Vancouver, British Columbia--(Newsfile Corp. - December 10, 2015) - International Lithium Corp. (TSXV: ILC.V) (the "Company" or "ILC") is pleased to announce that together with strategic partner Ganfeng Lithium Co. Ltd., ("GFL") a preliminary budget of US $4,000,000 is approved for exploration and development work during 2016 on the Mariana and Avalonia joint venture projects.
As previously announced on December 8, 2015 the companies have allocated a budget of approximately 750,000 Euros (approximately US $810,000) to the 2016 Avalonia exploration season with the remainder, US $3,190,000 dedicated to the Mariana Lithium project in Argentina. The Company is making preparations to begin fieldwork on both projects in January 2016.
In Argentina, the funds will be used to begin investigation of the natural evaporation concentration process of the brine. This will begin with laboratory bench testing of the brine followed up by on-site field-testing. In addition baseline climate studies will continue and aquifer and basin hydrology characterization will be conducted in preparation for environmental assessments required prior to commencing larger scale testing.
Mr. Kirill Klip, President, International Lithium Corp. comments, "We have always viewed Argentina as a favorable location for mineral exploration and development and have been able to operate in a mutually beneficial manner with the local people and governments. The results of the recent elections have managed to give foreign corporations greater confidence in the future of business and mineral resource development in Argentina. We welcome the change and look forward to working with the newly elected officials and advancing our Mariana lithium brine project in cooperation with our strategic partner, Ganfeng Lithium. Security of lithium supply is becoming more important as witnessed by recent price increases in China, all in advance of the completion of new battery production facilities announced by Tesla and other manufacturers. We continue to build a vertically integrated lithium business with Ganfeng Lithium to meet the future demand of lithium products that will address the increasing demands for lithium raw materials and chemical products."
John Harrop, P.Geo, FGS, is the Company's Qualified Person on the project as defined under NI 43-101 and has reviewed the technical information contained in this press release.
About International Lithium Corp.
International Lithium Corp. is an exploration company with an outstanding portfolio of projects, strong management ownership, robust financial support and a strategic partner and keystone investor Ganfeng Lithium Co. Ltd., a leading China based lithium product manufacturer.
The Company's primary focus is the Mariana lithium-potash brine project, within the renowned South American "Lithium Belt" that is the host to the vast majority of global lithium resources, reserves and production. The 160 square kilometre Mariana project strategically encompasses an entire mineral rich evaporate basin that ranks as one of the more prospective salars or 'salt lakes" in the region.
Complementing the Company's lithium brine project are rare metals pegmatite properties in Canada (Mavis project) and Ireland (Avalonia project). These projects reported highly encouraging lithium mineralization in drill holes targeting pegmatites that are unexposed at surface (news releases dated April 3, 2013 and June 25, 2013).
With the increasing demand for high tech rechargeable batteries used in vehicle propulsion technologies and portable electronics, lithium is paramount to tomorrow's "green-tech" economy. By positioning itself with solid development partners and acquiring high quality grass roots projects at an early stage of exploration, ILC aims to be the green tech resource explorer of choice for investors and build value for its shareholders.
On behalf of the Board of Directors,
Kirill Klip
President, International Lithium Corp.
For more information please contact:
Caroline Klukowski
604-681-0221 Neither the 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. Statements in this press release other than purely historical information, historical estimates should not be relied upon, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. News release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
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