Canada Lithium Corp.
TSX : CLQ
OTCQX : CLQMF

Canada Lithium Corp.

December 03, 2010 16:45 ET

Canada Lithium Closes $10 Million BlackRock, Inc. Financing

TORONTO, ONTARIO--(Marketwire - Dec. 3, 2010) - Canada Lithium Corp. (TSX:CLQ)(OTCQX:CLQMF) announced today that it has closed the previously announced $10 million private placement to affiliates of BlackRock, Inc.

Casimir Capital Ltd. acted as agent in the transaction and will receive a 5% cash commission. Definitive pricing of the placement was established November 12; legal documentation was finalized November 24.

About Canada Lithium

Canada Lithium Corp. is a Canadian-based "clean tech" mine developer trading under the symbol CLQ on the TSX and on the U.S. OTCQX market under the symbol CLQMF. The Company is nearing completion of a definitive Feasibility Study (FS) by engineering firm BBA Inc. of Montreal on its Quebec Lithium Project near Val d'Or, the geographical heart of the Quebec mining industry. A positive FS would lead to construction of an open pit mine and processing plant capable of producing by late 2012 approximately 43 million pounds per year of battery-grade lithium carbonate to meet the growing needs of the emerging global market for electric and hybrid electric vehicles. It has an agreement with Japanese metals trading firm, Mitsui and Co. Ltd., to market a portion of Canada Lithium Corp.'s product in China, Korea and Japan. Metallurgical tests from deposit samples have produced 99.9% battery-grade lithium carbonate.

Please visit the Canada Lithium website at www.canadalithium.com.

Corporate Office: 401 Bay St., Suite 2010, P.O. Box 118, Toronto, ON. M5H 2Y4

Forward-looking Information

The statements made in this press release may contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of Canada Lithium Corp. The actual results of the specific items described in this release, and the Company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of Canada Lithium Corp. management as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the Company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the Company. Canada Lithium Corp. disclaims any obligation to update information contained in any forward-looking statement.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.

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