TIDMILC
International Lithium Corporation
14 November 2018
-- 1030 West Georgia Street, Suite 1910
Vancouver, British Columbia
V6E 2Y3, Canada
+1-604-449-6520
info@internationallithium.com
NEWS RELEASE
International Lithium Announces Resignation of Director
Vancouver, B.C. November 13, 2018: International Lithium Corp.
(the "Company" or "ILC") (TSX VENTURE: ILC), announces the
resignation of Kirill Klip from the Board of Directors, effective
today. This follows a Board vote, following consultation with major
shareholders, not to put Mr. Klip forward for re-election at the
Company's AGM to be held on December 10, 2018.
Mr. Klip was Chairman and CEO of the Company from January 2017
until he was removed by the board in March 2018. Previously he
served as President of the Company and before that, Non-Executive
Co-Chairman.
The Board thanks Mr. Klip for his service to the Company over
several years.
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.
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any of the securities in the
United States. The securities referred to herein have not been and
will not be registered under the United States Securities Act of
1933, as amended or any state securities laws and may not be
offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
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 news release may include: the
timing and anticipated results of drilling on the Mavis Lake
Project, 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
JV, and continued agreement between the Company and Jiangxi Ganfeng
Lithium Co. Ltd. regarding the Company's percentage interest in the
Mariana project. In addition, the information in this news release
about the private placements; the use of the proceeds from the
private placements; the jurisdictions in which the FT Shares will
be offered or sold; the number of FT Shares offered or sold; the
size of the private placements; the timing and ability of the
Company to close the private placements, if at all; the timing and
ability of the Company to satisfy the customary listing conditions
of the TSX Venture Exchange, if at all; the timing and ability of
the Company to obtain all necessary approvals; the tax treatment of
the securites issued under the FT private placement under the
Income Tax Act (Canada), the timing to renounce all Qualifying
Expenditures in favour of the subscribers, if at all; may be
forward-looking information. Such forward-looking information is
based on a number of assumptions and subject to a variety of risks
and uncertainties, including, among others, , risks relating to the
private placements; volatility in the trading price of common
shares of the Company; risks relating to the ability of the Company
to obtain required approvals, complete definitive documentation and
complete the private placements; the ability of the Company to
complete further exploration activities, including drilling;
property interests; the results of exploration activities; risks
relating to mining activities; the global economic climate; metal
prices; dilution; environmental risks; changes in the tax and
regulatory regime; and community and non-governmental actions, and
those risks 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
NRABGBDBCDBBGIS
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November 14, 2018 05:31 ET (10:31 GMT)
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