UPDATE 1-Canada Lithium to start production at Quebec in 2013

* Says to start construction in 2011

* Sees initial cost of $202 mln

* Says to produce 44 mln pounds a year

Dec 17 (BestGrowthStock) – Canada Lithium Corp (CLQ.TO: ) said it
expects to start full production at its Quebec Lithium Project
in 2013, sending its shares up 5 percent.

The junior miner, which received positive results from a
feasibility study at the mine, expects to start construction in
mid-2011 and commission it by the end of 2012.

Life-of-mine revenue for Stage 1 is estimated at $1.78
billion and initial capital costs are seen at $202 million.

The project, which will consist of an open-pit mine and a
processing plant, is expected to produce over 44 million pounds
of battery-grade lithium a year.

Demand for lithium, a key component in rechargeable
batteries, is expected to skyrocket in coming years as
automakers gear up to produce more hybrid and electric
vehicles. [ID:nN21149393]

The Toronto-based company’s shares were trading up 2
percent at C$1.25 on Friday morning on the Toronto Stock
Exchange. They touched a high of C$1.28 earlier in the
session.
(Reporting by Arnika Thakur in Bangalore; Editing by Don
Sebastian)

UPDATE 1-Canada Lithium to start production at Quebec in 2013