobile telephones, laptops, tablets, and power tools. Lithium is used in battery cathodes and lithium hydroxide is used in LFP (lithium ion phosphate) and some NMC (nickel magnesium cobalt) battery cathodes. The use of LFP and NMC cathode materials has grown since 2010 as these materials are incorporated into new technologies such as electric vehicles and grid storage batteries.
About Nemaska
Nemaska Lithium is an exploration and development company with its Whabouchi and Sirmac lithium deposits located in the James Bay Region in the Province of Quebec. Both projects are easily accessible year round by the Route du Nord from Chibougamau. The Whabouchi lithium deposit is located near the Cree community of Nemaska and the Nemiscau airport. Nemaska plans to become a lithium hydroxide/carbonate producer based in Quebec and has filed patent applications for its proprietary method to produce lithium hydroxide and lithium carbonate. The Corporation's lithium hydroxide/carbonate processing plant will be located in Valleyfield, Quebec. Nemaska is also an important shareholder of Monarques Resources Inc. (TSX Venture Exchange: MQR).
Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Nemaska to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.
Neither 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.
Contacts:
Guy Bourassa
President
418 704-6038
info@nemaskalithium.com
www.nemaskalithium.com
Wanda Cutler
Investor Relations
416 303-6460
wanda.cutler@nemaskalithium.com
Victor Cantore
Investor Relations
514 831-3809
victor.cantore@nemaskalithium.com
Jeff Walker
The Howard Group
Investor Relations
888 or 403 221-0915
jeff@howardgroupinc.com