Western Lithium’s flagship Kings Valley property has a National Instrument. Resource estimate for the initial stage of development and in total hosts a historically estimated 11 million tonnes of lithium carbonate equivalent (LCE). The project has a well developed local infrastructure and Nevada has a long history in the metals and industrial mineral mining industry.
Western Lithium Canada Corporation (TSX VENTURE: WLC) and Rocky Mountain Resources Corp. (TSX VENTURE: RKY) wish to announce that they have jointly determined to terminate the non-binding letter of intent announced in the joint press release dated October 23, 2009 and not to proceed with the proposed acquisition by Western Lithium of all of the outstanding shares of Rocky Mountain at this time. Rocky Mountain had agreed to an exclusivity period expiring on November 10, 2009.
Western Lithium is developing the Kings Valley, Nevada lithium deposit into potentially one of the world’s largest(1) strategic, scalable and reliable sources of high quality lithium carbonate. Western Lithium is positioning itself as a major U.S.-based supplier to support the rising global demand for lithium carbonate that is expected from the increased use of mobile electronics and hybrid/electric vehicles.
Western Lithium has completed a National Instrument 43-101 resource estimate for the envisioned initial stage of development. The current resources are part of the historical estimate of 11 million tonnes of lithium carbonate equivalent (LCE) prepared by Chevron Resources and ranks in size behind deposits in Chile (32 million tonnes LCE), Bolivia (29 million tonnes LCE), North Carolina (14 million tonnes LCE) and the DRC (12 million tonnes LCE). Source: Roskill Information Services Ltd., R. Keith Evans, National Research Council and Western Lithium estimates. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources under National Instrument 43-101, the Company is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.
Rocky Mountain Resources is an industrial metal and minerals exploration and development company focused on development and production. Vanadium is an alloying metal used to strengthen steel and has shown significant increases in demand and pricing since 2003. Information on Rocky Mountain and its projects is found at www.rkyresources.com.