new release from CLQ
Canada Lithium Corp. Comments on Mitsui News Reports
TORONTO, ONTARIO--(Marketwire - July8, 2009) - Canada Lithium Corp. (TSX VENTURE:CLQ) ("Canada Lithium")would like to comment on the recent news reports of Mitsui & Co.("Mitsui") indicating that Mitsui has gained sales right to lithiumproduced from the Quebec Lithium Project owned by Canada Lithium andintends to import 2,000 tons of lithium a year from Canada by 2013. Inaddition, Mitsui indicated that it may take an interest in CanadaLithium to ensure the supply of Lithium.
Canada Lithium confirms that, as previously announced in a pressrelease of April 28, 2009, it has entered into a marketing agreementgiving Mitsui the exclusive marketing rights to lithium products fromthe Quebec Lithium Project for Japan, Korea and China until April 2010,with Mitsui having the option to renew the marketing right annually forup to six subsequent years. Canada Lithium intends to commence shippinglithium carbonate samples to Mitsui in the near future.
Other than as previously disclosed Canada Lithium does not have any other arrangements with Mitsui.
The Company has also granted an aggregate of 1,000,000 options topurchase common shares of the Company exercisable at a price of $0.23per share for a period of five years to a director and officer of theCompany. The common shares issuable upon exercise of the options aresubject to a four month hold period from the original date of grant.