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September 17, 2012
Nemaska Lithium Moves Closer to Building Lithium Hydroxide/Carbonate Plant in Quebec, Press Conference and Publication of PEA Results Scheduled for October 2, 2012
Whabouchi and Sirmac Lithium Project Updates
QUEBEC CITY, QUEBEC--(Marketwire - Sept. 17, 2012) - Nemaska Lithium Inc. ("Nemaska" or the "Corporation") (TSX VENTURE:NMX)(OTCQX:NMKEF) is pleased to announce that it will host a press conference in Montreal on Tuesday, October 2, 2012 to announce the results of its Preliminary Economic Assessment (PEA) study on the Whabouchi mine, concentrator and Valleyfield lithium hydroxide/carbonate plant. Earlier this year, the Corporation decided to carry out secondary processing of spodumene concentrate in order to produce battery-grade lithium hydroxide and lithium carbonate products. Following the PEA, Nemaska Lithium intends to move forward with a Definitive Feasibility Study (DFS), which is expected to be published in December 2012.
"The Whabouchi project is one of the richest lithium deposit in the world with a grade that is second only to Talison Lithium's Greenbushes project in Australia," commented Guy Bourassa, President and Chief Executive Officer of Nemaska Lithium. "With the recent announcement of Rockwood Holding's intention to acquire Talison, we are beginning to see consolidation in the lithium space. The economics of our project are sound and we are in the final stages of completing the reports required to begin production of lithium hydroxide as the market for this added value niche product is heating up in response to the ever increasing demand for lithium batteries."
The environmental, social and economic impact assessment report is scheduled to be filed with the Comite d'evaluation (COMEV) in late October, 2012. Nemaska Lithium has also filed a mining lease application with the Ministere des Ressources naturelles et de la Faune du Quebec (MRNF).
Nemaska's Sirmac project is comprised of 15 claims covering a total area of 645 hectares. Sirmac is located approximately 150 kilometres northwest of Chibougamau and about 125 kilometres from the Whabouchi project. The Corporation believes that Sirmac has the potential to produce technical grade spodumene concentrate for direct use in the glass and ceramic industries. With concentrate from this project, Nemaska's objective is to sell products to a broader lithium market base.
A 3,000 metre diamond drill program is currently under way at Sirmac. To date 38 holes totalling 1,975 metres of drilling has been completed, 566 channel samples were taken from 29 channels covering 760 metres, and a stripping campaign of 13,000 m2 has been completed. The Corporation expects drilling to conclude in approximately two weeks. Upon completion of this drilling program, Nemaska expects to produce its first NI 43-101 compliant resource estimate on the Sirmac project. In addition, bench scale metallurgical testing of spodumene concentrate has been completed by SGS Minerals Services in Lakefield, Ontario. Larger pilot scale metallurgical testing for producing spodumene concentrate of technical grade, is scheduled for November and December 2012.
Finally, the Corporation wishes to announce that Mr. Yves Caron has resigned from the Board of Directors.
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 Nemiscau 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.
The Howard Group
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