Lithium One Closes $5 Million Financing

The Company received final approval from the TSX Venture Exchange dated November 4, 2010. The proceeds of the financing will be used to satisfy the cash payments on the exercise of the Cyr Property option (the "Amended Agreement") at the James Bay Lithium project in Quebec and for general working capital, including property payments at the Company’s Sal de Vida project in Argentina.

The Convertible Debentures and any common shares issued pursuant to the terms of the Convertible Debentures will be subject to a hold period until February 28, 2011. The 250,000 finder’s fee shares and any shares issued from the exercise of warrants are subject to a hold period until February 28, 2011.

The TSX Venture Exchange also approved on November 5, 2010 the Amendment to the Cyr Property Option Agreement and its terms for exercising the option to acquire the Quebec lithium property (see News Release dated November 2, 2010).

Lithium One Inc. is a Canadian-based explorer and developer of mineral properties with a specific focus on lithium. The Company has two major lithium projects: the brownfields Sal de Vida lithium brine project in Argentina and the James Bay bulk tonnage spodumene project in Quebec.

Korea Resources Corporation (KORES) is earning a 30% interest in the Sal de Vida project by funding up to US$15 million to complete a Definitive Feasibility Study and has also agreed to provide a completion guarantee for Lithium One’s share of the debt portion of project development costs.

The Company continues to advance both its projects toward resource definition, expecting NI 43-101 compliant resource estimates before the end of 2010. Lithium One believes that lithium demand will grow as its value as a preferred battery material is fully realized. The Company’s strategy is to draw upon its quality team and employ best-practice to fully develop its portfolio of top-tier lithium assets.