Lithium One Inc.
TSX VENTURE : CNY

Lithium One Inc.

July 21, 2009 14:50 ET

Lithium One Launches Phase 2 Drill Program at its James Bay Lithium Project in Quebec

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 21, 2009) - Lithium One Inc. (the "Company") (TSX VENTURE:CNY), formerly Coniagas Resources Limited, announces that Chibougamau Diamond Drilling has initiated a 7,000 meter diamond drilling program on its 1,700 hectares James Bay Lithium Project (the "Property") in Quebec. The Property hosts known lithium bearing pegmatites over a corridor stretching almost 5 kilometers. The Company reported results from the Phase I 1,087 meter drill program on February 9th, 2009 that included 18m of 1.7% Li2O and 7.5m of 2.05% Li2O in drill core.

Surface mapping of outcrops reveal 15 different pegmatite swarms, each consisting of up to 7 dykes, ranging in width from 2 to more than 30 meters. A systematic drill program on nominal 50 meter spacing between holes is underway. This program will better define the 3 dimensional aspects of the pegmatite swarms and establish the foundation for a resource estimate.

The Company logs, collects, and cuts the drill core on site. Drill core samples are sealed and shipped to TJCM (Table Jamesienne de Concertation Miniere) in Chibougamau for sample preparation. The prepared samples are then sent by courier to COREM in Quebec City for Li2O assay by multi-acid digestion and AA finish. COREM is a government-industry consortium of applied research for the treatment and processing of mineral substances, with a track record in lithium analysis and ore beneficiation. Certain of their laboratories are certified ISO 9001:2000 by BNQ and the analytical laboratory is certified ISO 17025:2005 for certain procedures. The laboratory employs quality control systems throughout that are compliant with ISO 9001 and ISO 17025 standards.

The work program is under the supervision of Mr. A. James McCann, the Company's consulting exploration manager for Quebec. Mr. McCann is a licensed Professional Geologist in Quebec and a qualified person as defined by National Instrument 43-101. He has reviewed and approved the contents of this press release.

The Company anticipates that its shares will commence trading on the TSX Venture Exchange by July 22, 2009 under the new name of Lithium One Inc. and the new symbol "LI", which is the chemical symbol for lithium.

About Lithium One:

Lithium One Inc. is a well-financed explorer and developer of mineral properties with a specific focus on lithium. 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 lithium assets. The James Bay Lithium Project is the Company's first lithium asset. It is comprised of 3 distinct option agreements: Cyr-Lithium & SDBJ option (14 claims); Frigon & Robert option (5 claims) and Resources d'Arianne option (25 claims).

ON BEHALF OF THE BOARD OF DIRECTORS

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

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in 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. Mining is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on the Company and the risks and challenges of its business, investors should review the Company's annual filings that are available at www.sedar.com.

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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