Canada Lithium Corp.
TSX VENTURE : CLQ

Canada Lithium Corp.

March 09, 2009 13:23 ET

Canada Lithium Corp. Update on Great Basin Brine Exploration Joint Venture

TORONTO, ONTARIO--(Marketwire - March 9, 2009) - Canada Lithium Corp. (the "Company") (TSX VENTURE:CLQ) and Gold Summit Corporation have entered into a letter agreement whereby the parties are now contributing joint venture parties on a seventy-five percent and twenty-five percent basis respectively.

Both partners shall have the option to fund its respective share of ongoing expenditures; or undergo straight line dilution to a 3% Net Returns Royalty. Either partner shall have the further option to purchase 2% of the NRR for a price equal to 2% of the Net Present Value calculated at the time of completion of a Feasibility Study. The previous agreement of June 23, 2008 is now null and void.

The purpose of the exploration joint venture is to explore for and exploit brine or evaporate deposits containing lithium, potassium, sodium, boron and uranium in the Great Basin Province of the western United States.

The joint venture terms shall apply to existing Paymaster Project in Esmeralda County located 10 miles from the Chemetall lithium mine, the only operating lithium mine in North America. The joint venture parties are in the process of permitting the Paymaster Project for drilling.

The joint venture is also half-way through a sampling program of 15 high priority basins in the region and has identified anomalous lithium, potassium, boron and uranium in several basins sampled to date.

Shares Outstanding: 88,069,778

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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