TSX: CLQ; U.S. OTC: CLQMF
TORONTO, Feb. 28 /CNW/ -Canada Lithium Corp. (TSX: CLQ; U.S. OTC: CLQMF) announced today that ithas appointed Roscoe Postle and Associates Inc. to undertake apreliminary independent review of its previously announced mineralresources. The independent evaluation has been initiated following aninternal review that indicated a material reduction in the measured,indicated and inferred mineral resources incorporated in the43-101-compliant report announced Oct. 28, 2010. The Company wasunable to reconcile the results of the internal review, whichincorporated various resource estimation methodologies, with thereported 43-101 resources announced in October 2010. Michelle Stone,Ph.D., P. Geo., a Qualified Person as defined by NI 43-101, was theauthor of the 43-101 report.
The Company anticipates that the independent review could be completedwithin two weeks. A detailed audit (including a new 43-101 reportprepared by an independent consulting group) will follow and couldrequire up to a number of months to complete. On-going detailedengineering and design of the Company's planned lithium carbonate mineand processing plant near Val d'Or, Quebec, will continue during thereview/audit period.
In October 2010, Canada Lithium reported measured and indicated mineralresources of 46 million tonnes grading 1.19% Li2O (at a 0.8% Li2O cut-off), plus an inferred mineral resource of 57 million tonnesgrading 1.18% Li2O. This resource was used to develop a mine plan with a schedule toprocess one million tonnes of ore per year over an initial mine life of14.8 years. The current mine plan will be reviewed following thereview/audit.
About Canada Lithium Corp.