October 12, 2012 16:20 ET
QUEBEC, QUEBEC, CANADA--(Marketwire - Oct. 12, 2012) - Nemaska Lithium Inc. ("Nemaska" or the "Corporation") (TSX VENTURE:NMX) (OTCQX:NMKEF) wishes to provide clarification on the October 2, 2012 press release announcing the results of its preliminary economic assessment on the Whabouchi mine and concentrator and chemical plant. The PEA referenced Proven Reserves of 10.2 MT at 1.53% and Probable Reserves 9.4 Mt at 1.45%. Since this is a PEA report and not a Feasibility Study the company should have classified the resource as In-pit Measured Resources of 10.2 Mt of 1.53% and In-pit Indicated Resources of 9.4 Mt of 1.45%. Mineral resources are not mineral reserves and do not have demonstrated economic viability. All numbers released in the PEA of October 2, 2012 remain unchanged and are not impacted by this change.
The 2012 PEA report will be filed on Sedar within 45 days from the initial press release of October 2, 2012. Nemaska has hired independent consultants Met-Chem Canada Inc. and BBA Inc. to author a feasibility study on mine, concentrator and chemical plant. Reserves will be included in the feasibility study which is due out by the end of December 2012.
The technical information in this press release has been reviewed by Céline M. Charbonneau, Eng. of Met-Chem and Yves Dessureault, Eng. of BBA Inc., qualified persons as defined in National Instrument 43-101.
Nemaska Lithium is an exploration and development company with its Whabouchi and Sirmac lithium deposits located in the James Bay Region in the Province of Quebec. Both projects are easily accessible year round by the Route du Nord from Chibougamau. The Whabouchi lithium deposit is located near the Cree community of Nemaska and the Némiscau airport. Nemaska plans to become a lithium hydroxide/carbonate producer based in Quebec and has filed patent applications for its proprietary method to produce lithium hydroxide and lithium carbonate. The Corporation's lithium hydroxide/carbonate processing plant will be located in Valleyfield, Quebec. Nemaska is also an important shareholder of Monarques Resources Inc. (TSX VENTURE:MQR).
Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Nemaska to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.
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.
Guy BourassaPresident418 firstname.lastname@example.orgVictor CantoreInvestor Relations514 email@example.comWanda CutlerInvestor Relations416 firstname.lastname@example.orgJeff WalkerThe Howard GroupInvestor Relations888 or 403 email@example.com
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