Vancouver B.C., Aug.-8-2013: International Lithium Corp. ("ILC" or the "Company") (ILC: TSX-V) I am
pleased to provide a corporate update and summary of the Company's
activities for our shareholders. International Lithium Corp.
continues to advance its core exploration projects by securing the
land tenure at the Mariana brine project in Argentina and working
towards monetizing the Blackstairs pegmatite project in Ireland. We
have avoided equity financings at low share prices and instead
built up our allegiance with strategic partner Ganfeng Lithium
Co. Ltd.
Highlights
-Total number of fully diluted shares is
reduced from 151,964,995 to 83,958,046.
-Strategic Partner, Ganfeng Lithium Co. Ltd.
("GFL" or "Ganfeng Lithium") delivers advanced payment of $250,000
for Blackstairs options
-Ganfeng Lithium provide loan of $1,199,000 to
secure the second option payment for the Mariana project option
with the original vendors. GFL enter into an agreement to acquire
up to 51% of the Mariana project by making an additional payment of
$1,090,000 totaling $2,289,000 to secure the full rights to the
Mariana project from the original vendors
-Successful exploration programs carried out
at the Blackstairs, Ireland and Mavis Lake, Ontario lithium
pegmatite projects.
Like many other companies involved in the
discovery and extraction of natural resources, International
Lithium Corp. has had to navigate through a volatile market,
resultantly delaying several planned initiatives such as the
commencement of field work at Mariana. Despite the turbulent
conditions, I am happy to report that we have met our goals of
completing successful drill programs at Blackstairs, Ireland, and
Mavis Lake, Ontario. More importantly we have secured financial
backing from our strategic partner to preserve our main
projects and continue our
operations without the need for equity financings at low share
prices that would result in a significant dilution for existing
shareholders.
Share
Structure
On May 24, 2013
the Company had 66,122,859 unexercised warrants expire and on July
21, 2013 an additional 2,109,090 unexercised warrants expired.
Stock Options issued under the Company's
Stock Option Plan consist of 3,625,000 with an exercise price of
$0.25 to November 30, 2017, 50,000 at $0.115 to May 7, 2017,
3,075,000 at $0.10 to January 8, 2018 and 75,000 at $0.10 to
January 22, 2018.
The current total number of shares issued and
outstanding is 77,133,046 with 83,958,046 shares fully diluted (not
including any or all debt that is convertible into common shares of
the Company at conversion price of $0.10 per share).
Blackstairs
Project, Ireland
A nine (9) hole diamond drilling
program, 1otaling 594
metres, was conducted on two prospects at the Blackstairs Lithium
Project, Ireland. The drill program confirmed historical drill
results at the Aclare prospect, 85 kilometres southwest of Dublin,
and successfully intersected lithium bearing spodumene pegmatites
in a previously untested area, below a spodumene bearing boulder
field at the Moylisha prospect. The Company has conducted
preliminary testing on only two of the six main prospects located
along the 35 kilometre lithium pegmatite belt. All of the 19 known
spodumene occurrences that make up the belt are within the
Company's prospecting licenses (news release dated
Jun25_2013NR).
Key
Highlights:
-Pegmatite intersected at Aclare containing
2.23% Li2O
over 23.3m including 3.43% Li2O
over 6.0m drill width (true thickness is yet unknown).
-Multiple pegmatite dyke intersections and
1.50% Li2O
over 5.60m at Moylisha are consistent with historical results and
confirm the prospectivity of the area.
-Step out drilling, 500m south of historical
work at Moylisha, intersected lithium and other rare element
mineralization within multiple, closely spaced, parallel
pegmatites.
On
July 31, 2013 (NR_Jul31_2013) the Company announced that Ganfeng Lithium
advanced USD$250,000 to the Company under an amendment to the
option agreement between the two Parties (the "Blackstairs
Agreement") which gives Ganfeng Lithium an option to earn up to a
100% interest in ILC's wholly owned Blackstairs project in Ireland.
In consideration of the advance of $250,000, which may be applied
against either of the options as set out in the Blackstairs
Agreement, ILC has extended the deadline for the exercise of such
options to September 30, 2013. Additionally, if Ganfeng Lithium
decides not to proceed with the option on Blackstairs, the $250,000
advance may be converted by Ganfeng Lithium into a 5.6% interest in
ILC's rights to the Mariana Property. Ganfeng Lithium has also
agreed to defer certain interest payments owing to it by ILC under
existing loan agreements.
Representatives
from Ganfeng Lithium are conducting a site visit of the Blackstairs
property in August as part of their ongoing due diligence towards
exercising an option on the Blackstairs project.
Mariana Project,
Salta, Argentina
On May 10, 2013 Ganfeng Lithium
agreed to lend ILC a total of
$2,289,000 to advance the Company's Mariana Lithium-Potassium Brine
project in Argentina and for ILC to provide the outstanding
scheduled cash payments to secure an unencumbered 100% ownership of
the Mariana project. Ganfeng Lithium advanced ILC a total of
USD$1,199,000 ("First Advance") on June 5, 2013. A further advance
of USD$1,090,000 will follow in May 2014 ("Second Advance"). The
Loan will mature two years following the date of the Second Advance
and during the term of the loan ILC will pay interest of 10% per
annum on the balance of the Loan, 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 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 up to a 51% property interest, at that
time, the parties would enter into a joint venture relationship for
the operation of the Mariana (see news releases dated
May 10, 2013 and June 5, 2013).
Mavis Lake Project, Ontario
The 19 hole (2075 m) diamond drill program at Mavis Lake,
Ontario returned several intervals of high grade lithium and began
to show continuity of geology and define the structural complexity
of pegmatites at that prospect (news releases dated
Feb 19, 2013 and April3_2013NR) .
Key Highlights
1.51% Li2O
over 21.40m (incl.2.37% Li2O over 9.2m) intersected in drill hole
MF12-24
1.51% Li2O
over 6.20m intersected in drill hole MF12-25
2.53% Li2O
over 6.0m occurring at surface in drill hole MF12-28
1.34% Li2O
over 8.50m intersected in MF-12-33
1.05% Li2O
over 10.85m intersected in MF-12-34
1.06% Li2O
over 10.75m intersected in MF-12-36
The objective of the 2012 drill program was
to test the subsurface continuity of significant pegmatite
intersections along strike and down dip. Extensive structural,
geological, geochemical and geophysical interpretations of both new
and historical data were utilized to co-ordinate drilling and
better understand the orientation and distribution of pegmatite
bodies in the area.
Outlook
At International Lithium we remain optimistic about the future demand
for lithium, which continues to experience a steady rise, along
with the demand for green technologies, as the urban population
continues to grow. According to the United Nations Population Fund
("UNFPA"), more than 50%
of world citizens currently live in large urbanized areas and that
number is expected to reach 81% by 2030. The effect of this trend
translates into an increased demand for new electronics, vehicles
and energy, all of which significantly increase prospects for
lithium suppliers.
The
success of the Tesla Model S clearly demonstrates that electric
cars are here to stay. Tesla is breaking through the high-end
market in this sector and there is an opportunity to cater to mass
markets given the increased pressure to cut pollution from motor
vehicles in most parts of the world, including China..
With this outlook in mind we feel we have an advantage being
aligned with a strategic partner like Gangfeng Lithium,
the leading Lithium metal
producer in the world and important Lithium chemicals supplier to
the Lithium battery industry..
In the months to come our strategic partner
will move closer towards
exercising an option on the Blackstairs project, one example that
demonstrates International Lithium Corp. is intent on finding
diverse solutions to finance its projects in these difficult times.
We are now in the planning stages for continued exploration at
Mariana and look for new opportunities as well as continue work at
Blackstairs, Ireland and Mavis Lake, Ontario.
I thank you for your continued support and look
forward to unlocking the added value ILC has to offer.
Qualified Person
Statement
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.
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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