TORONTO, ONTARIO -- (Marketwire) -- 04/04/11 -- Rodinia Lithium Inc. ("Rodinia" or the "Company") (TSX VENTURE: RM)(OTCQX: RDNAF), is pleased to announce that it has commenced work to aggressively accelerate the completion of a Preliminary Economic Assessment ("PEA") of its Salar de Diablillos Property ("salar" or "Property") following its recent announcement of an inferred recoverable resource.
Mr. Farhad Abasov, Chairman of Rodinia & CEO of Allana Potash Corp. (TSX VENTURE: AAA), said the results are a major advance for the Company, commenting, "The updated inferred resource estimate provides a sufficiently large lithium and potash recoverable resource foundation for a preliminary economic assessment study. The PEA is anticipated to be based on a projected production rate of 10,000 to 15,000 tonnes lithium carbonate equivalent ("LCE") per year."
William Randall, CEO of Rodinia, added, "The announcement of such a large recoverable resource lends viability to the Project, as we can now make the decision to advance the project to the PEA stage with confidence. Our objective is to complete the work required to conduct an economic assessment of the project before year end. In order to do so, in addition to the recently estimated inferred recoverable resource, we shall determine the metallurgical recovery and economics of the project to complete the picture. These are exciting times in the Company's development as we are only at the beginning of the process of unlocking the Salar's value."
The Company intends to complete a PEA within the calendar year by contracting several groups to complete the various components. Consistent with having a leading engineering firm like AMEC International prepare our initial resource estimate, the Company plans to engage leading consulting groups with significant peer review and project support to complete the following items:
-- Resource update and upgrade to measured and indicated status
-- Determine minimum, maximum and optimal production rates (pumping and/or
trenching)
-- Metallurgical and processing methods, including recoveries of lithium,
potassium and boron
-- Economic analysis including estimates of life of mine, capital
expenditure and operating costs
The recent inferred resource estimate refers to the quantity of lithium carbonate that has reasonable prospects for economic extraction, and is therefore representative of the brine resource that could be extracted by conventional pumping techniques. Accordingly, this represents a positive step towards determining the productive capacity of the Salar. For details regarding the resource estimate please refer to the press release dated 1 April 2011.
The Project was supervised by Ray Spanjers, Rodinia's Manager of Exploration. Mr. Spanjers is considered a Qualified Person, as defined by National Instrument 43-101.
About Rodinia Lithium Inc.:
Rodinia Lithium Inc. is a Canadian mineral exploration and development company with a primary focus on Lithium exploration and development in North and South America. The Company is also actively exploring the commercialization of a significant Potash co-product that is expected to be recoverable through the lithium harvesting process.
Rodinia's Salar de Diablillos lithium-brine project in Salta, Argentina, contains a recoverable resource of 2.82 million tonnes lithium carbonate equivalent and 11.27 million tonnes potassium chloride equivalent. The project contains a recoverable inferred resource of 952,553,000 m(3) grading 556 mg/L lithium and 6,206 mg/L potassium. Throughout 2011, Rodinia will focus on continuing to develop the Diablillos project by completing additional drilling and advancing through scoping study.
The Company also holds 100% mineral rights to approximately 70,000 acres in Nevada's lithium-rich Clayton Valley in Esmeralda County, and is currently in the process of assessing the size, quality and processing alternatives of this deposit. The Clayton Valley project is located in the only known lithium-brine bearing salt lake in North America, and looks to represent the only new source for domestic lithium carbonate supply.
Please visit the Company's web site at www.rodinialithium.com or write us at info@rodinialithium.com.
Cautionary Notes
Except for statements of historical fact contained herein, the information in this press release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding the impact of the drill program at the Diablillos property and results of such drill program; the potential of the Diablillos property; the potential results and timetable for further exploration with respect to the Clayton Valley project and the Diablillos property, the timetable with respect to future acquisitions and exploration developments at Clayton Valley and Diablillos, timetable for further exploration, analysis and development, title disputes or claims; and governmental approvals and regulation. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, financing risks, acquisition risks, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
Neither the 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:
Investor Cubed Inc.
Investor Relations
+1 (647) 258-3311
Rodinia Lithium Inc.
Aaron Wolfe
Vice-President, Corporate Development
+1 (416) 309-2696
info@rodinialithium.com
www.rodinialithium.com
