Business
International Lithium Updates on Raleigh and Mariana Projects
Vancouver, British Columbia--(Newsfile Corp. - April 12, 2019) - International Lithium Corp. (...
About this update from Ilc Critical Minerals Limited
[{"type":"text","content":"International Lithium Updates on Raleigh and Mariana ProjectsVancouver, British Columbia--(Newsfile Corp. - April 12, 2019) - International Lithium Corp. (TSXV: ILC) (the \"Company\" or \"ILC\") announces that it has decided to prioritize exploration on in its 100%-owned Raleigh Lake project in Ontario, Canada in the first half of 2019. Based on this decision, the Board of the Company has decided not to contribute to the funding of operations on the Company's interest in the Mariana project in Argentina in the first half of 2019.As a result of cash calls made up to the present date, the Company's share in Mariana will reduce from 17.246% to 15.392% by the end of April 2019. A budget of US$ 4.25 million has been set by the manager for May and June 2019. If expenditure indeed reaches that level, the Company's share in Mariana would reduce further to 13.607%. The Company retains a back-in right entitling it to increase this percentage by a further 10%, i.e. to 23.607%.Commenting on this decision, John Wisbey, CEO said, \"One of the most important decisions a Board has to make is about the allocation of capital, and at this point we feel that if we are successful in proving the scale of the Raleigh Lake deposit, the investment in that project is likely to bring a bigger gain to shareholder value than investment in any of our other projects. We continue to have confidence in the Mariana project following a successful preliminary economic assessment (PEA) in December 2018, and we will be liaising closely with our partner, Ganfeng Lithium, on its plans for Mariana over the next few months.\" About International Lithium Corp.International Lithium Corp. has a significant portfolio of projects, strong management, and a strategic partner and key investor, Jiangxi Ganfeng Lithium Co. Ltd., (\"Ganfeng Lithium\") a leading China-based lithium product manufacturer.The Company's primary strategic focus is now on and on the Raleigh Lake project in Canada and the Mariana project in Argentina. The Raleigh Lake project, consisting of 3,027 hectares of adjoining mineral claims in Ontario, is now regarded by ILC management as ILC's most significant project in Canada. It is 100% owned by ILC, is not subject to any encumbrances, and is royalty free. The Company has a strategic stake in the Mariana lithium-potash brine project located within the re...