Canada Lithium Corp.

Canada Lithium Corp.

July 08, 2009 16:33 ET

Canada Lithium Corp. Comments on Mitsui News Reports

TORONTO, ONTARIO--(Marketwire - July 8, 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 lithium produced from the Quebec Lithium Project owned by Canada Lithium and intends to import 2,000 tons of lithium a year from Canada by 2013. In addition, Mitsui indicated that it may take an interest in Canada Lithium to ensure the supply of Lithium.

Canada Lithium confirms that, as previously announced in a press release of April 28, 2009, it has entered into a marketing agreement giving Mitsui the exclusive marketing rights to lithium products from the Quebec Lithium Project for Japan, Korea and China until April 2010, with Mitsui having the option to renew the marketing right annually for up to six subsequent years. Canada Lithium intends to commence shipping lithium 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 to purchase common shares of the Company exercisable at a price of $0.23 per share for a period of five years to a director and officer of the Company. The common shares issuable upon exercise of the options are subject to a four month hold period from the original date of grant.

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Securities regulators encourage companies to disclose forward-looking information to help investors understand a company's future prospects. This press release contains statements about our future financial condition, results of operations and business. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements usually include words such as may, expect, anticipate, believe or other similar words. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this press release. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations.

Neither 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.

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