Canada Lithium Signs Off-take Agreement with Marubeni for up to 5,000 tonnes per year of Lithium Carbonate

TSX: CLQ; U.S. OTC: CLQMF

TORONTO, Jan. 9, 2013 /CNW Telbec/ – Canada Lithium Corp. (TSX: CLQ)
(U.S. OTC: CLQMF) announced today it has signed a three-year
Distributorship Agreement with Marubeni Corporation, one of Japan’s
largest commodities trading companies.  The Agreement provides for
Marubeni to exclusively distribute Canada Lithium’s battery-grade
lithium carbonate in Japan for an initial three-year period beginning
in 2013, with the option to extend the Agreement for a subsequent
three-year term commencing in 2016. Under the terms of the Agreement,
Marubeni will purchase a minimum 2,000 tonnes of lithium carbonate in
2013.  It holds an option to increase the off-take to 5,000 tonnes by
2015.

The first shipment to Marubeni will commence in July 2013. Marubeni will
purchase the lithium products Free on Rail (FOR) in Val d’Or, Québec.

In November 2012, Canada Lithium Corp. announced a five-year off-take
agreement with Tewoo ERDC (Tianjin Products and Energy Resources
Development Co., Ltd.), one of China’s larger commodities traders, for
a minimum annual commitment of 12,000 tonnes of battery-grade lithium
carbonate beginning in 2013.  In the event Tewoo triggers a clause
allowing for an additional 20% off-take in 2014, Canada Lithium could
deliver to Tewoo up to a maximum 14,400 tonnes during calendar year
2014 and in the years following.

Project Update

The project continues to meet its milestones with the production of the
first spodumene concentrates from the flotation plant at the end of
December 2012. Commissioning of the flotation plant is on-going and
commissioning of hydrometallurgical sections of the processing plant is
now under way. The first shipment of lithium carbonate under the
five-year Tewoo off-take agreement is scheduled for end-March 2013. The
20,000-tonne-per-annum lithium carbonate processing plant is scheduled
to complete ramp-up to full production by Q4, 2013.

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 has
completed construction and is in the commissioning phase of an open-pit
mine and on-site processing plant with estimated 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, tablets, 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
requirements.

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)
future demand and market prices for lithium; (iv) receipt of regulatory
approvals on acceptable terms within commonly experienced time frames;
(v) anticipated timelines for the commencement of production; (vi)
anticipated timelines for community consultations and the impact of
those consultations on the regulatory approval process; 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, labor 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 future
commodity demand and 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 CANADA LITHIUM CORP.