Lithium One Inc.
TSX VENTURE : LI

Lithium One Inc.

February 04, 2010 10:41 ET

Lithium One Receives NI 43-101 TECHNICAL REPORT ON JAMES BAY PROJECT and Initiates RESOURCE CALCULATION and METALLURGICAL TESTING

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 4, 2010) - Lithium One Inc (the "Company") (TSX VENTURE:LI), is pleased to provide an update on the James Bay Lithium Project in Quebec. Independent consultant and qualified person, Geoffrey S. Carter, P.Eng, of Broad Oak Associates has reviewed the compiled Lithium One current and historical data and has submitted to the Company the first National Instrument 43-101 (NI 43-101) technical report for the James Bay Lithium Project. The report reviews the technical aspects and potential of the project, and will be filed on SEDAR on a timely basis.

Resource calculations and metallurgical studies are now underway on the James Bay Project.

Mr. Carter describes the lithium deposits of the James Bay Project as being of significant size and of consistent grade (between 1.5 and 1.9% Li2O). He further observed that the deposits are open for expansion in three directions and at depth. Lithium One has engaged SRK Consulting of Toronto to prepare a statement of mineral resources for the James Bay Lithium Project that is consistent with NI 43-101 and Canadian Institute of Mining, Metallurgy, and Petroleum (CIM) standards.

Hazen Research of Golden, Colorado is also conducting a metallurgical study of the James Bay Lithium Project. To date the lab has received more than 3 tonnes of pegmatite material. The test work at Hazen will include mineralogy, grindability, various flotation trials, and acid roasting to process the spodumene into lithium carbonate, a common starting point for use in manufacturing lithium ion batteries.

Iain Scarr, Vice President - Development, commented on progress at James Bay, "This 43-101 technical report puts the strong drill results from the 2009 program into context. The intercepts reported from that program averaged 1.6% Li2O over significant widths up to 60 metres. The deposit is at surface and remains open to the south and down dip. We are pleased to have consultants of the calibre of SRK And Hazen assisting us with the ongoing development at our James Bay Project."

The Company expects to release the details of a new lithium mineral resource and the results of metallurgical tests during the first and second quarters of 2010, respectively.

About Lithium

Lithium is a light, highly reactive metal with use in a variety of industrial applications including ceramics, lubricants and pharmaceuticals. The fastest growing market for lithium is as lithium carbonate for use in batteries, including those in cell phones, computers and new generations of electric and hybrid vehicles.

The two most common sources of lithium production are: salar brines or hard rock pegmatites. Lithium from spodumene is in silicate form and following mining and production of a concentrate, requires processing to be converted to lithium carbonate. Technology for the conversion of spodumene ore to lithium carbonate has been in use for over 20 years.

About Lithium One:

Lithium One Inc is an explorer and developer of mineral properties with a specific focus on lithium. The Company now has two major lithium projects: the Sal de Vida lithium brine project in Argentina and the James Bay bulk tonnage spodumene project in Quebec. The Company continues to advance both projects toward the resource stage, expecting NI 43-101 compliant resource estimates by the 2nd quarter of 2010. Lithium One believes that lithium demand will grow as its value and efficacy in "green energy" applications is fully realized. The Company's strategy is to build a portfolio of high quality producing lithium assets.

The contents of this press release have been reviewed and approved by Mr. A. James McCann. Mr. McCann is a licensed Professional Geologist in Quebec and a qualified person as defined by National Instrument 43-101.

ON BEHALF OF THE BOARD OF DIRECTORS,

Patrick Highsmith, M.Sc., President and Chief Executive Officer

Forward-Looking Statements

This document may contain "forward-looking information" within the meaning of Canadian securities legislation (hereinafter referred to as "forward-looking statements"). These forward-looking statements are made as of the date of this document and the Company does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect management's expectations or beliefs regarding future events. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include unsuccessful exploration results, changes in metals prices, changes in the availability of funding for mineral exploration, unanticipated changes in key management personnel and general economic conditions, title disputes as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.

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.

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