Western Lithium and Rocky Mountain Resources Announce Termination of Letter of Intent
* Reuters is not responsible for the content in this press release.
VANCOUVER, BRITISH COLUMBIA, Nov 09 (MARKET WIRE) --
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.
About Western Lithium
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.
(1) 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.
About Rocky Mountain
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.
Forward Looking Statements
Certain of the statements made and information contained herein is
"forward-looking information" within the meaning of the Ontario
Securities Act. Forward-looking information is subject to a variety of
risks and uncertainties which could cause actual events or results to
differ from those reflected in the forward-looking information.
Accordingly, readers are advised not to place undue reliance on
forward-looking information.
The TSX Venture Exchange has neither approved nor disapproved of the
contents of this press release. 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 press release.
Contacts:
Western Lithium Canada Corporation
Cindy Burnett
Investor Relations
604-639-2144
(604) 488-0319 (FAX)
info@westernlithium.com
www.westernlithium.com
Rocky Mountain Resources Corp.
Brian J. McAlister
President
604-408-7553
604-488-0319 (FAX)
info@ionicmail.com
www.rkyresources.com
Copyright 2009, Market Wire, All rights reserved.
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