QUEBEC CITY, QUEBEC--(Marketwired - Jan. 17, 2017) - Nemaska Lithium Inc. ("Nemaska Lithium" or the "Corporation") (TSX:NMX)(OTCQX:NMKEF) is pleased to announce that it currently plans a drilling campaign of approximately 4,000 meters with a view to confirming the Eastern extension of the Doris Zone, which was discovered during the campaign completed on November 28, 2016 (see the December 1st, 2016 press release).
This campaign should commence during March 2017 for an approximate duration of three (3) months. At that time, the Corporation will assess updating its June 2016 feasibility study for the Whabouchi Project.
"Our June 2016 feasibility study is current and suitable for our project financing needs. With the Doris Zone discovery in late fall it is prudent to consider the possible impact of its eastward continuance on the Whabouchi mining plan. We have therefore elected to confirm the continuation of the Doris Zone to the east, before incurring the necessary expenses to update the current feasibility study," commented Guy Bourassa, President and Chief Executive Officer.
Bourassa continued, "For now then, our efforts are focused on processing the bulk sample into a 6% concentrate, delivering battery grade lithium hydroxide to Johnson Matthey Battery Materials Ltd. in Q1/17 and to delivering lithium salts samples to numerous other customers in Q2/17. To that end we have hired a Mine Manager and an Industrial Mineral Sales Director."
About Nemaska Lithium
Nemaska Lithium intends to become a lithium hydroxide and lithium carbonate supplier to the emerging lithium battery market that is largely driven by electric vehicles, cell phones, tablets and other consumer products. The Corporation is developing in Quebec one of the most important spodumene lithium hard rock deposit in the world, both in volume and grade. The spodumene concentrate produced at Nemaska Lithium's Whabouchi mine will be shipped to the Corporation's lithium compounds processing plant to be built in Shawinigan, Quebec. This plant will transform spodumene concentrate into high purity lithium hydroxide and carbonate using the proprietary methods developed by the Corporation, and for which the Corporation holds four granted patents and several patent applications that are pending in different countries, covering different aspects and improvements of its proprietary technology for preparing high purity lithium hydroxide and carbonate.
All statements, other than statements of historical fact, contained in this press release including, but not limited to, (i) the possible impact of the Doris Zone eastward continuance on the Whabouchi mining plan, (ii) the processing of a bulk sample into a 6% concentrate and (ii) the deliveries of lithium hydroxide and lithium salts to third parties, constitute ''forward-looking information'' or ''forward-looking statements'' within the meaning of certain securities laws, and are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect.
Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. 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. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
Further information regarding Nemaska Lithium is available in the SEDAR database (www.sedar.com) and on the Corporation's website at: www.nemaskalithium.com