International Lithium Updates on Raleigh and Mariana Projects
NEWS RELEASE
International Lithium Updates on Raleigh and Mariana Projects
Vancouver, B.C. April 12, 2019: International Lithium Corp. (the “ Company” or “ILC”) (TSXV:
ILC) announces that it has decided to prioriti ze exploration on in its 100%-owned Raleigh Lake
project in Ontario, Canada in the first half of 2019. Based on this decision , the Board of the
Company has decided not to contribute to the funding of operations on the Company’s interest in
the Mariana project in Argentina in the first half of 2019.
As a result of cash calls made up to the present date, the Company’s share in Mariana will reduce
from 17.246% to 15.392% by the end of April 2019. A budget of US$ 4.25 million has been set by
the manager for May and June 2019 . If expenditure indeed reaches that level , the Company’s
share in Mariana would reduce further to 13.607%. The Company retains a back-in right entitling
it to increase this percentage by a further 10%, i.e. to 23.607%.
Commenting on this decision , John Wisbey, CEO said , “One of the most important decisions a
Board has to make is about the allocation of capital, and at this point we feel that if we are
successful in proving the scale of the Raleigh Lake deposit, the investment in that project is likely
to bring a bigger gain to shareholder value than investment in any of our other projects. We
continue to have confidence in the Mariana project following a successful preliminary economic
assessment (PEA) in December 2018, and we will be liaising closely with our partner , Ganfeng
Lithium, on its plans for Mariana over the next few months.”
About International Lithium Corp.
International Lithium Corp. has a significan t 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 and on the Raleigh Lake project in Canada and
the Mariana project in Argentina.
The Raleigh Lake project, 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.
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, tota lling 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, which
1030 West Georgia Street, Suite 1910
Vancouver, British Columbia
V6E 2Y3, Canada
T: +1-604-449-6520
www.internationallithium.com
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will shortly be owned 84.608% by Ganfeng Lithium and 15.392% by ILC. In addition, ILC has an
option to acquire 10% in the Mariana project through a back-in right.
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 properti es 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/Georgia Lake.
The o wnership of the Avalonia project is currently 55% Ganfeng Lith ium 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 Lithium 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, 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
Chief Executive Officer
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
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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 J oint 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.