TIDMILC
International Lithium Corporation
11 December 2018
NEWS RELEASE
International Lithium Reports Results of 2018 Annual General
Meeting
Vancouver, B.C., December 10, 2018: International Lithium Corp.
(TSX-V: ILC) ("ILC" or the "Company") is pleased to announce that
all resolutions proposed at the Company's annual general and
special meeting of shareholders held on December 10, 2018 were
passed. All agenda items outlined in the information circular for
the meeting were approved and all director nominees were elected,
with over 85% of votes cast in favour of all the motions. The
directors elected for the ensuing year were: John Wisbey, Maurice
Brooks, Nicholas Davies, Anthony Kovacs and Ross Thompson.
The Company's Chairman and CEO since March 2018, John Wisbey
remarked:
"I would like to thank the shareholders of our Company,
including our largest shareholders and our two main mining partners
Ganfeng Lithium and Pioneer Resources, for their strong support of
the new ILC leadership team.
The ILC team is now focused on validating the opportunity of the
3,027 hectares of mineral rights at the Company's Raleigh Lake
lithium hard rock project in Ontario and on working with our
partners Ganfeng Lithium on optimizing the value of the Mariana
lithium brine project in Argentina for which we last week released
the results of a preliminary economic assessment (PEA). We also
plan on looking at new opportunities and, as previously advised,
plan to raise further capital in 2019.
It has been a challenging year for the share prices of almost
all lithium companies including ILC, partly owing to fears of
future lithium oversupply which many now feel to be unfounded given
the expected high demand growth from electric vehicles and electric
storage. The Company has had its own special issues dealing with
the sale in the market by our once parent company TNR Gold Corp.
(TSX-V:TNR) of over 60% of its shareholding in ILC since mid-March
2018. TNR's residual holding in late November 2018 was down to 3.2
million shares.
We look forward to a good 2019 with a management team determined
to create shareholder value from its projects and to put the
Company in a strong funding position to allow it to execute well on
its plans."
About International Lithium Corp.
International Lithium Corp. has a significant portfolio of
projects, strong management, and a strategic partner and key
investor, Jiangxi Ganfeng Lithium Co. Ltd., ("Ganfeng Lithium") a
leading China-based lithium product manufacturer.
The Company's primary strategic focus is now on the Mariana
project in Argentina and on the Raleigh Lake project in Canada.
The Company has a strategic stake in the Mariana lithium-potash
brine project located within the renowned South American "Lithium
Belt" that is the host to the vast majority of global lithium
resources, reserves and production. The Mariana project
strategically encompasses an entire mineral rich evaporite basin,
totalling 160 square kilometres that ranks as one of the more
prospective salars or 'salt lakes' in the region. Current ownership
of the project is through a joint venture company, Litio Minera
Argentina S. A., a private company registered in Argentina, owned
82.754% by Ganfeng Lithium and 17.246% by ILC. In addition, ILC has
an option to acquire 10% in the Mariana project through a back-in
right.
The Raleigh Lake project, now consisting of 3,027 hectares of
adjoining mineral claims in Ontario, is now regarded by ILC
management as ILC's most significant project in Canada. It is 100%
owned by ILC, is not subject to any encumbrances, and is royalty
free.
Complementing the Company's lithium brine project at Mariana and
rare metal pegmatite property at Raleigh Lake, are interests in two
other rare metal pegmatite properties in Ontario, Canada known as
the Mavis Lake and Forgan Lake projects, and the Avalonia project
in Ireland, which encompasses an extensive 50-km-long pegmatite
belt.
The ownership of the Mavis Lake project is now 51% Pioneer
Resources Limited (ASX:PIO, "Pioneer") and 49% ILC. In addition,
ILC owns a 1.5% NSR on Mavis Lake. Pioneer has an option to earn an
additional 29% by sole-funding a further CAD $8.5 million
expenditures of exploration activities, at which time the ownership
will be 80% Pioneer and 20% ILC.
The Forgan Lake project will, upon Ultra Lithium meeting its
contractual requirements pursuant to its agreement with ILC, become
100% owned by Ultra Lithium (TSXV: ULI), and ILC will retain a 1.5%
NSR on Forgan Lake.
The ownership of the Avalonia project is currently 55% Ganfeng
Lithum and 45% ILC. Ganfeng Lithium has an option to earn an
additional 24% by either incurring CAD $10 million expenditures on
exploration activities or delivering a positive feasibility study
on the project, at which time the ownership will be 79% Ganfeng
Lithum and 21% ILC.
With the increasing demand for high tech rechargeable batteries
used in electric vehicles and electrical storage as well as
portable electronics, lithium has been designated "the new oil",
and is a key part of a "green tech", sustainable economy. By
positioning itself with solid strategic partners and projects with
significant resource potential, ILC aims to be one of the lithium
and battery metals resource developers of choice for investors and
to continue to build value for its shareholders.
International Lithium Corp.'s mission is to find, explore and
develop projects that have the potential to become world class
lithium, potash and rare metal deposits. A key goal is to become a
well funded company to turn that aspiration into reality.
On behalf of the Company,
John Wisbey
Chairman and CEO
www.internationallithium.com
For further information concerning this news release please
contact +1 604-449-6520
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.
Cautionary Statement Regarding Forward-Looking Information
Except for statements of historical fact, this news release
contains certain "forward-looking information" within the meaning
of applicable securities law. Forward-looking information or
forward-looking statements in this or other news releases may
include: the effect of results of the preliminary economic
assessment of the Mariana Joint Venture Project, timing of
publication of the PEA technical report, anticipated production
rates, the timing and/or anticipated results of drilling on the
Raleigh Lake or Mavis Lake projects, the expectation of feasibility
studies, lithium recoveries, modeling of capital and operating
costs, results of studies utilizing membrane technology at the
Mariana Project, budgeted expenditures and planned exploration work
on the Avalonia Joint Venture, satisfactory completion of the sale
of mineral rights at Forgan Lake, satisfactory completion of the
purchase of additional mineral rights at Raleigh Lake, increased
value of shareholder investments, and continued agreement between
the Company and Jiangxi Ganfeng Lithium Co. Ltd. regarding the
Company's percentage interest in the Mariana project. Such
forward-looking information is based on a number of assumptions and
subject to a variety of risks and uncertainties, including but not
limited to those discussed in the sections entitled "Risks" and
"Forward-Looking Statements" in the interim and annual Management's
Discussion and Analysis which are available at www.sedar.com. While
management believes that the assumptions made are reasonable, there
can be no assurance that forward-looking statements will prove to
be accurate. Should one or more of the risks, uncertainties or
other factors materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described
in forward-looking information. Forward-looking information herein,
and all subsequent written and oral forward-looking information are
based on expectations, estimates and opinions of management on the
dates they are made that, while considered reasonable by the
Company as of the time of such statements, are subject to
significant business, economic and competitive uncertainties and
contingencies. These estimates and assumptions may prove to be
incorrect and are expressly qualified in their entirety by this
cautionary statement. Except as required by law, the Company
assumes no obligation to update forward-looking information should
circumstances or management's estimates or opinions change.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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December 11, 2018 02:01 ET (07:01 GMT)
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