DAILY NEWS Jan 10, 2013 4:16 PM - 0 comments

LITHIUM: Canada Lithium signs second off-take agreement

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TORONTO – Canada Lithium Corp. has signed a three-year deal with Japan's largest commodity trader Marubeni giving Marubeni exclusive rights to distribute battery grade lithium carbonate from the Quebec lithium mine 60 km north of Val d'Or, QC, in Japan for an initial three-year period beginning later this year. The agreement includes an option to extend it for a further three years beginning in 2016.

Marubeni has contracted to purchase a minimum of 2,000 tonnes of lithium carbonate in 2013. The dealer has an option to increase that amount to 5,000 tonnes by 2015. The first shipment is planned for July 2013.

In November 2012, Canada Lithium announced a five-year off-take agreement with Tewoo ERDC of China for a minimum annual commitment of 12,000 tonnes of battery-grade lithium carbonate also beginning this year.

Canada Lithium said the Quebec lithium project produced the first spodumene concentrates from the flotation plant last December. Commissioning of the hydrometallurgical sections of the processing plant is now under way.

Please see CanadaLithium.com for more information about the mine and mill.

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