Rodinia Lithium Inc. Announces Changes To Board Of Directors
Toronto, Ontario, April 25, 2011: Rodinia Lithium Inc. (“Rodinia” or the “Company”) (TSX-V: RM; OTCQX: RDNAF), is pleased to announce the appointments of Mr. Xizhong Shi and Mr. Will Randall, P.Geo., to the Board of Directors of the Company effective as of today's date. Mr. Shi is currently the Chief Executive Officer of Hong Kong Shanshan Resources Co., Ltd., a wholly-owned subsidiary of Ningbo Shanshan Co., Ltd. (SHA:600884; “Shanshan”), a strategic investor in the Company.
Mr. Shi received a Master of Science degree from Beijing University and an MBA from SUNY at the University of Buffalo. Mr. Shi has 20 years of experience in the high technology industry, which includes lithium ion battery technologies. Previously, Mr. Shi was CEO of Founder Technology Computer Co., Ltd. (now Founder Technology Group Inc.), and president of EC-Founder Co., Ltd. Mr. Shi has considerable experience in management, finance, and executing and managing transactions.
Shanshan is one of the world’s largest producers of materials used for the manufacturing of lithium ion batteries, and the largest in China. Shanshan’s lithium-ion battery material plants are located in the cities of Shanghai, Hunan, Ningbo and Dongwan, and are all significant end users of lithium carbonate. Shanshan is one of the 500 largest Chinese corporations, with assets valued at over USD$2 billion and revenues during 2009 reaching a similar number, producing cathode, anode and electrolyte materials used in the construction of lithium ion batteries.
Mr. Farhad Abasov, Chairman of Rodinia, commented “We welcome Mr. Shi to the board as we continue to grow the relationship between Rodinia and Shanshan. Mr. Shi brings a wealth of experience to the board and direct access to lithium carbonate end users, ensuring Rodinia management is well acquainted with the lithium carbonate market. We trust that Mr. Shi’s inclusion on the board of directors of the Company will lead to future cooperation of a greater scale.”
In addition, the Company is pleased to announce that Mr. Will Randall, P.Geo., the current President and Chief Executive Officer of the Company has been appointed to the Board of Directors of the Company. The appointment of Mr. Shi and Mr. Randall replace Mr. Stan Bharti and Mr. Tony Wonnacott as directors of the Company effective as of today's date. The Company would like to take this opportunity to thank Mr. Bharti and Mr. Wonnacott for their dedicated efforts and continued support of the Company. In connection with the appointments, the Company has granted 400,000 stock options to directors and officers of the Company. The options shall be exercisable at $0.44 and shall expire on April 25, 2016. The options remain subject to the receipt of all regulatory approvals, including the approval of the TSX Venture Exchange and shall remain subject to a statutory four month hold period.
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 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 m3 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.
The Projects are supervised by Ray Spanjers, Rodinia’s Manager of Exploration. Mr. Spanjers is considered a Qualified Person, as defined by National Instrument 43‐101 and has reviewed and approved the scientific and technical information contained in this release.
Please visit the Company’s web site at www.rodinialithium.com or write us at info@rodinialithium.com.
For further information please contact
Investor Cubed Inc.
Aaron Wolfe
Investor Relations
Vice-President, Corporate Development
Tel: +1 (647) 258-3311
Tel: +1 (416) 309-2696
Investor Cubed Inc.
Aaron Wolfe
Investor Relations
Vice-President, Corporate Development
Tel: +1 (647) 258-3311
Tel: +1 (416) 309-2696
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 board appointments, 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 RELExcept 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 board appointments, 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.
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