RENO, NEVADA--(Marketwire - June 15, 2012) - Western Lithium USA Corporation (the "Company" or "Western Lithium") (TSX:WLC)(OTCQX:WLCDF) is pleased to announce that the board of directors of the Company (the "Board") has appointed John Macken as Chairman of the Board. Edward Flood, with a distinguished career that spans more than forty years, and after founding Western Lithium over five years ago, is reducing his activities in the mining sector and has resigned from the Board.
Mr. Macken has served on the Board since January, 2008. He also acted as President of Ivanhoe Mines Ltd. between December 2003 and April 2012 and as Chief Executive Officer of Ivanhoe Mines Ltd. between March 2006 and October 2010, focused on the development of the multi-billion dollar copper/gold Oyu Tolgoi mine in Mongolia. Prior to Ivanhoe Mines, Mr. Macken was Senior Vice President of Strategic Planning at Freeport McMoran, where he was involved with the development and operations of the copper/gold Grasberg Mine in Indonesia for over a nineteen year period.
"Ed's prescient vision around the electrification of the automobile and development oversight for more than five years form the foundation of our Company today," said Jay Chmelauskas, President of Western Lithium. "With the handover of the Chairmanship to Mr. Macken, the Company will consider strategic alternatives since current financial market conditions have constrained the advancement of our lithium project at this time. For example, the Company is investigating the opportunity to enter the clay additive business for drilling fluid applications. In addition, the Company may seek opportunities to participate in the consolidation of the junior mining sector."
The Company would like to thank Mr. Flood for his direction, and valuable contributions over the past five years. Mr. Flood founded the Company as a strong believer around the concept of lithium battery powered plug-in hybrid and electric vehicles. Since inception, the Company has advanced the project through exploration and pre-feasibility economics. The world is now beginning to see mass production of electrified vehicles, which is expected to provide longer term support for the Company.
About Western Lithium
Western Lithium is developing the Kings Valley, Nevada lithium deposit into a strategic, scalable and reliable source of high quality lithium carbonate. The Company is positioning itself as a major U.S.-based supplier to support the rising global demand for lithium carbonate that is expected from the increased use of hybrid/electric vehicles.
Forward-Looking Statements: This document includes forward-looking statements. Forward-looking statements include, but are not limited to: the Company's ability to sell an acceptable or premium product to the lithium market and to produce a high purity and high quality lithium product for use in multiple types of lithium ion battery chemistries. When used in this document, the words such as "plan", "estimate", "expect", "intend", "may", "likely" and similar expressions are forward-looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are disclosed under the heading "Risk Factors" in the Company's Annual Information Form for the year ended September 30, 2011 which is available at www.sedar.com.