VANCOUVER, British Columbia, July 20, 2012 (GLOBE NEWSWIRE) -- International Lithium Corp. ("ILC" or the "Company") (TSX-V:ILC) has arranged a short term unsecured five month bridge loan of $150,000. TNR Gold Corp., a significant shareholder of ILC, has agreed to lend the Company $150,000 at an interest rate of 20% per annum. A portion of the proceeds will be used to secure equipment necessary for this season's exploration program on the Mariana Lithium /potassium brine in Argentina. The company is currently in discussions with interested parties under confidentiality agreements with respect to its Mariana project and financing options. Further announcements will be made in the coming weeks as developments may progress.
The loan is subject to regulatory approval.
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 Jiangxi Ganfeng Lithium Co. Ltd., a leading China based lithium product manufacturer.
ILC currently has 9 active rare metals projects, well balanced between lithium-potash brines in Argentina, Nevada and hard-rock pegmatites in Canada and Ireland. The Company's primary focus is the Mariana lithium-potash brine project, a salar or 'salt lake', covering an expansive 160 square kilometres and strategically encompassing the entire basin. Mariana is located in the renowned South American 'Lithium Belt' centred on the junction of Argentina, Bolivia and Chile that is host to the vast majority of global lithium resources, reserves and production. The Mariana lithium-potash brine project ranks as one of the more prospective salars in the region.
Complementing the Company's lithium brine projects are the rare metals pegmatite properties. The key characteristics shared by the hard-rock rare metals projects are their limited past exploration, excellent accessibility and limited assaying for rare metals. All of which imply a clear potential for additional exploration and development as well as added project value to meet the global technological growth in demand for the rare metals suite of elements.
International Lithium Corp.'s mandate is to increase shareholder value through aggressive advancement of its core projects and to source joint venture partners to expand the scope and diversify risk of its exploration effort.
On behalf of the Board of Directors,
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.
620 - 650 West Georgia Street
Vancouver, British Columbia
V6B 4N9, Canada
Voice: (604) 687-7551
Fax: (604) 687-4670
Stock Symbol: ILC:TSXV
Shares CUSIP: #459820 10 6
Warrants Symbol: ILC.WT
Warrant CUSIP: #459820 11 4
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