DAILY NEWS Nov 12, 2012 3:58 PM - 0 comments

LITHIUM DEAL: Canada Lithium signs 5-year deal

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QUEBEC – Canada Lithium Corp. of Toronto has signed a five-year lithium carbonate offtake agreement with Tewoo-ERDC, one of China's larger commodity traders, for 12,000 tonnes of battery grade lithium annually. Deliveries are to begin in March 2013 to either the port of Vancouver or Prince Rupert, BC.

The agreement includes a provision for the formation of a Sino-Canadian marketing joint venture to be incorporated as Tewoo Quebec Lithium Co. Ltd.

Canada Lithium says its Quebec lithium project 60 km north of Val d'Or, QC, remains on schedule and budget for commissioning of the spodumene circuit by the end of 2012.  Pre-commissioning of large mechanical and electrical equipment has started. Pre-stripping of the deposit and construction of the first phase of the tailings management facility are also underway.  The mine and mill will have a capacity of 20,000 tonnes of lithium carbonate per year.

A photo gallery of the Quebec Lithium project can be viewed at  CanadaLithium.com/s/PhotoGallery.asp.

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