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Ganfeng Lithium Co. Ltd. Exercises Option On International Lithium Corp.'s Blackstairs Lithium Project, Ireland
(via Thenewswire.ca) Vancouver B.C. October 1 , 2013: International Lithium Corp. ("I...
About this update from Ilc Critical Minerals Limited
[{"type":"text","content":"Ganfeng Lithium Co. Ltd. Exercises Option On International Lithium Corp.'s Blackstairs Lithium Project, Ireland(via Thenewswire.ca)\n\n \nVancouver B.C. October 1, 2013: International Lithium Corp. (\"ILC\" or the \"Company\") (ILC: TSX-V) is pleased to announce that Ganfeng Lithium Co. Ltd. (\"Ganfeng Lithium\") has elected to exercise its option on the Blackstairs Lithium Project in Ireland. The option agreement between the two Parties (the \"Blackstairs Agreement\") gave Ganfeng Lithium an option to earn 51%, 75% or up to a 100% interest in ILC's wholly owned Blackstairs project in Ireland (NR_Oct02_2012). Ganfeng Lithium has elected to fulfill their obligations for the First Option, granting them a 51% ownership in the project, and informed the Company they will exercise their right to enter into the Second Option to earn a total 75% interest in the project. The option to earn a 100% interest in the project (the \"Additional Option\") expired on September 30, 2013 (NR_Jul31_2013).\n\n \n \nUnder the terms of the Blackstairs Agreement, in order to exercise the First Option, Ganfeng Lithium will advance $475,000 to ILC, of which $250,000 was received as an advanced payment (NR_Jul31_2013), within 30 days after the transfer of exploration rights for the Blackstairs Project are transferred into an Irish Company wholly owned by ILC through a trust agreement with TNR Gold Corp (TNR:TSX-V). Upon the exercise of the First Option, under the Blackstairs Agreement, the Parties will enter into negotiations to settle the terms and conditions of a formal joint venture agreement.\n\n \n \nThe Second Option states that Ganfeng Lithium can earn an additional 24% interest in the Blackstairs Project by incurring $10 million in expenditures on the Blackstairs Property or producing a positive feasibility study on the Property within ten years of the effective date. At the request of Ganfeng Lithium, the Company is preparing a budget proposal for the first two years of exploration on the Blackstairs Project, which will include regional scale reconnaissance work and detailed analysis of areas such as Moylisha and Aclare where historic mineralization is confirmed by Company drilling (NR_June25_2013).\n\n \n \n\"With the execution of these agreements International Lithium achieves a very important milestone with its strategic partner Ganfeng Lithium...