Western Lithium Reports on Results of Annual Meeting
RENO, NEVADA -- (Marketwire) -- 03/27/12 -- Western Lithium USA Corporation (the "Company") (TSX: WLC)(OTCQX: WLCDF) is pleased to announce that shareholders have approved all resolutions presented at its Annual General Meeting (the "Meeting") held on March 26, 2012, including the election of the Company's proposed nominees to the board of directors. At the Meeting, 40,372,498 common shares representing 40.08% of the total number of shares issued and outstanding, were voted in favour of the election of the proposed board members.
The Company's directors for the next year will be R. Edward Flood, Chairman of the Board, Jay Chmelauskas, Director and President of the Company, William Haldane, Terry Krepiakevich, John Macken, and William M. Sheriff. In addition, shareholders appointed the auditor of the Company for the coming year and approved amendments to the Company's employees' and directors' stock option plan.
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. The Company 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 hybrid/electric vehicles.
(1) Western Lithium has completed National Instrument 43-101 resource estimates on two portions of the property, as well as a preliminary feasibility study for the first stage of mine development. The two resource estimates cover part of the mineralization from a historical estimate of 11 million tonnes of lithium carbonate equivalent (LCE) prepared by Chevron Resources Corp. in the 1980s that encompasses all of the King's Valley lithium lens deposits identified to date, and ranks in size behind deposits in Bolivia (47 million tonnes LCE), Chile (37 million tonnes LCE), North Carolina (14 million tonnes LCE) and the DRC (12 million tonnes LCE). Source: R. Keith Evans, 2010; Roskill Information Services Ltd., 2009; and company disclosures. 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.
The TSX has neither approved nor disapproved of the contents of this press release. Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this press release.
Contacts:
Western Lithium USA Corporation
Investor Relations
604-681-3071
604-681-3091 (FAX)
info@westernlithium.com
www.westernlithium.com
