It is with great anticipation that I greet you with this inaugural President’s Message. From International Lithium Corp’s (“ILC”) inception in 2009, to successful completion of a plan of arrangement resulting in the spin-out from TNR Gold Corp. and public listing on May 24, 2011 on the TSX Venture Exchange, we have accomplished much.
The Company’s formative year was primarily focused on acquiring high quality projects by initially assembling a qualified team to source out rare element metal (“REM”) opportunities. As a result of our labors, International Lithium has developed a robust portfolio of projects geographically and commodity diverse; balanced between lithium brine and REM hard-rock pegmatite projects. While the last year has seen our efforts directed to completion of the plan of arrangement and all the interminable tasks associated with taking a company public, raising of sufficient funds to fulfill the listing requirements and the signing of a strategic partnership agreement, we expect an even more fulfilling 2011-2012 for ILC.
It is gratifying to witness a concept taken to reality, but more so when the vision is understood and endorsed by others. Through the oversubscription of ILC’s initial financing and the commitment by Jiangxi Ganfeng Lithium Co. Ltd., a leading China based multi-product lithium manufacturer who intends to contribute current and future project development assistance capability, we have placed a solid first step on the path to accomplishing our goals.
International Lithium is currently embarking on the next stage of its development which will entail the aggressive exploration of its various drill ready projects. From the expansive Mariana lithium brine project located in the world renowned ‘Lithium Belt’ in Argentina, to the Company’s three Nevada lithium brine projects and our high grade hard-rock REM projects in Canada and Ireland, we are determined to realize the value envisioned by our team.
Support starts from within and with greater than 50% of the outstanding shares held by management and insiders we can guarantee a significant vested interest in the growth and success of this enterprise.
International Lithium Corp. is fresh to the public’s eye, but we have been preparing the stage for some time. Through our people, projects and support, we will strive to continue to advance our projects and instill value in all our endeavours. In addition, we will continue to maintain good communication with our shareholders. This will be accomplished by initially informing you as our various exploration programs commence and continuously providing timely updates as we advance those projects.
MARIANA LITHIUM BRINE PROJECT UPDATE — ARGENTINA
The site preparation for the Phase 1 drill program at Mariana is complete. Through April to June 2011 a 20-person fully operational camp was erected at site, a 25 kilometre drill road network was constructed across the salar and 8 drill platforms were prepared. The Company is currently evaluating drill contracts with the expectation to commence drilling at the first viable availability.
The Mariana lithium brine project in Argentina, covering an expansive 160 square kilometres, revealed highly compelling geochemistry from a preliminary investigation that reported average grades of 440 mg/L lithium and 12,700 mg/L potassium. The potassium levels were unexpected and represent one of the highest grades comparative to any of the neighbouring salars outside of the world class operation on the Atacama salar in Chile. The objective of the Phase 1 drill program is to identify and isolate separate brine horizons for a first-time representative characterization of the subsurface brine geochemistry. Subsequent drilling will continue to delineate and add to the confidence level of the geochemistry of the subsurface brine pool with an Inferred Resource estimate targeted for early next year.
CANADIAN RARE METAL PROJECT UPDATE
ILC’s property portfolio is well balanced by a number of highly prospective rare metals’ hard-rock pegmatite projects. Highlighting these rare metals’ projects is the Moose property located near the shore of Great Slave Lake in the NWT which was a minor lithium and tantalum producer in the 1950’s with reported production of 119 tonnes of lithium ore and an estimated 4,409 tonnes of high grade tantalum-niobium ore. The 2010 exploration program encountered limited exposure, however a channel sample returned 1.50 wt% Li2O over 7.5 metres confirming the continuity of high grade lithium across substantial widths within the pegmatite and a muck pile sample returned 8.44 wt% Li2O indicating that the source pegmatite is highly evolved and underscores the potential of the property. In support of the untested potential, the historic exploration and mining did not penetrate below 25 metres in depth or extend beyond the local workings.
In addition, surface exploration on the Mavis Lake rare metals’ project, located 15 km Northeast of Dryden, Ontario, revealed high-grade well-evolved lithium and tantalum zonation as well as significant levels of cesium and rubidium across multiple pegmatite bodies.
Both the Moose and Mavis Lake projects are clearly emerging as premier multi-element rare metals projects. The Company is currently planning drill programs commencing in late summer 2011 to determine their potential.
ABOUT INTERNATIONAL LITHIUM CORP
International Lithium Corp. is an international rare element metals (“REM”) mineral exploration company with an outstanding portfolio of projects, strong management ownership, robust financial support and a prominent lithium product manufacturer as a keystone investor.
ILC currently has 9 active REM projects, well balanced between lithium brines in Argentina and Nevada and hard-rock pegmatites in Canada and Ireland. The Company’s primary focus is the Mariana lithium brine project, a salar or ‘salt lake’, covering an expansive 160 square kilometres and strategically encompassing the entire basin. Mariana is located in the renowned South American ‘Lithium Belt’ centred on the junction of Argentina, Bolivia and Chile that is host to the vast majority of global lithium resources, reserves and production. The Mariana lithium brine project ranks as one of the more prospective salars in the region.
Complementing the Company’s lithium brine projects are the REM pegmatite properties. The key characteristics shared by the hard-rock REM projects are their limited past exploration, excellent accessibility, limited assaying for rare metals, clear potential for additional exploration to add project value and development potential to meet the global technological growth in demand for the REM suite of elements.
International Lithium Corp.’s mandate is to increase shareholder value through aggressive advancement of its core projects and to source joint venture partners to expand the scope and diversify risk of its exploration effort.
On behalf of the Board,
President — International Lithium Corp.
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.