Mike O’Driscoll, Mark Watts
Canada Lithium Corp. is in the process of defending a proposed class action lawsuit over alleged misrepresentations relating to a mineral resource estimate announced in 2010. The Toronto-based company holds a 100% interest in the Quebec Lithium Project near Val d’Or, from which sample tests have produced battery-grade lithium carbonate.
The lawsuit was initiated in the Ontario Superior Court of Justice against Canada Lithium, its directors, and certain officers relating to a mineral resource estimate for the Quebec Lithium Project that was announced by the company on 28 October 2010.
The estimate reported measured and indicated resources of 46m. tonnes grading 1.92% lithium oxide (Li2O), which formed the basis of a feasibility study.
The resource estimate was incorporated into various disclosure documents from...