Last updated on April 23, 2014 at 1:22 EDT

Canada Lithium Completes Updated Feasibility Study; Significant Increase in Estimated Project Economics

October 11, 2012



        --  Estimated NPV increases to $318M from $190M, estimated IRR
            rises to 32% from 22%
        --  Estimated average annual EBITDA increases to approximately $77M
            from $55M
        --  Feasibility Study incorporates positive economic impact of
        --  Construction remains on time and on budget

TORONTO, Oct. 11, 2012 /CNW/ – Canada Lithium Corp. (TSX: CLQ) (U.S.
OTC: CLQMF) announced today the results of an Updated Feasibility Study
for the development of the Québec Lithium mine and lithium carbonate
processing facility currently under construction near Val d’Or, Québec.
The full results of the study will be disclosed in a National
Instrument 43-101(NI 43-101) Technical Report within 45 days of this
press release. The updated study demonstrates the estimated financial
benefits of lithium hydroxide (LiOH) and sodium sulphate (Na(2)SO(4)) co-product production, currently proposed for Q3, 2014 and also
incorporates the Company’s debt facility arrangements now in place to
fund the construction of the initial lithium carbonate processing

The Québec Lithium operation will consist of an open-pit mine and
processing plant with commencement of commercial production expected in
the first quarter of 2013 and a mine design life of approximately 14
years. The planned annual output for the project remains at
approximately 20,000 tonnes per year of battery-grade lithium carbonate
(Li(2)CO(3)), with the potential to produce an additional 2,000 tonnes per year of
battery-grade lithium hydroxide and up to 30,000 tonnes per year of
sodium sulphate. The key indicators from this Updated Feasibility Study
are shown below (all dollar amounts in this press release are expressed
in U.S. currency).

                                                   Updated     Previous
                                                 Feasibility Feasibility*

    NPV (pre-tax; 8% discount) at flat $5,875/t      $318M        $190M

    NPV (pre-tax; 8% discount) based on Roskill      $456M         N/A
    market study

    Initial Construction Capital Cost                $207M        $207M

    LiOH and Na2SO4 Capital Cost                      $20M         N/A

    Avg. Opex ($/t Li2CO3 inclusive LiOH and        $3,194         N/A
    Na2SO4 Opex)

    Avg. Opex ($/t Li2CO3 net of LiOH and Na2SO4    $2,328       $3,164

    Avg. annual EBITDA with co-products               $77M         $55M

    IRR flat $5,875/t Li2CO3revenue vs. Roskill   32 vs. 37         22
    market study (%)

    Simple Payback (years)                             <4            4

    Avg. Annual Li2CO3 production                   20,000t     20,000t

    Avg. Annual LiOH production (2015)              2,000t         N/A

    Avg. Annual Na2SO4 production (2015)            30,000t        N/A

* See press release dated June 13, 2011.

The Québec Lithium Project as now updated with the addition of lithium
hydroxide and sodium sulphate co-product production and sales has an
estimated approximate pre-tax Net Present Value (NPV) of between $318
million and $456 million (at an 8% discount rate) dependent on lithium
pricing. Historically, the Company has used a flat $5,875 per tonne for
battery-grade lithium carbonate revenue and NPV calculations; however,
recent price increases by the major lithium carbonate producers have
seen October 2012 spot prices in China increase to approximately
$6,600/t, according to Asia Metals. As a result, the higher NPV
calculation of $456 million utilises the lithium market outlook 2013 to
2020 completed in September 2012 by independent marketing consultant
Roskill Information Services (U.K.), as shown in the Market Review
section below. Similarly, Project Internal Rate of Return (IRR) has now
increased to 37% (under the Roskill pricing forecast) or 32% (based on
the flat $5,875-per-tonne pricing, which was drawn from a 2010 Roskill
lithium carbonate study and used as the base case in the Updated
Feasibility Study) as opposed to the earlier 22%. The simple payback
period is less than four years. The Updated Feasibility Study
incorporates lithium hydroxide prices at $7,500 per tonne and sodium
sulphate at $120 per tonne.

The NI 43-101 Technical Report which the Company will file within 45
days of this press release in connection with the Updated Feasibility
Study will replace and supersede the technical report dated June 10,
2011 entitled “Feasibility Study Update – NI 43-101 Technical Report -
Québec Lithium Project – La Corne Township, Québec”, which was filed on
the SEDAR website maintained by the Canadian Securities Administrators
at www.sedar.com on June 21, 2011 and, when filed, will constitute the current technical
report on the Québec Lithium Project.

Project Introduction

The Québec Lithium Project, owned 100% by Canada Lithium Corp., is in La
Corne Township, approximately 60 km. north of Val d’Or, a
mining-friendly community with over 75 years of mining history and a
population of some 32,000. Access to the site is by paved road from Val
d’Or. The project has access to significant support infrastructure,
including paved roads, rail access and high voltage power, with
electricity costs in Québec among the lowest in North America.

The Québec Lithium property hosts one of the larger known hard-rock
lithium deposits in North America. The spodumene (Li(2)O) mineralisation is hosted within a number of steeply dipping pegmatite
dykes. An updated Mineral Resource estimate was prepared by AMC Mining
Consultants (Canada) Ltd. (AMC) in late 2011 following the completion
of a drilling program in August 2011 and an NI 43-101 compliant Mineral
Resource estimate was announced December 6, 2011. The following tables
present the summary of lithium resources reported at various lithium
oxide (Li(2)O) cut-off grades.

    Table 1: Measured and Indicated Mineral Resources

                   Measured (M)     Indicated (I)      Total (M+I)

    Cut-off (%)   Tonnes  Li2O %    Tonnes  Li2O %    Tonnes  Li2O %

          0.6   8,028,000  1.11  33,527,000  1.09  41,556,000  1.09

          0.8   6,914,000  1.18  26,325,000  1.19  33,239,000  1.19

    Table 2: Inferred Mineral Resources


    Cut-off (%)    Tonnes      Li2O %

          0.6   17,766,000       1.10

          0.8   13,757,000       1.21

Notes: Mineral resources that are not mineral reserves do not have demonstrated
economic viability.

Tonnes rounded to the nearest thousand.  The AMC mineral resource
figures are constrained by a pit shell. The tables show a range of
cut-off grades; the preferred 0.8% cut-off is in bold. Although
expected to be accretive to the project, the Inferred Mineral Resources
are not included in the Updated Feasibility Study economic analysis in
accordance with NI 43-101.

Mining Operations

The open-pit mining operation will use conventional drill/blast and
truck/shovel methods with a fleet of hydraulic excavators( )and haul trucks and an ancillary fleet of dozers, graders and water
trucks. The mining design indicates a total of 20.3 million tonnes of
ore to be treated over the planned approximate 14-year mine life. (The
actual engineered design is 14.9 years but that has been optimised to
approximately 14 years in the project cashflow projections to allow for
ore rejection from optometric sorting.) The Proven and Probable Mineral
Reserve estimates were previously prepared by BBA Inc. in June 2011
(press release dated June 13, 2011), based upon a resource block model
provided by AMC in June 2011. The mine plan, based on the December 2011
NI 43-101 prepared by AMC, has not been updated as the 14.9-year
engineered pit design and the reserve estimate are still current. The
Mineral Reserve estimate used an ore recovery factor of 80% and a
mining dilution rate of 20% at an average dilution grade of 0.05%.
Life-of-Mine (LOM) stripping ratio is approximately 5.5:1.

    Table 3: Proven and Probable Mineral Reserves
    (Cut-off grade of 0.60% Li2O)

    Category    Tonnes                Li2O %

    Proven    6,605,000                 0.92

    Probable 10,459,000                 0.95

    Total    17,064,000                 0.94

The mining schedule uses a declining cut-off grade strategy starting
with a cut-off grade of 0.90% Li(2)O in Year 1 and Year 2, followed by a cut-off grade of 0.60% Li(2)O in Years 3 to Year 12.

    Table 4: Low-Grade Ore

    Category    Tonnes  Li2O %

    Proven   1,199,000   0.39

    Probable 2,072,000   0.38

    Total    3,271,000   0.38

Stockpiled low-grade ore between 0.25% Li(2)O and 0.60% Li(2)O will be reclaimed from Year 13 to the end of the mine life.


The processing plant comprises a three-stage crushing circuit followed
by grinding and flotation to produce an Li(2)O spodumene concentrate. The concentrate is subsequently kiln-heated to
produce a beta spodumene concentrate that then undergoes
hydrometallurgical treatment, filtration, cleaning and packaging to
produce a battery-grade 99.5% lithium carbonate final product. The
integrated plant has been designed to initially process 2,950 tonnes of
ore per day, increasing to 3,800 tonnes per day subsequent to the
commissioning stage of the project. The project’s construction capital
costs remain unchanged from the previously announced $206.7 million,
with GENIVAR Inc. in charge of the Engineering Procurement Construction
and Management (EPCM).

Over the past 12 months, the Company has undertaken various
metallurgical improvement programs to optimize ore recovery and
evaluate the production of by-products and co-products from the
process, including testwork on photometric sorting and the production
of lithium hydroxide and sodium sulphate.

Photometric sorting tests were carried out in Germany on representative
ore and waste samples from the deposit, with the intention of designing
a photometric sorting circuit at the primary crushing stage.
Potentially, this would increase the grade of ore entering the plant,
reduce the waste material treated in the flotation circuit, increase
lithium carbonate production and reduce processing costs. According to
a proposed schedule, equipment installation would commence after Q3,

In response to emerging battery technologies in North America and Asia,
Canada Lithium is also proposing installation of a 2,000 tonne-per-year
lithium hydroxide circuit by mid 2014, subject to capital funding
availability and market conditions. Current prices for lithium
hydroxide are approximately $7,500/t. Metallurgical testwork and pilot
plant membrane electrolysis were conducted at SGS Lakefield on a
lithium sulphate solution produced from the Company’s lithium sulphate
circuit, as well as third-party lithium sulphate, using a
multi-compartment cell. The process has the potential to produce
material suitable for value-added battery-grade applications with
minimal capital spending (see Table 5).

The current plant design includes a sodium sulphate circuit producing a
filtrate precipitate of a low-grade salt product. This product has no
commercial value and would normally be sold (at cost) or neutralised.
But over the past two years, the Company has conducted various tests to
optimise sodium sulphate recoveries and the recovery of a commercial
product. The pilot plant testwork and engineering design have
demonstrated that the salt product can be upgraded to commercial-grade
sodium sulphate through a series of precipitation and filtration
stages. The filtrate would be pumped to a series of evaporators before
being treated through purification stages and dried to produce
anhydrous sodium sulphate. The plant has the potential to produce up to
30,000 tonnes per year of this material, which could be sold as a
chemical-grade by-product to the chemical industry. Sodium sulphate is
used as a filler material in the detergent industry and can sell for up
to $150/t in the U.S. The Company proposes to construct this circuit by
mid-2014, subject to capital funding availability (see Table 5) and
market conditions.

Capital Costs

The construction capital costs include an initial fleet comprising a
seven-cubic-metre backhoe excavator and three 100-ton haul trucks,
building up to seven haul trucks at full production. In addition, there
is an ancillary mobile fleet including dozers, graders and front-end
loaders. The initial capital cost of the equipment is estimated to be
$11.3 million. The majority of the mining equipment is already on site,
supplied by Caterpillar Inc. under five-year lease terms. Pre-stripping
costs have been capitalized until the commencement of commissioning and
first ore production.

The metallurgical processing facility capital cost estimate is based on
an on-site processing plant comprising all new equipment, producing
battery-grade lithium carbonate.

The capital cost estimates for infrastructure, Tailings Management
Facility (TMF) construction, EPCM fees, owner’s costs and general
administration costs were determined by independent consultants and
Canada Lithium personnel.

    Table 5: Construction Capital Costs

    Category                   2012 Budget 2013 Estimate
                                 ($000)       ($000)

    Mining equipment                11,251             -

    Pre strip                        2,000             -

              Sub-total Mining      13,251             -

    Crushing/Flotation plant        43,808             -

    Hydrometallurgical plant        88,718             -

    Photometric sorter               5,000             -

    LiOH circuit                         -         5,990

    Na2SO4 circuit                       -         7,210

          Sub-total Processing     137,526        13,200

    TMF, Infrastructure, Other      16,935             -

    Gas pipeline                         -         5,000

    EPCM/Owner cost                 27,363             -

    Contingency                     11,625         1,800

               Sub-total Other      55,923         6,800

    Total                         $206,700       $20,000

The LOM sustaining capital requirement is $32.8M. The accuracy of the
2013 capital expenditure is estimated at +/-15%.

Operating Cost Estimate

The mining and processing operating costs are for an operation achieving
average annual production of approximately 20,000 tonnes of
battery-grade, 99.5% lithium carbonate(.) The estimated average operating cost for the mine, primary and
secondary processing facilities are presented below.

    Table 6: Overall Project Operating Costs

    Category              $/t (milled) $/t (Li2CO3)

    Mining                     16.73        1,024

    Crush/Grind/Float           8.52         521

    LiOH, Na2SO4, sorting       3.11         191

    Hydrometallurgical         21.85        1,338

    Administration              1.96         120

    Total                      52.17        3,194

The average operating cost estimates reflect the use of a natural gas
fuel source in the spodumene conversion kiln. However, during the first
two years of operations the kiln will be fuelled by propane gas, with
resulting operating costs marginally higher. Negotiations with a
natural gas supplier are under way, and sustaining capital cost
estimates include sufficient funds for the gas line.  (Operating and
capital cost estimates are expressed within +/- 15% accuracy.)

Project Economics

The project is currently estimated to have a simple payback period of
less than four years. Cash flow projections reflect the Company’s
current debt funding arrangements and equity funding, opex and capex
(as illustrated above), which incorporate the addition of lithium
hydroxide and sodium sulphate co-product production. The resulting
economic analysis indicates a pre-tax NPV, discounted at 8%, of between
$318 million and $456 million as shown below. The projected pre-tax IRR
is 32%.

    Table 7: Sensitivity Analysis

    Discount Rate         Base Case NPV         NPV($ millions) based on
                  ($ millions) at flat $5,875/t  2012 Roskill forecast

            0%                       750                      1,058

            3%                       545                       772

            5%                       440                       626

            8%                       318                       456

           10%                       254                       369

Base case LOM revenue is estimated at $1.9 billion and includes
approximately $250 million of revenue from the projected sales of
lithium hydroxide and sodium sulphate. Earnings before interest, taxes,
depreciation and amortization (EBITDA) are estimated to be
approximately US$1.0 billion. A C$/US$ exchange rate of 1:1 has been
used for the 2011 and 2012 construction phase of the project and 1.1:1
over the remaining life of the mine.

Market Review

The current China spot price for battery-grade lithium carbonate is
approximately $6,600/tonne (www.asiametals.com at an exchange rate of 0.158RMB/$US). Roskill Information Services
(U.K.) has provided an annual price forecast through to 2020, based on
its analysis of the lithium market.

    Roskill forecast average annual prices for Li2CO3 to 2020 ($/t)

                   2013f 2014f 2015f 2016f 2017f 2018f 2019f  2020f


    Low            5,500 5,500 5,750 6,000 6,000 6,250 6,500  7,000

    High           6,500 6,500 6,500 6,750 7,000 7,500 8,000  8,500

    Average        6,000 6,000 6,125 6,375 6,500 6,875 7,250  7,750

The current dominant lithium battery technologies, such as lithium
cobalt oxide (LCO), lithium manganese oxide (LMO) and lithium nickel
manganese cobalt oxide (NMC), typically use lithium carbonate as the
main source of lithium cathode material. However, in recent years
lithium hydroxide has been increasingly incorporated into such battery
applications as lithium iron phosphate, (LFP). Current demand estimates
for carbonate versus hydroxide is approximately 90%:10%, with lithium
hydroxide demand growing slightly faster than lithium carbonate.
Battery-grade lithium hydroxide commands a premium pricing when
compared to lithium carbonate, typically in the range of $1,500 to
$2,000/t higher, with the current price of hydroxide approximately
$7,500/t. Sodium sulphate is used as a filler material in the detergent
industry and can sell for up to $150/t in the U.S.

Community and Environment

As part of the environmental program, local communities are being
involved in the project development process. The first public meetings
were held in January 2010 and on-going meetings have been held, and
will continue to be held, with all local communities.

In late May 2011, the Company received a construction permit from the
local Municipality of La Corne, for construction of surface service
infrastructure at the Québec Lithium Project. Since that time, the
Company has also received a number of other Provincial licences and
permits including the Mining License and the TMF location and
construction permits. Achieving the year-end commissioning schedule is
dependent on draw-down of the project debt facility and receipt of a
limited number of other permits.

Project Timetable

Site construction commenced in September, 2011 and the project is
currently approximately 71% completed. All major process equipment,
such as secondary crusher, fine ore bin, grinding circuit, flotation
cells have been installed. In addition, the pyrometallurgical kiln and
electrical sub-station have now been installed. Hydro Québec will
complete the high-voltage line to site within the next month.
Pre-stripping of the deposit will commence in early November, following
receipt of final approvals. Installation of the hydrometallurgical
circuit is currently under way. The project remains on track for
year-end commissioning of the spodumene circuit and first lithium
carbonate shipments in March 2013. The timetable is as follows:

    - December 2012:   spodumene circuit commissioning

    - January  2013:   lithium carbonate circuit commissioning

    - March 2013:      first lithium carbonate shipment

    - October 2013:    ramp up to 90% design throughput

Process Optimization Testwork

1. Spodumene

As part of the project’s mineral processing improvement strategy and in
order to take advantage of the North American and European spodumene
markets, optimisation testwork is under way with samples of spodumene
concentrates to finalise flow sheets for a commercial spodumene
off-take circuit within the processing plant.

2. Lithium Metal

In addition, the Company has initiated metallurgical testwork at SGS
Lakefield on the further downstream processing of lithium products
produced from the plant to produce battery-grade, 99.9% lithium metal.
It is proposed to complete a Preliminary Economic Assessment (PEA) for
a 2,000tpa lithium metal plant, towards Q3, 2013. Lithium metal has a
number of applications, such as cathode materials for lithium metal
polymer batteries and some of the newer lithium-air battery designs. In
addition, it is increasingly used in alloys with aluminum in the
aerospace industry. It is understood that 99.9% lithium metal currently
sells for up to $60,000/t.

Potential capital and operating expenditures and revenues from lithium
metal and spodumene have not been included in the Updated Feasibility

Report Filing

An NI 43-101 Technical Report on this Updated Feasibility Study will be
filed on SEDAR at www.sedar.com and at www.canadalithium.com within 45 days of the date of this press release.

Qualified Persons

The Updated Feasibility Study Technical Report is being compiled and
prepared by Technology Management Group Inc. under the supervision of
Peter Woodhouse, P.Eng., a registered professional engineer in the
Province of Ontario and an independent Qualified Person as defined
under NI 43-101. Mr. Woodhouse has read and approved the contents of
this news release.

The AMC mineral resource estimate was prepared by Dinara Nussipakynova,
P.Geo, Senior Geologist, AMC, under the supervision of J. Morton
Shannon, P.Geo., Geology Manager and Principal Geologist, AMC.  Ms.
Nussipakynova and Mr. Shannon are independent Qualified Persons as
defined under NI 43-101. Mr. Shannon has read and approved the contents
of this release.

Mitchell E. Lavery, P.Geo., Vice President, Exploration, Canada Lithium
Corp., is the Company’s Qualified Person for the Québec Lithium Project
in accordance with NI 43-101.  Mr. Lavery has read and approved the
contents of this news release.

The mineral reserve estimate and mine plan was prepared by BBA Inc.,
under the supervision of Colin Hardie, P.Eng., Engineering Manager. 
Mr. Hardie is an independent Qualified Person as defined by NI 43-101.
Mr. Hardie has read and approved the contents of this release related
to the mineral reserve estimate and mine plan.

The Measured, Indicated and Inferred Mineral Resource and Proven and
Probable Mineral Reserve estimates in this press release were prepared
in accordance with the Canadian Institute of Mining (CIM) “Definition
Standards on Mineral Resources and Mineral Reserves” adopted by the CIM
Council on December 11, 2005, and the CIM “Estimation of Mineral
Resources and Mineral Reserves Best Practice Guidelines,” adopted by
CIM Council on November 23, 2003, in compliance with NI 43-101
guidelines and using an inverse distance squared interpolation method.

About Canada Lithium Corp.

The Company holds a 100% interest in the Québec Lithium Project near Val
d’Or, the geographical heart of the Québec mining industry. It is in
the midst of building an open-pit mine and processing plant on-site
with capacity to produce approximately 20,000 tonnes of battery-grade
lithium carbonate annually. Metallurgical tests have produced
battery-grade lithium carbonate samples. Lithium carbonate is used in
lithium-ion batteries that power consumer electronics (laptops, iPads,
etc.) power-grid storage facilities and electric and hybrid vehicles. 
The Company trades under the symbol CLQ on the TSX and on the U.S.
OTCQX under the symbol CLQMF.

Cautionary Statement Regarding Forward-Looking Information

This press release contains “forward-looking information” within the
meaning of Canadian securities legislation. Forward-looking information
is based upon the Company’s beliefs, estimates and opinions as at the
date of this press release, which the Company believes are reasonable,
but no assurance can be given that these will prove to be correct.
Furthermore, the Company undertakes no obligation to update or revise
forward-looking information contained herein if these beliefs,
estimates and opinions or other circumstances should change, except as
otherwise required by applicable law.

Forward-looking information relates to future events or to future
conditions, performance or results of operations and reflects current
expectations or beliefs regarding such matters including, but not
limited to, information or statements with respect to: (i) the amount
of mineral resources; (ii) exploration, development and production
activities, including information regarding the potential
mineralization and resources; (iii) the amount of future output over
any period; (iv) net present value and internal rates of return of the
mining operation; (v) assumptions relating to capital costs, operating
costs and other cost metrics; (vi) assumptions relating to gross
revenues, operating cash flow and other revenue metrics; (vii)
assumptions relating to future price and demand for lithium and other
macroeconomic metrics; (viii) exploration and development plans,
including anticipated costs and timing thereof, time frames for
completion, and anticipated time to production; (ix) mine potential and
expected mine life; and * sources of and anticipated financing

All information other than matters of historical fact may be
forward-looking information. In some cases, forward-looking information
can be identified by the use of words such as “seek”, “expect”,
“anticipate”, “budget”, “plan”, “project”, “estimate”, “assume”,
“continue”, “forecast”, “intend”, “believe”, “predict”, “potential”,
“target”, “strategy”, “goal”, “may”, “could”, “would”, “might”, or
“will” and similar words or phrases (including negative variations)
suggesting future outcomes or statements regarding an outlook.

Forward-looking information is based upon certain assumptions by the
Company or its consultants and other important factors that, if untrue,
could cause the actual results, performances or achievements of the
Company to be materially different from future results, performances or
achievements expressed or implied by such information. Such information
is based on numerous assumptions regarding present and future business
strategies and the environment in which the Company will operate in the
future, including the price of lithium, anticipated costs and ability
to achieve goals. Certain important factors that could cause actual
results, performances or achievements to differ materially from those
in the forward-looking information include, but are not limited to: (i)
required capital investment and estimated workforce requirements; (ii)
estimates of net present value and internal rates of return; (iii)
receipt of regulatory approvals on acceptable terms within commonly
experienced time frames; (iv) anticipated timelines for the
commencement of production; (v) anticipated timelines for community
consultations and the impact of those consultations on the regulatory
approval process; (vi) market prices for lithium; and (vii) future
exploration plans and objectives.

By its nature, forward-looking information involves known and unknown
risks, uncertainties and other factors which may cause actual results,
performance or achievements, or industry results, to differ materially
from those expressed or implied by such forward-looking information.
Some of the risks and other factors that could cause actual results to
differ materially from those expressed in the forward-looking
information contained in this press release include, but are not
limited to, risks and uncertainties relating to: (i) the interpretation
of drill results, the geology, grade and continuity of mineral deposits
and conclusions of economic evaluations; (ii) results of feasibility
studies, and the possibility that future exploration, development or
mining results will not be consistent with the Company’s expectations,
(iii) the outcome of litigation in which the Company is or may in the
future become involved; (iv) risks relating to possible variations in
reserves, grade, planned mining dilution and ore loss, or recovery
rates and changes in project parameters as plans continue to be
refined; (v) mining and development risks, including risks related to
accidents, equipment breakdowns, labour disputes (including work
stoppages and strikes) or other unanticipated difficulties with or
interruptions in exploration and development; (vi) risks related to the
inherent uncertainty of production and cost estimates and the potential
for unexpected costs and expenses; (vii) risks related to commodity
price and foreign exchange rate fluctuations; (viii) the uncertainty of
profitability based upon the cyclical nature of the industry in which
the Company operates; (ix) risks related to failure to obtain adequate
financing on a timely basis and on acceptable terms or delays in
obtaining governmental approvals or in the completion of development or
construction activities; * risks related to environmental regulation
and liability; (xi) political and regulatory risks associated with
mining and exploration; (xii) risks related to the uncertain global
economic environment; and (xiii) other risks and uncertainties related
to the Company’s prospects, properties and business strategy. Although
the Company has attempted to identify important factors that could
cause actual results or events to differ materially from those
described in the forward-looking information, readers are cautioned
that this list is not exhaustive and there may be other factors that
the Company has not identified. Readers are cautioned not to place
undue reliance on forward-looking information contained in this press
release. All forward-looking information contained in this press
release or incorporated by reference herein is expressly qualified by
this cautionary note.



Source: PR Newswire