International Lithium Corp. Options Raleigh Lithium Pegmatite Project, Ontario To Strategic Partner Pioneer Resources Limited

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[{"type":"text","content":"International Lithium Corp. Options Raleigh Lithium Pegmatite Project, Ontario To Strategic Partner Pioneer Resources LimitedVANCOUVER, BC / ACCESSWIRE / July 13, 2016 / International Lithium Corp. (TSXV: ILC) (the \"Company\" or \"ILC\") is pleased to announce that the Company and strategic partner Pioneer Resources Limited (\"Pioneer\") have entered into an Option Agreement to advance the Company's Raleigh Lithium pegmatite project in Ontario, Canada (\"Project\").\nKey Highlights: \n\n \n Pioneer may earn an initial 51% interest in the Project by expending CAN$1.25 million on exploration activities within three years;\n \n \n Currently compiling historic exploration work to design 2016 programme.\n \n \n ILC strengthens their North American strategy to advance multiple lithium projects through strategic partnerships for potential development synergies.\n \n\nRaleigh Option Agreement\nUnder the terms of the Agreement, subject to a two-week exclusivity and due diligence period:\n\n \n Pioneer may earn an initial 51% interest in the Project by expending CAN$1.25 million on exploration activities within three years and paying to ILC a total of CAN$250,000 in cash and shares 50/50 over the same three years (the \"First Earn-in\").\n \n \n 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.\n \n \n Pioneer will then be granted, if ILC elects not to participate and if Pioneer elects to pursue, an option where Pioneer can earn an additional 29%, for a total 80% interest, by sole funding exploration expenditures and the production of a pre-feasibility technical report within 6 years from the completion of the First Earn-In. 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.\n \n\nRaleigh Lithium Pegmatite Project \nThe Raleigh Project is situated 7 kilometres south of the Trans-Canada Highway, 60 kilometres southeast from the Company's Mavis Project, 80 kilometres southeast from the town of Dryden, Ontario and approximately 240 kilometres northwest of Thunder Bay, an industrial centre in Ontario. The 10 unpatented claim blocks comprise a total of 464 hectares and straddle a series of pegmatites exhibiting high-grade lithium. \nThere were two noteworthy...

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