Canada Lithium Corp.

Canada Lithium Corp.

August 19, 2009 17:43 ET

Gold Summit and Canada Lithium Corp. Report Resumption of Fieldwork in Nevada

TORONTO, ONTARIO--(Marketwire - Aug. 19, 2009) - Gold Summit Corporation, operator on behalf of joint venture partner Canada Lithium Corp. (the "Company") (TSX VENTURE:CLQ) has recommenced field work exploring for lithium brine deposits in southwest Nevada. The Company holds a 75% interest in the joint venture and Gold Summit Corporation holds a 25% interest (see news release March 9, 2009).

On the Paymaster property in Esmeralda County, site selection and drill permit applications are underway to drill a test hole to approximately 400 metres. The objective of the drilling is to locate intrabasinal aquifers and sample and assay any brines encountered. Drilling bids are being solicited for a planned start in late September. Previous testing by the partnership has indicated elevated lithium values in the region.

Field work and data studies are underway in a number of other basins in southwest Nevada that were selected from field and office studies undertaken in 2008. This work is expected to lead to the selection of other drill targets.

Larry Kornze, a Gold Summit director and a registered Professional Geologist, is designated as the Qualified Person under National Instrument 43-101 and has reviewed and approved the contents of this news release.

This news release contains forward-looking statements. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

This news release includes certain "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources and reserves, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital.

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.

Contact Information

  • Canada Lithium Corp.
    Kerry Knoll
    President and Chief Executive Officer
    (416) 361-2821