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DGAP-News International Lithium Corp. Options Mavis Lithium Project and Forms Strategic Alliance with Australian Company, Pioneer Resources Limited

Nachrichtenquelle: EQS Group AG
14.03.2016, 13:50  |  292   |   |   
DGAP-News: International Lithium Corp. / Key word(s): Miscellaneous
International Lithium Corp. Options Mavis Lithium Project and Forms
Strategic Alliance with Australian Company, Pioneer Resources Limited

14.03.2016 / 13:50
The issuer is solely responsible for the content of this announcement.

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Vancouver, British Columbia--(Newsfile Corp. - March 14, 2016) -
International Lithium Corp. (the 'Company' or 'ILC') (TSX Venture: ILC.V)
is pleased to announce it has entered into an Option Agreement and
Strategic Alliance with Australian Stock Exchange-listed Pioneer Resources
Limited ('Pioneer') (ASX:PIO). Under the terms of the Agreement Pioneer can
earn up to an 80% interest in ILC's 100% owned Mavis Lake property, which
includes the Fairservice patented mining leases (the 'Mavis Lithium
Project'), located near Dryden, Ontario, Canada.

Benefits to the Strategic Alliance

This agreement enables the new alliance to test multiple undrilled
pegmatite targets within the project area. It also allows for further
acquisitions that builds the alliance's ability to engage emerging lithium
market opportunities.

The Option Agreement, which is subject to a three month exclusivity and due
diligence period, provides Pioneer with:

- Immediate, direct exposure to the lithium sector through equity in the
advancing Mavis Lithium Project, which have known lithium bearing
pegmatites;
- The ability to increase the project portfolio through further
acquisitions and staking opportunities;
- An offtake strategy through ILC.

Under the terms of the Agreement, Pioneer will manage the exploration
program on the Mavis Lithium Project utilizing ILC's technical team, who
are currently advancing the Avalonia lithium pegmatite project in Ireland
and the Mariana lithium brine project in Argentina.

The Agreement provides ILC with the first stage of their North American
strategy to join with Strategic Partners and to advance lithium
opportunities with them that have no infrastructure constraints,
consequently making potential mining projects less capital intensive.

Pioneer brings a management team of individuals having over 30 years of
corporate and technical experience in mineral exploration, finance, a good
track record of discoveries and mine development.

Mr. Gary Schellenberg, CEO, International Lithium Corp. stated, 'This is
the first step of our new strategy developed for North America. We see an
escalating demand for lithium in North America, especially in the
automotive sector with new sources being either many years away, or with
logistic and metallurgical challenges. Our strategy for the Upper Canada
region sees us advancing a multitude of smaller deposits that possess near
perfect accessible infrastructure and that can supply a central lithium
carbonate processing facility. Identifying smaller high-grade deposits
within close proximity can greatly enhance the economics of a processing
facility as well as allowing these smaller deposits to be mined at a
greatly reduced CAPEX. We intend on bringing our strategy to reality
through strategic partners, like Pioneer, that share our vision.'

Key Terms of the Transaction

- Pioneer will either pay CAN$65,000 cash to ILC or subject to TSXV
approval, subscribe for $100,000 of units of ILC at a price of $0.08
per unit (as part of the recently announced financing ILC NR 2 March
2016) in exchange for an exclusive 90-day due diligence period.
- On electing to proceed, Pioneer may earn a 51% interest in the project
by expending CAN$1.5 million on exploration activities within three
years and paying to ILC a total of CAN$375,000 in cash and shares 50/50
over the same three years (the 'First Earn-in').
- Following the First Earn-in, ILC will be granted a 1.5% Net Smelter
Return royalty ('NSR'), purchasable at any time for CAN$1.5 million.
- Pioneer will then be granted, if they choose, a Second Option where
they can earn an additional 29% through expending CAN$8.5 million
within seven years (total CAN$10 million over ten years). Thereafter
the Parties will contribute on a pro-rata basis. If either Party
dilutes to 15% Project Equity, their interest is converted to a 1.5%
NSR.

About Mavis Lithium Project

Key factors that make the Mavis Lithium Project attractive are its location
and established infrastructure. Situated only 19 kilometres from the town
of Dryden, Ontario and approximately 300 kilometres via the Trans-Canada
Highway to Thunder Bay, an industrial centre in Ontario. Rail and power
access are also readily available as well as a skilled workforce,
experienced in sustainable natural resource development. The claim blocks
comprise a total of 2,624 hectares and straddle a continuous pegmatite
field exhibiting high-grade, well-evolved, lithium and tantalum zonation as
well as significant levels of caesium and rubidium.

+---------+---------+-------+-----------+--------+
| DDH |From (m) |To (m) |Length (m) | % Li2O |
+---------+---------+-------+-----------+--------+
|MF-11-08 | 2.25| 11.00| 8.75| 1.83|
+---------+---------+-------+-----------+--------+
|MF-11-09 | 18.85| 26.65| 7.80| 2.58|
+---------+---------+-------+-----------+--------+
|MF-11-12 | 125.00| 141.00| 16.00| 1.63|
+---------+---------+-------+-----------+--------+
|MF-11-12 | 152.00| 178.25| 26.25| 1.86|
+---------+---------+-------+-----------+--------+
|MF-11-13 | 19.00| 24.00| 5.00| 1.44|
+---------+---------+-------+-----------+--------+
|MF-11-14 | 24.00| 27.00| 3.00| 2.15|
+---------+---------+-------+-----------+--------+
|MF-11-152| 78.40| 85.00| 6.60| 1.38|
+---------+---------+-------+-----------+--------+
|MF-12-24 | 151.35| 174.75| 21.40| 1.51|
+---------+---------+-------+-----------+--------+
| incl| 165.55| 174.75| 9.20| 2.37|
+---------+---------+-------+-----------+--------+
|MF-12-25 | 129.65| 135.85| 6.20| 1.51|
+---------+---------+-------+-----------+--------+
|MF-12-28 | 6.00| 12.00| 6.00| 2.53|
+---------+---------+-------+-----------+--------+
|MF-12-30 | 32.25| | 6.95| 1.45|
+---------+---------+-------+-----------+--------+
|MF-12-33 | 22.00| 30.50| 8.50| 1.34|
+---------+---------+-------+-----------+--------+
|MF-12-34 | 22.45| 33.30| 10.85| 1.05|
+---------+---------+-------+-----------+--------+
|MF-12-36 | 27.75| 38.50| 10.75| 1.06|
+---------+---------+-------+-----------+--------+

All widths reported are drill core widths and have not been converted into
true width. These results were previously reported in news releases by the
Company dated 10 January 2012 and 3 April 2013 and in the Company's MD&A
for the year ending 31 December 2012.

Mr Wayne Spilsbury, a Director of ILC is also a Director of Pioneer.

John Harrop, P.Geo, FGS, is a Qualified Person as defined under NI 43-101
and has supervised preparation of the technical information contained in
this news release.

About International Lithium Corp.

International Lithium Corp. is an exploration company with an outstanding
portfolio of projects, strong management ownership, robust financial
support and a strategic partner and keystone investor Ganfeng Lithium Co.
Ltd., a leading China based lithium product manufacturer.

The Company's primary focus is the Mariana lithium-potash brine project,
within the renowned South American 'Lithium Belt' that is the host to the
vast majority of global lithium resources, reserves and production. The 160
square kilometre Mariana project strategically encompasses an entire
mineral rich evaporate basin that ranks as one of the more prospective
salars or 'salt lakes' in the region.

Complementing the Company's lithium brine project are rare metals pegmatite
properties in Canada (Mavis project) and Ireland (Avalonia project). These
projects reported highly encouraging lithium mineralization in drill holes
targeting pegmatites that are unexposed at surface (news releases dated
April 3, 2013 and June 25, 2013).

With the increasing demand for high tech rechargeable batteries used in
vehicle propulsion technologies and portable electronics, lithium is
paramount to tomorrow's 'green-tech', sustainable economy. By positioning
itself with solid development partners and acquiring high quality grass
roots projects at an early stage of exploration, ILC aims to be the
resource explorer of choice for investors in green tech and build value for
its shareholders.

On behalf of the Board of Directors,

Kirill Klip
President, International Lithium Corp.

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. Statements in
this press release other than purely historical information, historical
estimates should not be relied upon, including statements relating to the
Company's future plans and objectives or expected results, are
forward-looking statements. News release contains certain 'Forward-Looking
Statements' within the meaning of Section 21E of the United States
Securities Exchange Act of 1934, as amended. Forward-looking statements are
based on numerous assumptions and are subject to all of the risks and
uncertainties inherent in the Company's business, including risks inherent
in resource exploration and development. As a result, actual results may
vary materially from those described in the forward-looking statements.

For information concerning ILC or the contents of this news release, please
contact Caroline Klukowski (Manager Corporate Communications) at
604.687.7551 or visit the website at www.internationallithium.com

International Lithium Corp.
620 - 650 West Georgia Street
Vancouver, British Columbia
V6B 4N9, Canada
P: (604) 687-7551
Toll Free: 1-800-667-4470
info@internationallithium.com
http://www.internationallithium.com
Stock Symbol: ILC: TSXV
Shares CUSIP: #459820 10 6


Click on, or paste the following link into your web browser, to view
the associated documents

http://www.newsfilecorp.com/release/19665

News Source: Newsfile


---------------------------------------------------------------------------

14.03.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

---------------------------------------------------------------------------


Language: English
Company: International Lithium Corp.


Canada
ISIN: CA4598201065


End of News DGAP News Service
---------------------------------------------------------------------------

444869 14.03.2016


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DGAP-News International Lithium Corp. Options Mavis Lithium Project and Forms Strategic Alliance with Australian Company, Pioneer Resources Limited

DGAP-News: International Lithium Corp. / Key word(s): Miscellaneous
International Lithium Corp. Options Mavis Lithium Project and Forms
Strategic Alliance with Australian Company, Pioneer Resources Limited

14.03.2016 / 13:50
The issuer is solely responsible for the content of this announcement.

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