| March 09, 2009 Canada Lithium Corp. Update on Great Basin Brine Exploration Joint Venture | |
| Canada Lithium Corp. (the "Company") and Gold Summit Corporation have entered into a letter agreement whereby the parties are now contributing joint venture parties on a seventy-five percent and twenty-five percent basis respectively. Both partners shall have the option to fund its respective share of ongoing expenditures; or undergo straight line dilution to a 3% Net Returns Royalty. Either partner shall have the further option to purchase 2% of the NRR for a price equal to 2% of the Net Present Value calculated at the time of completion of a Feasibility Study. The previous agreement of June 23, 2008 is now null and void. The purpose of the exploration joint venture is to explore for and exploit brine or evaporate deposits containing lithium, potassium, sodium, boron and uranium in the Great Basin Province of the western United States. The joint venture terms shall apply to existing Paymaster Project in Esmeralda County located 10 miles from the Chemetall lithium mine, the only operating lithium mine in North America. The joint venture parties are in the process of permitting the Paymaster Project for drilling. The joint venture is also half-way through a sampling program of 15 high priority basins in the region and has identified anomalous lithium, potassium, boron and uranium in several basins sampled to date. For more information please contact: Judy Baker, President and CEO jbaker@canadalithium.com Or (416) 361-2821 Or visit our website at www.canadalithium.com The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. | |
You can view the Next News Releases item: Tue Apr 28, 2009, Canada Lithium Enters Into Marketing Agreement With Japanese Trading House You can view the Previous News Releases item: Mon Mar 2, 2009, Canada Lithium Corp. Advances Lithium Carbonate Metallurgical Process You can return to the main News Releases page, or press the Back button on your browser. |
