Canada Lithium Corp.
|May 15, 2013|
|May 10, 2013|
|May 7, 2013|
|Apr 29, 2013|
|Apr 22, 2013|
Canada Lithium Corp. has completed a prefeasibility study and has initiated a definitive Feasibility Study on its Quebec Lithium Project near Val d'Or, Quebec. If current environmental, engineering, metallurgical, and geological studies are positive, the project could provide a secure North American supply of battery-grade lithium carbonate to feed the growing demand for lithium in hybrids and electric vehicles. Mine construction is anticipated in 2011. The company trades under the symbol CLQ on the TSX and CLQMF on the OTCQX. Quebec Lithium Inc. is the operating company in Quebec and is wholly-owned by Canada Lithium Corp.
The Quebec Lithium Project, operated under Quebec Lithium Inc., owned 100% by Canada Lithium Corporation, is located in the north east corner of Lacorne Township, approximately 38 km south-east of Amos, 15 km west of Barraute and 60 km north of Val-d'Or. Access to the site is via a paved road from Val d'Or. The city of Val d'Or is a mining friendly community that has over 100 years of mining history and a population of some 35,000 people. The city hosts an airport and significant support infrastructure. Quebec is one of the top-rated mining jurisdictions in the world and electricity costs, a key input in mining operations, are among the lowest in North America.
The deposit was mined between 1955 and 1965, producing spodumene and lithium carbonate products for sale to the North American market. The project hosts a measured and indicated mineral resource of 46.7 million tonnes grading 1.19% Li2 and another 57.6 million tonnes in the Inferred mineral resource category.
Canada Lithium Corp has completed a Pre-Feasibility Study (PFS) for the development of the project that anticipates production of up to 19,300 tonnes of battery-grade lithium carbonate product annually, commencing with commissioning in late 2012.
Pre-Feasibility Study Highlights:
Stage 1 Open Pit Mine: 2,950 tonnes per day (1 million tonnes/year)
Average Annual Stage 1 Production: 42.6 million lb (19,300t) Li2CO3
Average Annual Stage 1 Revenue: US$110 million
Stage 1 Pre-tax NPV @ 8% discount: US$250 million
Pre-tax Internal Rate of Return (IRR): 27%
Cash Operating Costs: US$2,815 per tonne (US$1.27/lb of L 2CO3)
Total Initial Capital Costs: US$179 million (includes $2 M contingency)
Measured and Indicated Mineral Resources of 46.7Mt at 1.19% Li2O
An additional Inferred Mineral Resource of 57.6Mt at 1.18% Li2O
Peter Secker - President and Chief Executive Officer and Director
Mr. Secker was Chief Executive Officer of JMS Civil and Mining, located in Brisbane, Australia. JMS is a civil and mining engineering firm with revenues of $300 million. Previous to that he was Chief Executive Officer of Michelago Ltd., which is now part of Sino Gold. Under his stewardship, Michelago built a 150,000 oz gold mine in Shandong province, China. Mr. Secker was also Vice-president, Operations for Sino Gold, at the time it was a joint venture between the Chinese Government and Macquarie Bank and during which time he directed the construction of the Jianchaling Gold Mine. His career also includes periods as Mine Manager of Emperor Mines Ltd. in Fiji, Operations Manager of the Youanmi Gold Mine in Australia, and Mine Captain at the Rand Mine in South Africa.
Charles Taschereau - Chief Operating Officer
Mr. Taschereau has nearly two decades of mining experience in operations and project development, most recently as vice president and general manager of the development and construction of IAMGOLD's US$450-million Essakane Project in Burkina Faso. Essakane is an open-pit mining operation, processing nine million tonnes of ore per annum and now in commercial production. Mr. Taschereau was also Assistant Project Manager in 2004 overseeing a bankable feasibility study for a US$600 million mining project for Gold Fields Ltd. in Finland. Mr. Taschereau holds an M.Sc., Mining Engineering, from Laval University. He is a professional Engineer of Quebec, holds an MBA from Curtin University, Australia, is a graduate of the Harvard General Management Program, a certified Project Management Professional (PMP) and a Chartered Director (C.Dir.).
Peter Woodhouse - Project Director
Mr. Woodhouse's career spans over 30 years in engineering and project management and has included projects in Australia, Argentina, Brazil, Peru, Turkey, Portugal, the United States and Canada. Peter most recently provided project construction and commissioning management for Xstrata plc's $975-million Nickel Rim South Mine construction (completed in 2010). He has also provided project and engineering management for design and construction of the Sudbury area project's $60-million backfill plant. Prior to that he was involved with Barrick's Goldstrike Mine, Meridian Resources at Campo Miralda and BHP's Cannington Mine in Australia.
Germaine Coombs - Chief Financial Officer
Ms. Coombs was most recently Corporate Controller of FNX Mining Company Inc. from August 2004 to May 2010 when it merged with Quadra Mining Ltd. During her FNX tenure, she implemented new accounting systems and infrastructure and developed rigorous internal accounting controls as new mines were brought into production from the exploration and development stages. Ms. Coombs previously rose through the ranks of Iron Ore Company of Canada, taking on increasingly senior roles in operations and corporate finance.
She is a member of the Certified Management Accountants of Ontario and brings more than 15 years of financial and management experience to the Company, predominantly in the mining industry. Ms. Coombs graduated with a Bachelor of Commerce degree from Memorial University of Newfoundland in 1995
Mitchell Lavery (P. Geo) - Val d'Or Manager (Director)
Mr. Lavery, a registered professional Geologist in the Province of Quebec, is a self employed consultant and President of Patriot Exploration Inc. With 30 years experience in all aspects of mining exploration and production he has represented clients across North America, South America, west Africa and western Europe.
Olav Svela - Director, Investor Relations
Mr. Svela most recently was Vice President, Investor Relations, for Blue Pearl Mining, which acquired private molybdenum producer Thompson Creek Metals in 2007, and for Glencairn Gold. As a Toronto-based IR consultant, he has represented mining and oil and gas clients with assets in such diverse regions as Kazakhstan, Uganda, South Africa, Papua New Guinea, Australia, Brazil and, of course, Canada and the U.S. Mr. Svela was formerly the Editor of The Northern Miner and The Northern Miner Magazine.
Headquarters:401 Bay Street
M5H 2Y4 Canada