Nemaska Lithium Commissions Pea for Lithium Hydroxide Plant in Quebec
QUEBEC CITY, CANADA -- (Marketwire) -- 04/26/12 -- Nemaska Lithium Inc. ("Nemaska" or "the Corporation") (TSX VENTURE: NMX)(OTCQX: NMKEF) is pleased to announce the commissioning of a Preliminary Economic Assessment (PEA) for the development of a lithium chemical complex in the Province of Quebec. The Corporation's decision to proceed with the PEA is based on the positive results of its multi-phase pilot program for the chemical transformation of spodumene concentrate to battery grade lithium hydroxide and lithium carbonate, as described in the March 19th press release. This second phase transformation facility is fundamental to Nemaska's strategy of meeting the ever-increasing demand for lithium hydroxide, a premium product required by international battery markets.
"Nemaska's strategy is to position the Corporation to become a world leading producer of lithium hydroxide for batteries, and to maximize value for our shareholders as well as for Quebec-based communities," said Guy Bourassa, President and Chief Executive Officer of Nemaska. "Quebec will be home to the only facility outside of China capable of achieving this value-added transformation and availing international buyers, specifically North American and European customers, to this premium product."
Technical support from our strategic partner Chengdu Tianqi Industry Group/Tianqi Lithium will facilitate the implementation of this unique process as well as assist with the development of highly competent local engineers. The Corporation remains confident that it will meet its previously announced timeline to put the Whabouchi deposit into production and begin producing a spodumene concentrate by the fourth quarter of 2013. The construction of the lithium hydroxide processing facility is scheduled to be completed in 2014.
Nemaska has selected Met-chem Canada Inc. to carry out the PEA study, with results expected for publication in the third quarter 2012. The PEA will contemplate the refining metallurgical processing facilities to transform spodumene concentrate into lithium hydroxide and carbonate as well as the capital expenditures associated with the construction of this state of the art chemical transformation plant. Nemaska is currently considering the optimal location for the facility within the Province of Quebec. The location of the facility will be determined prior to the publication of the PEA results. In parallel, the Corporation is advancing the Definitive Feasibility Study on the construction of a spodumene concentrate facility and mine, which is also scheduled for publication in the third quarter of 2012.
About Nemaska
Nemaska Lithium is an exploration and development company located in the James Bay region of Quebec. Nemaska is focused on the development of its Whabouchi lithium deposit and is conducting exploration on its 100% owned Sirmac lithium project. The Whabouchi deposit is easily accessible year round by either the Route du Nord from Chibougamau (280 km) or the Route de la Baie James from Matagami (380 km) and is located near the Cree community of Nemaska and the Nemiscau airport. Nemaska also owns 47.2% of its subsidiary Monarques Resources Inc. (TSX VENTURE: MQR).
The statements herein that are not historical facts are forward-looking statements. These statements address future events and conditions and so involve inherent risks and uncertainties. Actual results could differ from those currently projected. The Corporation does not assume the obligation to update any forward-looking statement.
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.
Contacts:
Guy Bourassa
President
418 704-6038
info@nemaskalithium.com
Wanda Cutler
Investor Relations
416 303-6460
wanda.cutler@nemaskalithium.com
www.nemaskalithium.com
Bosko Djorovic
514 825-3036
bosko@baycapitalmarkets.com