Talison Lithium Reports Fiscal Q1 2012 Results

Talison Lithium Limited

TSX : TLH

November 2011

PERTH, WESTERN AUSTRALIA--(Marketwire - Nov. 14, 2011) - Talison Lithium Limited ("Talison" or the "Company") (TSX:TLH) today announced results for the first quarter of the 2012 fiscal year.

HIGHLIGHTS

• Sales volumes for the first quarter of 80,315 tonnes of lithium concentrate (approximately 12,000 tonnes lithium carbonate equivalent ("LCE")), a 53% increase quarter on quarter¹.

• Revenue of A$25.9m, a 61% increase in US$ terms quarter on quarter.

• Average sales price increased 5% and operating cost per tonne reduced 6% quarter on quarter.

• Earnings before interest, income tax, and depreciation and amortization ("EBITDA") of A$6.1 million² and EBITDA margin of 24%.

• Operating cash flow of A$8.2 million.

• Cash and cash equivalents at September 30, 2011 of A$91.3 million.

• Construction of the Stage 2 expansion of the Greenbushes Lithium Operations to double production capacity continued during the quarter on schedule and on budget.

• New Offices in Shanghai and Santiago established to strengthen relationships with customers and facilitate the development of the Salares 7 Project, respectively.

FIRST QUARTER FINANCIAL RESULTS

Talison generated revenue of A$25.9 million in the quarter. In US$ terms, sales revenue was 61% higher than Q1 fiscal year 2011 (excluding one-off crushed ore sales in Q1 fiscal 2011) however, in A$ terms sales revenue increased only 23% as a result of the adverse impact of a 16% increase in the value of the A$ against the US$ between the two periods.

The Company realized an average sales price per tonne of lithium concentrate of US$330, a 5% increase over the Q1 fiscal year 2011 average sales price of US$313.

Talison sold 80,315 tonnes of lithium concentrate during the quarter (approximately 12,000 tonnes LCE), a 53% increase quarter on quarter. Production volume increased 12% quarter on quarter to 90,708 tonnes of lithium concentrate (approximately 13,500 tonnes LCE) as the Company realized the full benefits of the completion of its Stage 1 capacity expansion of the Greenbushes Lithium Operations.

Cash operating cost of goods sold per tonne of lithium concentrate was A$207, a 6% reduction quarter on quarter due to economies of scale as production capacity increased.

EBITDA was A$6.1 million, reflecting an increase in the EBITDA margin to 24% of revenue despite a 16% appreciation in the value of the A$. A constant exchange rate would have resulted in an EBITDA margin of approximately 33%, reflecting the increase in average sales price and reduction in cash operating cost of goods sold during the quarter.
The table below summarizes the Company's key financial metrics for Fiscal Q1 2012.

FISCAL Q1 2012 RESULTS SUMMARY
(In thousands and A$ unless noted otherwise)
	Q1 FY 12			Change		Q1 FY 11
Sales Volume (tonnes lithium concentrate)		80,315		53	%		52,525
Average sales price		US$330		5	%		US$313
Revenue	$	25,879		23	%	$	21,072
Cash Operating COGS/tonne	$	207		-6	%	$	221
EBITDA	$	6,126		28	%	$	4,770
EBITDA Margin		24	%	4	%		23	%
Net fair value gain/(loss) on revaluation of financial assets and liabilities3		(6,419	)	-206	%		6,067
Net finance income/(expense) – other		3,336		841	%		(450	)
Depreciation and amortisation		(688	)	-16	%		(820	)
Income tax expense		(748	)	-80	%		(3,693	)
Net Income	$	1,607		-73	%	$	5,874
Basic EPS	$	0.02		-82	%	$	0.11
Shares		107,731		101	%		53,569
Additional Data
Volume sold LCE		12,000		53	%		7,800
Production LCE		13,500		12	%		12,000

FIRST QUARTER OPERATIONS
During the quarter Talison continued to progress its three growth projects.

Stage 2 Expansion

The Company is doubling its capacity to produce lithium concentrate to 740,000 tonnes (approximately 110,000 tonnes LCE) per year with the Stage 2 expansion of the Greenbushes Lithium Operations. Talison will ultimately spend A$65 to A$70 million to complete this project. Commissioning of the expansion is expected in the fiscal fourth quarter 2012 (Q2 Calendar Year 2012). Construction remains on budget and on schedule. During the quarter, foundations and civil works were nearing completion and off-site fabrication is well advanced with significant plant component parts delivered to site in preparation for the commencement of on-site construction.
To view "Figure 1: Stage 2 expansion progress at Greenbushes",please visit the following link: http://media3.marketwire.com/docs/TalisonFigure1.pdf.

Minerals Conversion Plant

Talison is aggressively pursuing its proposed plant to convert lithium minerals into lithium carbonate ("Minerals Conversion Plant"). Preliminary engineering and location studies for the proposed Minerals Conversion Plant are continuing. The potential location has been narrowed to the Greenbushes Lithium Operation and one other Western Australian location. The external engineering consultant is preparing estimates of capital costs and operating costs which should be completed by the end of this calendar year. Based on the initial indications of operating costs, Talison believes that it will be a globally competitive lithium carbonate producer.

Salares 7 Project

Following the receipt of outstanding results from the first drilling program at the Salares 7 Project in the 2011 fiscal year, Talison is accelerating the next phase of the exploration program which is now underway. Talison expects to invest approximately US$5 million on this program in the 2012 fiscal year with the objective of defining a potential lithium mineral resource at Salar de la Isla.

New offices opened in Shanghai and Santiago
During the quarter, Talison opened an office in Shanghai to support its growing business in China. The new office will assist the Company in strengthening relationships with new and existing customers.
Talison has also established an office in Santiago to facilitate the development of the Salares 7 Project. This office will support the exploration, environmental and process test work currently being undertaken by the Company in Chile.

FISCAL 2012 OUTLOOK
Talison expects production of lithium concentrate in fiscal Q2 2012 to be in-line with that of fiscal Q1 2012. The Company expects sales of lithium concentrate for the six months to December 31, 2011 to be in line with production. Talison secured price increases for two shipments in fiscal Q1 2012 and expects further positive price movements for sales in calendar 2012. 

During fiscal 2012, Talison expects production and sales volumes to remain constrained until commissioning of the Stage 2 expansion in fiscal Q4 2012. Because the commissioning is expected to occur late in the year, the additional production capacity will not impact sales until fiscal 2013. However, the full year of contribution from the Stage 1 Expansion, combined with anticipated process improvements, should enable full year 2012 sales to approximately equate to fiscal Q4 2011 sales on an annualized basis.

FIRST QUARTER FINANCIAL RESULTS CONFERENCE CALL
Talison will host a conference call to discuss the financial results on Monday, November 14, 2011 at 8:00 a.m. (Eastern). The call is being webcast by Thomson Reuters and can be accessed at www.earnings.com or at Talison's website, www.talisonlithium.com.

Teleconference call details are as follows:
North America:	+1 (866) 270-6057
International:	+1 (617) 213-8891
Participant Code:	78443753
Chairperson:	Peter Oliver, Chief Executive Officer and Managing Director
Replay
Available from:	November 14, 2011, 11:00 a.m. (Eastern)
Available to:	November 21, 2011
Dial In:	+1 (888) 286-8010
International:	+1 (617) 801-6888
Passcode:	90648347

ABOUT TALISON
Talison is a leading global producer of lithium. Talison mines and processes the lithium bearing mineral spodumene at the Greenbushes Lithium Operations in Western Australia. In addition, Talison explores for lithium at the Salares 7 lithium project made up of seven salars (brine lakes and surrounding concessions) located in Region III, Chile. Talison has an extensive, well established global customer network and a leading position in the growing Chinese market.

1. Information in this press release is in relation to the financial condition and results of operations of Talison Lithium Limited ("Talison" or the "Company") as at September 30, 2011 and for the three months ended September 30, 2011. This press release should be read in conjunction with the unaudited condensed consolidated interim financial statements of Talison and the related notes thereto as at September 30, 2011 and for the three months ended September 30, 2011 (collectively, the "Financial Statements"). The financial information contained in this press release is derived from the Financial Statements, which were prepared in accordance with International Financial Reporting Standards ("IFRS"). All amounts in this press release are expressed in Australian dollars ("A$") unless otherwise identified. References to "C$" are to Canadian dollars and references to "US$" are to United States dollars.
   
   
2. The term "EBITDA" is a non-IFRS financial measure. For a reconciliation of EBITDA to its IFRS-compliant income statement, refer to "Non-IFRS Performance Measures" in Management's Discussion and Analysis of the financial condition and results of operations of Talison Lithium Limited as at September 30, 2011 and for the three months ended September 30, 2011 (which can be found on Talison's SEDAR profile at www.sedar.com).

FINANCIAL STATEMENTS

INCOME STATEMENT	Three Months Ended September 30, 2011 (Unaudited)		Three Months Ended September 30, 2010 (Unaudited)(1)		Twelve Months Ended June 30, 2011 (Audited)(1)
	A$'000		A$'000		A$'000
Sales revenue	25,879		21,072		109,501
Operating costs	(16,594	)	(13,235	)	(70,616	)
Other income / (expenses)	(3,159	)	(3,067	)	(14,819	)
EBITDA(3)	6,126		4,770(2)		24,066(2)
Depreciation and amortization	(688	)	(820	)	(3,428	)
Net financing income / (costs)	857		(3,859	)	(3,798	)
Net realized US$ hedging gain	2,048		(40	)	2,979
Net realized foreign exchange gain / (loss)	431		3,449		7,561
Net fair value gain/(loss) on financial assets and liabilities	(6,419	)	6,067		4,664
Income tax (expense) / benefit	(748	)	(3,693	)	(9,108	)
Net profit/(loss) for the period	1,607		5,874		22,936
	25,879
Basic earnings per share (cents/share)(4)	1.5		11.0		25.7
Diluted earnings per share (cents/share)(4)	1.5		10.8		24.9
Basic weighted average number of shares	107,730,822		53,569,136		89,321,871

Notes:
(1)	The financial results for the three months ended September 30, 2010 and twelve months ended June 30, 2011 are comprised of the results of Talison for the period from August 12, 2010 to September 30, 2010 and from August 12, 2010 to June 30, 2011 (i.e., post-Reorganization), respectively, and the carve-out results of the Greenbushes Lithium Operations for the period from July 1, 2010 to August 11, 2010 (i.e., pre-Reorganization). Readers are cautioned that the results for the period from July 1, 2010 to August 11, 2010 may not be reflective of the ongoing affairs of Talison.
(2)	EBITDA for the three months ended September 30, 2010 and twelve months ended June 30, 2011 included A$1.6 million in non-recurring Reorganization costs.
(3)	EBITDA is a non IFRS financial measure. For a reconciliation of EBITDA to its IFRS compliant income statement, see "Non-IFRS Performance Measures".
(4)	Basic and diluted earnings per share have been calculated based on the weighted average number of shares on issue. For the three months ended September 30, 2011, the weighted average number of shares includes both the outstanding ordinary shares of Talison adjusted to remove ordinary shares held by the Talison Long Term Incentive Plan Trust which is consolidated under IFRS, and the exchangeable shares of Talison Lithium Exchangeco Limited, an indirect wholly-owned subsidiary of Talison that are exchangeable (on a one-for-one basis) for ordinary shares of Talison. For the three months ended September 30, 2010 and twelve months ended June 30, 2011, the weighted average number of shares includes the outstanding ordinary shares of Talison adjusted to remove ordinary shares held by the Talison Long Term Incentive Plan Trust which is consolidated under IFRS, the exchangeable shares of Talison Lithium Exchangeco Limited that are exchangeable (on a one-for-one basis) for ordinary shares of Talison, and the ordinary shares of Talison Minerals adjusted for the Talison Minerals share consolidation which occurred as part of the Reorganization. See "Outstanding Share Data".

STATEMENT OF FINANCIAL POSITION	As at September 30, 2011 (Unaudited) A$'000	As at June 30, 2011 (Audited) A$'000
Assets
Cash and cash equivalents	91,341	102,605
Trade and other receivables	20,884	21,543
Inventories	13,955	11,182
Derivative financial instruments	3,638	10,205
Deferred tax assets	-	-
Property, plant and equipment	111,861	95,215
Exploration and evaluation assets	62,346	61,714
Total assets	304,025	302,464
Liabilities
Trade and other payables	10,377	12,380
Interest-bearing liabilities	31,576	29,243
Tax payable	2,005	-
Provisions	14,246	14,668
Derivative financial instruments	1,030	-
Deferred tax liabilities	8,043	10,622
Total liabilities	67,277	66,913
Shareholders' equity	236,748	235,551

	As at September 30, 2011 (Unaudited) A$'000		As at June 30, 2011 (Audited) A$'000
Outstanding number of shares
Ordinary shares of Talison	110,987,326		110,527,347
Exchangeable shares of Talison Lithium Exchangeco Limited(1)	1,083,192		1,494,239
Shares held in trust(2)	(4,299,367	)	(4,299,367	)
Total outstanding number of shares	107,771,151		107,722,219

Notes:
(1)	The exchangeable shares of Talison Lithium Exchangeco Limited are exchangeable (on a one-for-one basis) for ordinary shares of Talison. See "Outstanding Share Data".
(2)	On June 7, 2011, Talison Lithium established the Incentive Plan Trust. Talison Lithium issued 3,862,767 ordinary shares to the Incentive Plan Trust and the Incentive Plan Trust purchased 436,600 ordinary shares of Talison Lithium on-market.

Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this press release, including any information as to Talison's mineral reserve and mineral resource estimates, strategy, projects, plans, prospects, future outlook, anticipated events or results or future financial or operating performance, may constitute "forward-looking information" within the meaning of Canadian securities laws. All statements, other than statements of historical fact, constitute forward-looking information. Forward-looking information can often, but not always, be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "predicts", "potential", "continue" or "believes", or variations (including negative variations) of such words, or statements that certain actions, events or results "may", "could", "would", "should", "might", "potential to", or "will" be taken, occur or be achieved or other similar expressions concerning matters that are not historical facts. The purpose of forward-looking information is to provide the reader with information about management's expectations and plans. Readers are cautioned that forward-looking statements are not guarantees of future performance. All forward-looking statements made or incorporated in this press release are qualified by these cautionary statements.
Forward-looking statements are necessarily based on a number of factors, estimates and assumptions that, while considered reasonable by Talison, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Such factors, estimates and assumptions include, but are not limited to: anticipated financial and operating performance of Talison, its subsidiaries and their respective projects; Talison's market position; future prices of lithium or lithium concentrates; estimation of mineral reserves and mineral resources; realization of mineral reserve and mineral resource estimates; timing, amount and costs of estimated future production; grade, quality and content of concentrate produced; sale of production; capital, operating and exploration expenditures; costs and timing of the expansion of the Greenbushes Lithium Operations; exploration and development of the Salares 7 lithium project; costs and timing of future exploration; requirements for additional capital; government regulation of exploration, development and mining operations; environmental risks; reclamation and rehabilitation expenses; title disputes or claims; absence of significant risks relating to Talison's mining operations; the costs of Talison's hedging policy; sales risks related to China; currency; interest rates, and limitations of insurance coverage. While Talison considers these factors, estimates and assumptions to be reasonable based on information currently available to it, they may prove to be incorrect and actual results may vary.
Readers are cautioned that forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Talison and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such risk factors include, amount others, those described in the Financial Statements and under the heading "Risk Factors" in the annual information form of Talison for the year ended June 30, 2011 dated September 23, 2011, each of which can be found on Talison's SEDAR profile at www.sedar.com. While Talison considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect and actual results may vary.
Although Talison has attempted to identify statements containing important factors that could cause actual actions, event or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein is made as of the date of this press release based on the opinions and estimates of management on the date statements containing such forward-looking information are made. Except as required by law, Talison disclaims any obligation to update any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.

1	Quarter on Quarter refers to First Quarter Fiscal Year 2012 as compared to First Quarter Fiscal Year 2011
2	The term "EBITDA" is a non-IFRS financial measure. For further information and a reconciliation of EBITDA to its IFRS-compliant income statement, refer to "Non-IFRS Performance Measures" in Management's Discussion and Analysis of the financial condition and results of operations of Talison Lithium Limited as at September 30, 2011 and for the three months ended September 30, 2011 (which can be found on Talison's SEDAR profile at http://www.sedar.com/).
3	This amount mainly represents unrealized losses on the revaluation of Talison's US$hedge book and US$senior debt to the spot A$/US$exchange rate at September 30, 2011. The spot A$/US$exchange rate reduced from 1.07 at June 30, 2011 to 0.97 at September 30, 2011 resulting in the unrealized revaluation loss. The spot A$/US$exchange rate at November 10, 2011 has recovered to 1.02 which results in a portion of the unrealized revaluation loss being reversed at that date. Contact Information Talison Lithium Limited Gary Dvorchak, CFA +1 (310) 954-1123 gary.dvorchak@icrinc.com

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New Energy and City of Roanoke, VA Successfully Debut World's First-of-Its-Kind Electricity-Generating Rumble Strip to Nearly 6000 Visitors

November 2011 by Marketwire

  New Energy Technologies, Inc. (OTCQB: NENE) (PINKSHEETS: NENE) and the City of Roanoke, Virginia successfully debuted the Company's latest MotionPower(TM)-Express system, the world's first-of-its-kind rumble strip, capable of generating sustainable electricity. The Civic Center debut marks the first of several test and demonstration events the Company plans to conduct in partnership with the City of Roanoke. 

"The City of Roanoke takes seriously its responsibility to be good stewards of the environment and is always looking for unique ways to meet our mission of increased sustainability," said Ken Cronin, Director of General Services/Sustainability for the City of Roanoke. "We are proud to be the first city in the nation to test this novel technology with the potential to make the way we produce energy more clean and green." 

Held last weekend at the Roanoke Civic Center, nearly 6000 visitors and over 580 vehicles participated in the demonstration event, with each driver activating New Energy's patent pending MotionPower(TM)-Express System. As drivers slowed down, or came to a stop, their vehicle tires depressed small rumble strip-like treadles, allowing for the capture of kinetic energy. This captured energy was converted to electricity, which powered a series of brightly illuminated lights displayed to drivers.
Engineering estimates show an optimized and installed MotionPower(TM) System experiencing a traffic pattern similar to the 6-hour event, could produce enough sustainable electricity to power lights for the average American home for an entire day. In commercial applications, the same electricity could power a 150 square foot sports-venue electronic billboard or marquee for an entire day. 

"The MotionPower(TM)-Express was safely demonstrated to over 580 vehicles attending events on Saturday," said Robyn Schon, General Manager of the Roanoke Civic Center, managed by Global Spectrum, manager of over 100 public assembly venues around the world. "Visitors were excited to learn more about the technology and to help the City of Roanoke in its mission to implement green energy initiatives."
"We applaud and thank the City of Roanoke for their vision and cooperation in making this a successful demonstration," said John Conklin, President and CEO of New Energy Technologies, Inc. "I especially want to thank the hundreds of drivers and thousands of participants who helped us green the City, one car at a time." 

MotionPower(TM)-Express can be designed for a range of speeds based on traffic pattern and the amount of energy required for a specific application. These applications may include: sport and entertainment venues, solid waste transfer stations, fleet vehicle maintenance facilities, transportation depots, airports (passenger arrival and departure areas), parking lots, border crossings, exit ramps, neighborhoods with traffic calming zones, rest areas, toll booths, and travel plazas. 

"MotionPower(TM) can offset the city's cost of operating traffic control devices, such as traffic signals and street lights," said Mark Jamison, City of Roanoke Manager of Transportation. "This innovative partnership with New Energy Technologies has the potential to provide a more sustainable environment, while simultaneously conserving strained budgets of cities across the nation." 

More than 250 million vehicles are registered in America and an estimated 6 billion miles are driven on our nation's roads every day. According to the U.S. Energy Information Administration nearly 70 percent of America's electricity is generated by natural gas and coal. The environmental impact of greenhouse gas emissions and the rising cost of those non-renewable fuels, along with the potential doubling of global electricity consumption in the coming years, require the urgent need for creative, sustainable methods of generating electricity. The prospect of sustainably converting vehicle motion and deceleration (vehicle energy) into electricity represents significant positive environmental impact and alternative energy opportunities.
About New Energy Technologies, Inc. New Energy Technologies, Inc., together with its wholly owned subsidiaries, is a developer of next generation alternative and renewable energy technologies.

Among the Company's technologies under development are:

--  MotionPower(TM) roadway systems for generating electricity by
    capturing the kinetic energy produced by moving vehicles -- a
    patent-pending technology, the subject of 18 US and International
    patent applications. An estimated 250 million registered vehicles
    drive more than six billion miles on America's roadways, every day;
    and
--  SolarWindow(TM) technologies which enable see-through windows to
    generate electricity by 'spraying' their glass surfaces with New
    Energy's electricity-generating coatings -- the subject of 10 patent
    applications. These solar coatings are less than 1/10th the thickness
    of 'thin' films and make use of the world's smallest functional solar
    cells, shown to successfully produce electricity in a published
    peer-reviewed study in the Journal of Renewable and Sustainable Energy
    of the American Institute of Physics.

Through established relationships with universities, research institutions, and commercial partners, we strive to identify technologies and business opportunities on the leading edge of renewable energy innovation. Unique to our business model is the use of established research infrastructure owned by the various institutions we deal with, saving us significant capital which would otherwise be required for such costs as land and building acquisition, equipment and capital equipment purchases, and other start-up expenses. As a result, we are able to benefit from leading edge research while employing significantly less capital than conventional organizations.
For additional information, please call Ms. Briana L. Erickson toll-free at 1-800-213-0689 or visit: www.newenergytechnologiesinc.com. 

To receive future press releases via email, please visit:
http://www.newenergytechnologiesinc.com/investor_alert
To view the full HTML text of this release, please visit:
http://www.newenergytechnologiesinc.com/NENE20111104 

For media inquiries please contact Jerry Schranz at jschranz@beckermanpr.com, or visit our Media Relations page for additional contact information:
http://www.newenergytechnologiesinc.com/media_relations 

Legal Notice Regarding Forward-Looking Statements
No statement herein should be considered an offer or a solicitation of an offer for the purchase or sale of any securities. This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although New Energy Technologies, Inc. (the "Company" or "New Energy Technologies") believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend," or "project" or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to adverse economic conditions, intense competition, lack of meaningful research results, entry of new competitors and products, adverse federal, state and local government regulation, inadequate capital, unexpected costs and operating deficits, increases in general and administrative costs, termination of contracts or agreements, technological obsolescence of the Company's products, technical problems with the Company's research and products, price increases for supplies and components, litigation and administrative proceedings involving the Company, the possible acquisition of new businesses or technologies that result in operating losses or that do not perform as anticipated, unanticipated losses, the possible fluctuation and volatility of the Company's operating results, financial condition and stock price, losses incurred in litigating and settling cases, dilution in the Company's ownership of its business, adverse publicity and news coverage, inability to carry out research, development and commercialization plans, loss or retirement of key executives and research scientists, changes in interest rates, inflationary factors, and other specific risks. There can be no assurance that further research and development will validate and support the results of our preliminary research and studies. Further, there can be no assurance that the necessary regulatory approvals will be obtained or that New Energy Technologies, Inc. will be able to develop commercially viable products on the basis of its technologies. In addition, other factors that could cause actual results to differ materially are discussed in the Company's most recent Form 10-Q and Form 10-K filings with the Securities and Exchange Commission. These reports and filings may be inspected and copied at the Public Reference Room maintained by the U.S. Securities & Exchange Commission at 100 F Street, N.E., Washington, D.C. 20549. You can obtain information about operation of the Public Reference Room by calling the U.S. Securities & Exchange Commission at 1-800-SEC-0330. The U.S. Securities & Exchange Commission also maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the U.S. Securities & Exchange Commission at http://www.sec.gov. The Company undertakes no obligation to publicly release the results of any revisions to these forward looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Ms. Briana L. Erickson
New Energy Technologies, Inc.
9192 Red Branch Road, Suite 110
Columbia, MD 21045
Email: Email Contact
Phone: 800-213-0689
www.newenergytechnologiesinc.com

SOURCE: New Energy Technologies, Inc.

http://www2.marketwire.com/mw/emailprcntct?id=CACE396FC2A71DE4
http://www.newenergytechnologiesinc.com/

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San Gold Reports Operating Income of $12.1 Million and Quarterly Profit of $1.0 Million

Nov 2011 by Marketwire

San Gold Corp 

TSX-SGR

 San Gold Corporation (TSX: SGR)(OTCQX: SGRCF) ("San Gold" or the "Company") reports financial and operating results for the third quarter of 2011. The Company is also providing an update on its outlook for the remainder of the year.

Third Quarter 2011 Highlights:

--  For the first time in history, the Company reported unadjusted positive
    quarterly net income of $1.0 million.
--  Recognized record revenue of $32.9 million on gold sales of 18,867
    ounces at a realized price of $1,743 per ounce.
--  Generated cash flow from operations before changes in working capital of
    $9.8 million.
--  Generated record operating income from operations of $12.1 million.
--  Reported total cash costs of $769 per ounce of gold sold, below annual
    guidance of $825 per ounce.
--  Realized a cash operating margin of $974 per ounce of gold sold.
--  Achieved average mill throughput of 1,324 tons per day.

Subsequent to quarter-end, the Company:

--  Maintained full-year production guidance of 80,000 ounces and reduced
    its full-year total cash cost guidance to less than $800 per ounce.
--  Provided 2012 gold production guidance of 100,000 ounces and preliminary
    projected guidance for 2013 of 120,000 ounces.

"I am very pleased with this quarter's financial and operating results," stated George Pirie, President and Chief Executive Officer of San Gold. "The Company has reported record financial and operating performance in the first nine months of the year, with record revenue, cash flow from operations, and income from operations. The Company is also reporting its first ever quarter with positive earnings.

The dramatic reduction we've seen in cash operating costs confirms our belief that the operational improvements implemented over the past two years would result in increased productivity leading to higher production and lower costs, as evidenced by record-low total cash costs of $769 per ounce. I am also pleased to report that we remain on track to deliver on our full-year guidance of 80,000 ounces and that we are reducing our total cash cost guidance for 2011 to below $800 per ounce of gold sold."

This press release should be read in conjunction with the Company's consolidated financial statements for the quarter ended September 30, 2011 and associated Management's Discussion and Analysis ("MD&A"), which are available from the Company's website (www.sangold.ca), in the "News & Reports" section under "Financial Statements", and on SEDAR (www.sedar.com).

Review of Financial Results
For the first time in its history, the Company reports adjusted positive quarterly earnings in the third quarter of 2011, with total and comprehensive income in the third quarter of $1.0 million or a third of a cent a share. This is a significant improvement relative to a loss of $4.6 million or two cents per share, in the third quarter of 2010.
Gold sales revenue in the third quarter of 2011 was $32.9 million on the sale of 18,867 ounces, 137% higher than revenue of $13.9 million recognized in the third quarter of 2010. The increase in revenue in the third quarter of 2011 is a result of an 82% increase in the number of ounces sold and a 30% increase in the average realized gold price compared to the third quarter of 2011.

The Company generated record cash flow from operating activities before changes in non-cash working capital of $9.8 million, a significant change compared to a use of $0.4 million in the third quarter of 2010. After changes in non-cash working capital, operating activities generated $10.4 million in the third quarter of 2011, a substantial change from the use of $6.7 million in the third quarter of 2010.

In the third quarter of 2011, the Company reported record income from operations of $12.1 million, a 195% improvement from $4.1 million in the comparable period of last year. Income from operations in the third quarter of 2011 also represents a 60% increase relative to the prior period.

Capital spending in the third quarter of 2011 was focused on increasing mill capacity, improving key infrastructure, and sustaining capital. The Company capitalized $6.4 million of property, plant, and equipment during the quarter compared to $6.5 million in the same quarter of the prior year. In the first nine months of 2011, the Company capitalized $21.1 million of property, plant, and equipment compared to $10.0 million in the same period of last year.

Key financial metrics for the third quarter of 2011 compared to the third quarter of 2010 are presented at the end of this press release in Table 1.Third Quarter 2011 Operating Results
Gold production in the third quarter of 2011 was 52% higher than production of 12,568 ounces in third quarter of 2010. Gold production of 53,918 ounces in the first nine months of the 2011 was 58% higher than production of 34,217 ounces in the same period of 2010. Higher gold production in 2011 is a result of increased mill throughput relative to the comparable periods of 2010. 

Total cash operating costs were $769 per ounce of gold sold in the third quarter of 2011, below full year guidance of $825. Lower total cash operating costs, combined with a realized gold price of $1,743 per ounce, resulted in a record cash operating margin of $974 per ounce. With year-to-date production of 53,918 ounces and the mill expansion substantially complete, the Company remains on-track to meet full-year production guidance of 80,000 ounces. Year-to-date total cash costs of $813 per ounce of gold sold is slightly below full-year guidance of $825.

Key operational metrics and production statistics for the third quarter of 2011 compared to the third quarter of 2010 and on year-to-date bases are presented in tables 2 and 3 at the end of this press release, respectively.

Outlook
In the first nine months of 2011, the Company has achieved record operating and financial performance, characterized by record revenues and cash flow from operations, and downward trending cash costs per ounce of gold. Also, for the first time in the Company's history, the Company has reported positive quarterly earnings.

The increase in crushing and milling capacity, the implementation of more cost-effective mechanized mining methods, and the removal of constraints from operations contributed to the substantial increase in gold production and reduction in cash costs. With the expansion initiatives planned for 2011 substantially complete, mill throughput is forecast to increase significantly in the fourth quarter towards a year end exit rate of over 1,700 tons per day. In addition to the processing capacity improvements, the Company had a stockpile of 26,000 tons at the quarter end. In the subsequent period, the Company expects strong grades and increased tonnage from 007 and a reducing stockpile towards year end. As a result of these factors, the Company reiterates its full-year production guidance of 80,000 ounces. The Company also announces a 2012 gold production guidance of 100,000 ounces followed by a projected 120,000 ounces in 2013.

Record gold production has been accompanied by a steady quarter-over-quarter reduction in total cash operating costs per ounce of gold sold from $862 per ounce in the first quarter to a -low of $769 per ounce in the third quarter. Year-to-date total cash costs are $813 per ounce of gold sold, slightly below 2011's full year guidance of $825. The Company expects that it will continue to benefit from lower cash costs throughout the remainder of 2011 and is forecasting year-end exit total cash operating cost approaching $650 per ounce. Accordingly, the Company is revising its 2011 full year total cash cost guidance downward from $825 to less than $800 per ounce of gold sold.

Capital spending in the fourth quarter will be allocated to the commissioning of the new, high-capacity flotation cells and the installation and commissioning of a new overland conveyor and a screening plant. Once complete, these improvements are expected to further increase production and reduce total cash costs through increased capacity and improved gold recovery.

Exploration activities continue to build on this year's drill results. More detailed exploration disclosure will be forthcoming but early indications show that the 007 drilling programs have successfully identified significant vertical and lateral continuity and extension resulting in accelerated development in the district. The picture is changing from one of several discrete stacked lenses into a single continuous structure that is over 450 metres long and up to 12 metres wide at a depth of 350 metres below surface. The L10 zone has been confirmed by drilling from surface and underground to a depth of 800 metres and is fully accessible from the 16th level (730 metres below surface) at the Rice Lake Mine. A new drill program in proximity to the SG1 mine has produced some very encouraging initial results and may support dewatering of the mine which has been on care and maintenance for approximately three years. Exploration drill holes previously released with our third quarter production results have identified a new footwall zone at SG1 that is separate and distinct and has better widths and grade than the material originally mined at SG1 mining which was done to a maximum depth of 185 metres. The developments at SG1 support the thesis that there may be other large intrusive hosted ore bodies proximal to the nearby Ross River Pluton. San Gold is looking forward to summarizing its 2011 exploration program results and providing frequent updates during the fourth quarter of 2011.
Exploration activities for the remainder of the year will continue to focus on definition and extension drilling for both production planning and exploration purposes at the San Antonio Mining Unit, the Shoreline Basalt Unit, the Normandy Creek Shear Zone, and within the intermediate volcanic rock unit north of the Shoreline Basalt Unit. The objectives of the Company's exploration programs is to develop a larger mine complex that can be exploited through existing infrastructure. The Company plans to report an updated mineral reserve and resource statement in 2012.

With rising production, declining cash costs, record gold prices, and a strong balance sheet, the Company has positioned itself to finance its immediate development plans, as well as grow through new discoveries and potential acquisitions or joint venture opportunities.

Reminder of Third Quarter 2011 Financial Results Conference Call
The Company's senior management plans to host a conference call, November 15, 2011 at 11:00 am Eastern Standard Time to discuss the 2011 third quarter financial results, and to provide an update of the Company's operating, exploration, and development activities. 

Participants may join the conference call by dialing 1 (877) 240-9772 or 1 (416) 340-8530 for participants outside of Canada and the United States. The conference call will also be available by webcast on the Company's website at www.sangold.ca.

A recorded playback of the conference call can be accessed after the event until November 22, 2011 by dialing 1 (800) 408-3053 or 1 (905) 694-9451 for calls outside Canada and the United States. The pass code for the conference call playback is 2825740. The archived audio webcast will also be available on the Company's website at www.sangold.ca.

About San Gold
San Gold is an established Canadian gold producer, explorer, and developer that owns and operates the Hinge, 007, and Rice Lake mines near Bissett, Manitoba. The Company employs over 400 people and is committed to the highest standards of safety and environmental stewardship. As of the date of the related quarterly financial statements, the Company has a working capital surplus of $37.3 million and is unhedged to the price of gold. As of November 15, 2011, the date of this report, San Gold has 312,676,841 common shares outstanding, which are traded on the Toronto Stock Exchange under the symbol "SGR" and on the OTCQX under the symbol "SGRCF".
For further information on San Gold, please visit www.sangold.ca.
Cautionary Non-IFRS Statements
The Company believes that investors use certain indicators to assess gold mining companies. They are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared with International Financial Reporting Standards ("IFRS"). "Total cash operating costs" as used in this analysis is a non-IFRS term typically used by gold mining companies to assess the level of gross margin available to the Company per ounce of gold by subtracting these costs from the unit price realized during the period. This non-IFRS term is also used to assess the ability of a mining company to generate cash flow from operations. There may be some variation in the method of computation of "total cash operating costs" as determined by the Company compared with other mining companies. In this context, "total cash operating costs" reflects the per ounce cash costs allocated from in-process and dore inventory associated with ounces of gold sold in the period and net royalties. "Total cash operating costs" may vary from one period to another due to operating efficiencies, quantity of ore processed, grade of ore processed, and gold recovery rates.
Cautionary Note Regarding Forward Looking Statements
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release includes certain "forward-looking statements". All statements, other than statements of historical fact included in this release, including, without limitation, statements regarding forecast gold production, gold grades, recoveries, cash operating costs, potential mineralization, mineral resources, mineral reserves, exploration results, and future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to mining and processing of mined ore, achieving projected recovery rates, anticipated production rates and mine life, operating efficiencies, costs and expenditures, changes in mineral resources and conversion of mineral resources to proven and probable mineral reserves, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements.
There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, the actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of precious metals, as well as those factors discussed in the section entitled "Other MD&A Requirements and Additional Disclosure and Risk Factors" in the Company's most recent quarterly Management's Analysis and Discussion ("MD&A"). Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Exploration results that include geophysics, sampling, and drill results on wide spacings may not be indicative of the occurrence of a mineral deposit. Such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics, and economic potential to be classed as a category of mineral resource. A mineral resource that is classified as "inferred" or "indicated" has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an "indicated mineral resource" or "inferred mineral resource" will ever be upgraded to a higher category of resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into proven and probable reserves.
Cautionary Note to United States and Other Investors Concerning Estimates of Measured, Indicated and Inferred Mineral Resources:
This press release uses the terms "Measured", "Indicated", and "Inferred" resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of a Mineral Resource is economically or legally mineable.
Table 1: Financial Highlights (000's $CDN)

-----------------------------------------------------------------------
-----
                                   Q3          Q3          YTD          YTD
                                 2011        2010         2011         2010
----------------------------------------------------------------------------
Total and comprehensive
 income (loss)                 $1,011     ($4,626)     ($8,298)    ($15,267)
Items not affecting cash       $8,775      $4,213      $21,559       $8,369
----------------------------------------------------------------------------
Cash provided (used) by
 operating activities
 before changes in non-
 cash working capital          $9,786       ($413)     $13,261      ($6,897)
Net change in non-cash
 working capital                 $568     ($6,244)     ($9,009)     ($1,413)
----------------------------------------------------------------------------
Cash provided by
 operating activities         $10,354     ($6,656)      $4,252      ($8,310)
Total and comprehensive
 income (loss)                 $1,011     ($4,626)     ($8,298)    ($15,267)
Earnings (loss) per share
- basic                         $0.00      ($0.02)      ($0.03)      ($0.06)
- diluted                       $0.00      ($0.02)      ($0.03)      ($0.06)
Weighted average number
 of common shares
 outstanding
- basic                   311,339,001 291,886,424  307,869,004  279,353,462
- diluted                 314,806,937 291,886,424  307,869,004  279,353,462
----------------------------------------------------------------------------
Table 2: Third Quarter 2011 and 2010 Production Summary and Statistics (1,2)
                                      Q3          Q3      Change      Change
                                    2011        2010         (#)         (%)
Ore mined (tons)                 124,952      71,463      56,721         75%
Ore milled (tons)                121,844      75,263      46,581         62%
Head grade (g/tonne Au)             5.83        6.12       -0.29         -5%
----------------------------------------------------------------------------
Contained Gold (ounces)           20,732      13,436       7,296         54%
Ounces of gold produced (3)       19,119      12,568       6,551         52%
Ore mined per day (tons)           1,358         777         581         75%
Ore milled per day (tons)          1,324         818         506         62%
Mill recovery (%)                    92%         94%          -2         -2%
(1) All amounts for Q3-2011 are preliminary and based on initial end of
    period estimates. Final adjustments may be required.
(2) Certain numbers may not compute due to the effects of rounding and
    truncation.
(3) Before final refinery settlements, which may result in increases or
    decreases to reported gold production.
Table 3: Year-to-Date Production Summary and Statistics (1,2)
                           Q3      Q2      Q1  YTD-Q3  YTD-Q3  Change Change
                         2011    2011    2011    2011    2010     (#)    (%)
Ore mined (tons)      124,952 123,261 102,200 350,413 197,810 152,603    77%
Ore milled (tons)     121,844 114,624  82,792 319,260 192,686 126,574    66%
Head grade (g/tonne
 Au)                     5.83    6.35    6.47    6.19    6.52   -0.33    -5%
----------------------------------------------------------------------------
Contained Gold
 (ounces)              20,732  21,244  15,636  57,612  36,668  20,944    36%
Ounces of gold
 produced (3)          19,119  20,111  14,688  53,918  34,217  19,701    58%
Ore mined per day
 (tons)                 1,358   1,355   1,136   1,284     725     559    77%
Ore milled per day
 (tons)                 1,324   1,260     910   1,169     706     463    66%
Mill recovery (%)         92%     95%     94%     94%     93%       1     0%
(1) All amounts for Q3-2011 are preliminary and based on initial end of
    period estimates. Final adjustments may be required.
(2) Certain numbers may not compute due to the effects of rounding and
    truncation.
(3) Before final refinery settlements, which may result in increases or
    decreases to reported gold production.

The TSX and the OTCQX exchanges have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.

Contacts:
San Gold Corporation
Tim Friesen
Director, Communications
1 (855) 585-4653

San Gold Corporation
Gestur Kristjansson
Chief Financial Officer
+1 (204) 772-9149
www.sangold.ca

SOURCE: San Gold Corporation

http://www.sangold.ca

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Rodinia Lithium Receives Positive Preliminary Economic Assessment

Rodinia Lithium Receives Positive Preliminary Economic Assessment for the Diablillos Lithium Brine Deposit With NPV of Up to US$964 Million and IRR of 36% 

Today - by Marketwire 

Rodinia Lithium Inc. ("Rodinia" or the "Company") (TSX VENTURE: RM)(OTCQX: RDNAF)

is pleased to announce the results of the Preliminary Economic Assessment ("PEA") completed on its 100% owned Salar de Diablillos lithium brine project ("Diablillos" or "Salar") located in Salta Province, Argentina. The PEA outlines an operation producing 15,000 tonnes lithium carbonate ("LC") per year and approximately 51,000 tonnes of KCl ("potash") per year, projecting a 34% internal rate of return ("IRR") pre-tax and a US$561 million pre-tax net present value ("NPV") at an 8% discount rate. The PEA also outlines Rodinia's available option to increase production to 25,000 tonnes LC and 85,000 tonnes potash per year. This increased production scenario generates a much higher pre-tax NPV estimate of US$964 million, along with a pre-tax IRR of 36%. Rodinia continues to advance the technical and processing aspects of the Salar and will commence a feasibility study once the PEA report is finalized. 

The PEA was completed by SRK Consulting (U.S.) Inc ("SRK") located in Lakewood, Colorado and is effective as of November 1, 2011. The brine resource model and resource estimate were provided to SRK by Paula Larrondo, Principal Geologist, P.Geo., of AMEC Internacional Ingenieria y Construccion Limitada, Santiago, Chile, Qualified Person ("QP") for the Company's NI 43-101 compliant recoverable lithium brine resource estimate. The complete PEA report will be filed on SEDAR and Rodinia's website within 45 days of this news release. 

The table below outlines the key findings of the PEA: 

Preliminary Economic Assessment Highlights (All currency is US$, pre-tax)
----------------------------------------------------------------------------
                                          15,000 tpa LC       25,000 tpa LC
----------------------------------------------------------------------------
NPV at 8% discount rate (pre-tax)     $     561 million   $     964 million
----------------------------------------------------------------------------
IRR (pre-tax)                                        34%                 36%
----------------------------------------------------------------------------
Total Initial Capital Costs           $     144 million   $     220 million
----------------------------------------------------------------------------
Operating Costs per tonne LC(i)       $           1,519   $           1,486
----------------------------------------------------------------------------
Operating Costs per tonne LC with
 potash and boric acid credits        $            (703)  $            (762)
----------------------------------------------------------------------------
Operating Costs per tonne KCl(i)      $             170   $             160
----------------------------------------------------------------------------
Average annual free cash flow(i)      $      89 million   $     150 million
----------------------------------------------------------------------------
Mine life                                           20+                 20+
----------------------------------------------------------------------------
Annual production rate of potash(i)              51,000              85,000
----------------------------------------------------------------------------
Annual production rate of boric
 acid(i)                                         18,000              31,000
----------------------------------------------------------------------------
Projected commencement of production               2015                2015
----------------------------------------------------------------------------
Years to payback                              1.6 years           1.5 years
----------------------------------------------------------------------------
(i) Averaged using years of full production, discounting ramp up period.

The PEA is preliminary in nature, includes inferred brine resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the estimates of the PEA will be realized.
William Randall, President & CEO of Rodinia, commented "This PEA is the product of quality work completed on schedule by Rodinia's expert staff and consultants. The PEA demonstrates that Diablillos has the potential to be a low cost producer of high purity, battery-grade, lithium carbonate, potash and boric acid using conventional, environmentally friendly methods to harvest the salts. Due to the favourable geochemistry of the brines, our potash and boric acid production is such that revenue from the sale of these products will result in credits in excess of US$3,500/tonne of LC, more than covering our total anticipated production costs. As long as prices for potash and boric acid remain at today's levels or higher, Diablillos has the potential to remain price competitive down to historic lows for lithium carbonate pricing."

Financial Sensitivity at Various Discount Rates (US$ millions over 20
years)(i)
----------------------------------------------------------------------------
                              10,000 tpa  15,000 tpa  20,000 tpa  25,000 tpa
Discount rate\Output                  LC          LC          LC          LC
----------------------------------------------------------------------------
6%                                   462         716         971       1,225
----------------------------------------------------------------------------
8%                                   361         561         764         964
----------------------------------------------------------------------------
10%                                  283         442         604         765
----------------------------------------------------------------------------
12%                                  223         350         481         610
----------------------------------------------------------------------------
(i) At an average LC price of US$5,500 per tonne. All figures are pre-tax.
Financial Sensitivity at Various LC Prices (US$ millions over 20 years)(i)
----------------------------------------------------------------------------
Price\Output      10,000 tpa LC  15,000 tpa LC  20,000 tpa LC  25,000 tpa LC
----------------------------------------------------------------------------
US$5,000                    322            503            686            868
----------------------------------------------------------------------------
US$5,500                    361            561            764            964
----------------------------------------------------------------------------
US$6,000                    399            619            841          1,060
----------------------------------------------------------------------------
US$6,500                    438            677            918          1,157
----------------------------------------------------------------------------
(i) At an 8% discount. All figures are pre-tax.

The Salar has favourable economic potential across a range of discount rates, annual production rates, and long-term LC prices. In all cases the Salar shows robust economics consisting of large NPV values and significant positive cash flows, which position it favourably relative to other PEA reports issued for salars at a similar stage of development in the Puna region of South America.
Will Randall elaborated on the preliminary economics of the Salar, "We are pleased with the results and initial conclusions of this PEA. While the assessment estimates robust economics with first quartile capital and operating costs, we gained considerable insight to further improve on these already favourable numbers. We will look to validate these opportunities during the Feasibility Study phase, which will commence once the PEA report is finalized." 

Economic Parameters and Assumptions
The PEA presents a base case operation producing 15,000 tonnes of battery grade lithium carbonate per annum and 25,000 tonnes of battery grade lithium carbonate in the optional production scenario. First production levels of 9,000 tpa LC (15,000 tpa LC for optional production) are expected to be reached after three years of mine construction and pre-production, with full production levels reached two years later. Allowing a further year for the completion of a Feasibility Study, the PEA contemplates initial production by 2015. Management will begin to evaluate methods in which feasibility level engineering and mine construction can be combined to expedite this production timeline. In particular, management will focus on construction of pilot ponds that will subsequently be employed in the commercial production circuit.
Details and Assumptions 

Total initial capital expenditures (including contingency) are estimated at US$144 million to produce 15,000 tpa LC and US$220 million to produce 25,000 tpa LC. The initial capital cost estimate excludes closure costs and sustaining capital. Sustaining capital requirements for years 1 to 20 of operation (15,000 tpa LC) were estimated to be approximately US$80 million including wellfield maintenance and replacement.

-----------------------------------------------------------------------
-----
                                              15,000 tpa LC    25,000 tpa LC
Summary of Estimated Initial Capital Costs   (US$ millions)   (US$ millions)
----------------------------------------------------------------------------
Wells & Ponds
----------------------------------------------------------------------------
  Wellfield                                               8               11
----------------------------------------------------------------------------
  Ponds                                                  57               94
----------------------------------------------------------------------------
  Other (wellfield & pond)                               11               16
----------------------------------------------------------------------------
  Contingency (20%)                                      15               24
----------------------------------------------------------------------------
LC Crude Plant & Refinery
----------------------------------------------------------------------------
  Plants                                                 17               25
----------------------------------------------------------------------------
  Other (carbonate plant)                                 9               12
----------------------------------------------------------------------------
  Contingency (20%)                                       5                7
----------------------------------------------------------------------------
Potash Floatation Plant
----------------------------------------------------------------------------
  Plant                                                  19               26
----------------------------------------------------------------------------
  Contingency (20%)                                       4                5
----------------------------------------------------------------------------
TOTAL                                                   144              220
----------------------------------------------------------------------------

Mine construction for a 15,000 tpa LC production facility requires the installation of 23 production wells, approximately 7 square kilometers of evaporation ponds for the production of lithium carbonate, potash and boric acid. At 25,000 tpa LC, the requirements increase to 53 production wells and 11.5 square kilometers. While the wells, evaporation ponds and potash plant are designed to be constructed on the Diablillos property, the current design contemplates constructing the boric acid and lithium carbonate plants off-site at an industrial park in Pocitos. Cost analysis performed on the various options, taking into account capital costs requirements and operating costs, indicated constructing the lithium carbonate and boric acid facilities where access, natural gas, and power are readily available presented considerable cost savings across the board.
A conservative pumping rate of 11 litres per second was employed for this study based on field test work. It is important to note that numerical groundwater flow and solute transport modeling, constraining well drawdown and accounting for dilution impacts on brine chemistry, has demonstrated that higher extraction rates can be achieved from the sand and gravel aquifers predominant at Diablillos. Once further tests are completed on production size wells management expects the estimated capital expenditures required for well construction to be significantly reduced. Pond construction considers an initial unlined pond, where brine is brought to saturation, followed by a series of subsequent lined ponds. There is natural clay occurring on or near Diablillos that will allow for construction of the initial ponds, offering cost savings over lined ponds. Any brine losses experienced in this unlined pond go straight back into the underlying Salar sediments and can be potentially recovered at a later date. 

The total average operating costs over 20 years are estimated to be negative at (US$703) per tonne LC once the potash and boric acid credits are applied, based on the following:

-----------------------------------------------------------------------
-----
Summary of Estimated Operating                                        (US$/t
 Costs                                (US$/t LC)    (US$/t KCl)  Boric Acid)
----------------------------------------------------------------------------
Wells & Ponds (total)                        408             46           85
----------------------------------------------------------------------------
  Brine transportation                       104             12           22
----------------------------------------------------------------------------
  Reagents                                   242             27           51
----------------------------------------------------------------------------
  Energy                                      49              6           10
----------------------------------------------------------------------------
  Labour                                      10              1            2
----------------------------------------------------------------------------
  Other                                        4              0            1
----------------------------------------------------------------------------
LC Crude Plant & Refinery (total)            972              -          203
----------------------------------------------------------------------------
  Reagents                                   791              -          165
----------------------------------------------------------------------------
  Energy                                     136              -           28
----------------------------------------------------------------------------
  Labour                                      37              -            8
----------------------------------------------------------------------------
  Other                                        9              -            2
----------------------------------------------------------------------------
Potash Flotation Plant (total)                 -             73            -
----------------------------------------------------------------------------
  Reagent                                      -              1            -
----------------------------------------------------------------------------
  Energy                                       -             64            -
----------------------------------------------------------------------------
  Labour                                       -              7            -
----------------------------------------------------------------------------
  Other                                        -              1            -
----------------------------------------------------------------------------
G&A                                           82              9           17
----------------------------------------------------------------------------
Transport                                     56             42           42
----------------------------------------------------------------------------
TOTAL                                      1,519            170          348
----------------------------------------------------------------------------
TOTAL LC w/ credits & royalty
 deductions                                 (703)
----------------------------------------------------------------------------

Well and pond costs as well as G&A costs were assigned to all three products according to the percentage of revenue generated by each commodity. Potash plant costs were assigned exclusively to potash and LC plant costs were distributed between lithium carbonate and boric acid, as both of these are produced in the same plant complex. By far the largest expense is the cost of reagents, and in particular soda ash and lime, followed by transportation costs. 

Consistent with practice in the industry, this PEA has been prepared with an engineering accuracy of +/- 30%. As the project progresses through the feasibility stage, advancement in the detail of engineering will improve the accuracy to approximately +/-15%. The PEA used commodity pricing provided by Rodinia that was assembled from various studies and sources, including industry leading reports and forecasts provided to the Company through its relationship with Forbes & Manhattan Inc., access to industry specialists (boric acid), and generally accepted industry standard pricing based on recently completed studies similar in nature to this PEA. The PEA assumed long-term commodity prices of US$5,500 per tonne LC, US$620 per tonne potash, and US$1,150 per tonne boric acid. 

PEA Report
The PEA was prepared in accordance with the guidelines of National Instrument 43-101 by the independent engineering firm SRK Consulting Limited with contributions from AMEC Internacional y Construccion Limitada ("AMEC") of Santiago, Chile, and Mr. Robert Cinq-Mars of North Carolina, USA (whose work experience includes 20 years with FMC Lithium Division as Manager, New Resources and Process Development). SRK is a leading full-service engineering and consulting firm. The final PEA technical report will be filed on SEDAR within 45 days. 

Description of Proposed Operation
The proposed operation for Diablillos will largely make use of conventional evaporation based processing, similar to those employed at Silver Peak (Nevada, USA) and Atacama (Chile). The brine is to be pumped from subterranean aquifers by a series of production wells to an initial unlined evaporation pond. The proposed lithium recovery process is a combination of solar evaporation steps, in-field brine treatment, by product potash ("KCl") and boric acid recovery and chemical processing to produce lithium carbonate. The process results in a high lithium recovery of approximately 65%. The process contemplates a series of six ponds from largest to smallest, where the largest is used to bring brine to saturation and is designed to be unlined reducing the capital cost of pond construction. Sylvinite is to be harvested from the third pond, which is proposed to be subsequently upgraded through a conventional floatation process to muriate of potash. Brine extracted from the final pond will have a concentration of approximately 12% lithium chloride and will be transported to the treatment facility in Pocitos, where boric acid and lithium carbonate are produced. For further details please refer to the press release dated October 11, 2011. 

Groundwater and Solute Transport Modeling
SRK evaluated potential brine extraction for Diablillos to produce lithium carbonate, potash and boric acid. This modeling was based on the resource estimate conducted previously by AMEC (please refer to the press release dated April 11, 2011), and on work completed more recently by Rodinia and SRK; in particular the completion of pumping tests and additional drilling. The work was completed based on the development of 3-D numerical groundwater and solute transport models and included the assessment of:

--  The number of extraction wells needed to meet production targets, their
    locations, total pumping rates and the subsequent drawdown in
    surrounding areas

--  Expected changes in lithium, potassium and boron concentrations within
    the extracted brine over time given possible surface water dilution and
    dilution from surrounding areas containing lower concentrations of these
    components

SRK completed the numerical modeling using MODFLOW-2005 (groundwater flow) and MT3DMS (solute transport) finite-difference codes that are supported by Visual MODFLOW software (SWS, 2010).
Analyst and Shareholder Conference Call
Rodinia will host a conference call at 8:30 AM Eastern Standard Time on Tuesday, November 8, 2011 to discuss the PEA results. To participate in the call please dial the following:

International:                +1 (416) 340-2217
Toll Free North America:      1-866-696-5910
Participant Code:             4326413

To register and listen to the webcast of the call, please go to Rodinia's website at www.rodinialithium.com. 

Qualified Person
The PEA was prepared under the supervision of Mr. Terry H. Braun, with SRK. Mr. Braun relied on the independent QP contributions of Ms. Paula Larrondo (brine resource), Mr. Bob Cinq-Mars (process design) and Dr. Vladimir Ugorets (brine extraction modeling). Mr. Braun is an independent Qualified Person as defined by NI 43-101 and Mr. Braun is independent of Rodinia. Mr. Braun has reviewed and is responsible for the technical information contained in this news release. 

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 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.
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; anticipated timing with respect to the completion of a preliminary economic assessment, 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

SOURCE: Rodinia Lithium Inc.

mailto:info@rodinialithium.com
http://www.rodinialithium.com

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TNR Gold Corp. Options 100% Interest in Iron Ore Project, Northwestern Ontario

TNR Gold Corp.  (.05c)

TSX VENTURE EXCHANGE:

November  2011

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 2, 2011) - TNR Gold Corp. (TSX VENTURE:TNR) ("TNR" or the "Company") is pleased to announce that the Company has entered into a purchase option agreement (the "Agreement") on the acquisition of the Soules Bay Iron Ore project.
Key Highlights:

• Readily accessible: proximal to highway, power and rail;
• 12kms of highly magnetic iron formation strike length contained within the Property;
• Partially overlapping and adjacent to the west is a historical reserve* of 628 million tonnes grading 23.1% soluble iron**;
• 94.5 metre composite 1957 drill sample reports 24.9% soluble iron within and near the western boundary of the Property;
• Iron formation extending to the west has witnessed considerable exploration while limited exploration performed within Property boundary on same-trend magnetic anomaly; and
• The Company to acquire 100% interest.

"The acquisition of the Soules Bay Iron Ore project, encompassing 12 kilometres in strike length of a more extensive iron formation known to host a significant historical reserve, represents a remarkable opportunity for TNR to become a key player in the exploration and potential development of Canadian based Iron projects," states TNR President and CEO Gary Schellenberg.

A comprehensive exploration program consisting of a high resolution airborne magnetic survey, geologic mapping/prospecting and subsequently diamond drilling is planned to be performed throughout the Property along the extent of the highly prominent iron formation.

Under the terms of the Agreement, TNR will acquire a 100% interest in the Property by making aggregate cash payments of $99,065 and issuing an aggregate of 150,000 common shares over a four year period to the Optionor. The Optionor retains a 2% net smelter return royalty on the Property subject to TNR's right to purchase one-half (1/2) of the two percent (2%) for $1 million at any time. The Agreement is made between the Company and Perry English of Souris, Manitoba, an authorized agent for Rubicon Minerals Corporation (TSX:RMX) (the "Optionor").

The Agreement is subject to TNR obtaining approval from the TSX Venture Exchange.

Soules Bay Property
The 1904-hectare Property is located approximately 310 kilometres north of Thunder Bay and 45 kilometres south of Pickle Lake in northwestern Ontario. Provincial Highway 599, originating off the Trans-Canada Highway 17 from the town of Ignace to Pickle Lake, passes less than 300 metres southeast of the Property. An electrical grid is situated just east of the Property and a railway line is located approximately 96 kilometres south at Savant Lake station on Highway 599.

The Property occurs within the eastern Lake St. Joseph Greenstone Belt in the Uchi Subprovince of the Superior Province of the Canadian Shield. The main target area consists of a banded iron formation of considerable extent of which 12kms of strike length is contained within the Property limits. The on-strike extension of the iron formation, partially overlapping, adjacent and to the west of the Property, has witnessed considerable exploration by Steep Rock Iron Mines Ltd. ("Steep Rock") from 1957-1961 reporting a historical indicated reserve* of 628 million tonnes averaging 23.1% soluble iron** yielding a concentrate averaging 67.6% soluble iron signifying an 84.8% recovery at a concentration ratio of 3.4:1; or 29.3 weight percent (Goodwin 1965 and Taylor et al. 1972).

One of the 1957 drill holes (hole #2) utilized in the 1960 Steep Rock reserve calculation, situated within and proximal to the Property's western boundary, reported a 94.5 metre composite sample grading 24.9% soluble iron yielding a concentrate of 68.8% soluble iron signifying an 82.7% recovery at a concentration ratio of 3.3:1; or 29.9 weight percent.

The vast majority of the 12 kilometre long iron formation within the Property remains untested.
Ike Osmani, M.Sc., P.Geo., is the Qualified Person (QP) as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects and is responsible for the preparation of all technical information contained in this news release.

*The geology and assay results quoted above are from various historical reports and have not been verified by the Company. A Qualified Person (QP), as defined in NI 43-101, has not done sufficient work to classify this historical estimate as current mineral resources. TNR is not treating the historical estimate as current mineral resources, as defined in NI 43-101, and thus the historical estimate should not be relied upon. Furthermore, because no recent work has been done to evaluate the economics of the deposit, there is no guarantee that the quoted historic "reserve" figure is potentially economic. Economic studies done in 1960 do not mean the mineralized iron deposit would be found to be economic today. In accordance with NI 43-10, Sec 2.3 (2), the reader is cautioned that the estimate of the potential quantity and grade for the deposit is conceptual in nature and that there has not been sufficient exploration in this instance to define a current mineral resource nor is there certainty that further exploration will delineate the target as a mineral resource.

**Soluble iron is that partial component of total iron content that is acid (i.e. aqua regia) soluble. For clarification, the iron in iron oxides is classified as acid soluble, whereas iron-bearing silicates represent an example of material categorized containing insoluble iron.

About TNR Gold Corp.
TNR is a diversified international mineral exploration company focusing on the advancement of existing properties and identifying and acquiring new prospective projects. TNR has a portfolio of 18 active projects, of which 9 rare metals projects, including Mariana, is now held by TNR's recently listed subsidiary, International Lithium Corp. (TSX VENTURE:ILC). TNR remains a large shareholder in ILC at 28% of outstanding shares.

The recent acquisition of lithium, other rare metals, rare-earth elements and iron ore projects in Argentina, Canada, USA and Ireland confirms TNR and ILC's commitments to generating projects, diversifying its markets, and building shareholder value.

On behalf of the board,
Gary Schellenberg, President

Statements in this press release other than purely historical information, historical estimates should not be relied upon, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. News release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.

CUSIP: #87260X 109

SEC 12g3-2(b): Exemption #82-4434

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.

Contact Information

TNR Gold Corp.
Gary Schellenberg
President
(604) 687-7551 or Toll Free: 1-800-667-4470
(604) 687-4670 (FAX)
info@tnrgoldcorp.com
www.tnrgoldcorp.com

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