QUEBEC CITY, QUEBEC -- (Marketwired) -- 05/24/13 -- Nemaska Lithium Inc. ("Nemaska" or the "Corporation") (TSX VENTURE: NMX)(OTCQX: NMKEF) is pleased to announce that the Environmental Social Economic Impact Assessment reports for its Whabouchi project have been filed with the Canadian Environmental Assessment Agency and the Developpement durable, Environnement, Faune et Parcs Quebec. The Company is expecting feedback from both organizations over the next months and will provide a timely response so as to expedite permitting. Nemaska is also pleased to announce that it has filed and received a permit for a 25,000 tonne bulk sample to be taken from the Whabouchi mine site.
Nemaska intends to use the bulk sample as part of its on-going job-related mining education program with the Cree nation of Nemaska. The program began last year with a heavy equipment operator training course. Removing the bulk sample will be part of the 3 month drilling and blasting training course that is scheduled to begin in June 2013. The bulk sample material will also be used to produce a spodumene concentrate which will be processed in the Phase 1 Chemical Plant.
While waiting for the necessary mining permits to proceed with mine construction, the Company has undertaken a further review of its mining flow sheet and identified areas for capital expenditure savings while improving operational expenditures. Results of this work are expected shortly and further details will be released as soon as received.
In addition, the Company wishes to provide an update on the Phase 1 Lithium Hydroxide/Lithium Carbonate Plant. The Phase 1 Plant, once built, will be a small scale version of the commercial facility and will provide reliable operating parameters and costs that will be included in the feasibility study to be completed after several months of operation. To date, the company has made significant progress on the detailed engineering of the Phase 1 Plant and identified all major equipment suppliers.
"Our strategy to build the Phase 1 Plant is a sound business decision for the Company and we continue to believe that engaging the market with commercial samples should enable us to attract customers and sign off-take agreements for lithium hydroxide and lithium carbonate," commented Guy Bourassa, President and CEO. "However given the reality of the present market conditions, it is not our preference to raise capital through equity as we have traditionally done in the past. We are currently in discussions with interested parties on other financial instruments to raise the necessary funds to proceed with the Phase 1 Plant. In the meantime, we are advancing the Whabouchi mine project, improving its economics and building relationships with interested end users of our products."
Nemaska intends to become a lithium hydroxide/carbonate producer based in Quebec and has filed patent applications for its proprietary methods to produce lithium hydroxide and lithium carbonate. In tandem, the Company is developing one of the richest spodumene lithium hard rock deposit in the world, both in volume and grade. Spodumene concentrate produced at Nemaska's Whabouchi mine and from other global sources will be shipped to the Company's lithium hydroxide/carbonate processing plant located in Salaberry-de-Valleyfield, Quebec. This plant will transform spodumene concentrate into high purity lithium hydroxide and lithium carbonate for the growing lithium battery market. The Nemaska's Whabouchi deposit, located in the James Bay Region in the Province of Quebec, Canada, near the Cree community of Nemaska, should have an initial mine life of 18 years.
Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Nemaska to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.
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.
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