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RM RouteMaster Capital Inc

0.83
0.00 (0.00%)
Last Updated: 01:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type
RouteMaster Capital Inc TSXV:RM TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.83 0.82 0.84 0 01:00:00

Rodinia Lithium Completes Production Well and Drill Program at Diablillos

12/07/2012 2:24pm

Marketwired Canada


Rodinia Lithium Inc. ("Rodinia" or the "Company") (TSX VENTURE:RM)(OTCQX:RDNAF)
is pleased to provide a progress update on the Company's 100% owned Diablillos
lithium-potash brine project ("Project" or "Salar" or "Diablillos") in Salta,
Argentina. The Company continues to advance the project towards feasibility by
completing ten additional conventional mud rotary drill holes that totaled 1604
metres. A prototype production well, 250 metres in depth, was constructed with
10-inch casing down to basement. Other drilling initiatives included seven pump
testing and monitoring wells, and two fresh water monitoring well. This latest
round of drilling confirmed previously announced basin lithologies and provided
definitive basin/basement contacts where previously estimated. 


William Randall, Rodinia's President & CEO, commented, "Having mobilized an
additional rig earlier in the year has enabled us to complete our work program
on schedule. We now have all the required information for a resource update,
which is the first important step towards completion of the Feasibility Study.
We are extremely pleased with the progress our team has made and the results
achieved to date." 


Three of the drill holes designed for pump tests in the eastern portion of the
Salar encountered strong artesian conditions. Flow rates of up to twenty-two
litres per second from these holes have been measured. While this is positive
for the long term prospects of the project, as it demonstrates high hydraulic
conductivity and favourable lithology, it has limited the effectiveness of the
pump tests. The pressures exerted by the artesian conditions are such that down
hole work was restricted. 


In addition, the Company announces that it has granted an aggregate of 1,140,000
stock options of the Company (the "Options") to officers, directors, consultants
of the Company. The Options shall have an exercise price of $0.175 and shall
expire on July 11, 2017. The Options remain subject to receipt of all necessary
regulatory approvals, including the approval of the TSX Venture Exchange and
remain subject to the statutory four month hold period until November 12, 2012.


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 2012, Rodinia will focus on
continuing to develop the Diablillos project by completing additional drilling
and advancing through feasibility 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 anticipated timing with respect to the feasibility study; the potential of
the Diablillos property; the potential results and timetable for further
exploration with respect to the Clayton Valley project and the Diablillos
property, the timetable with respect to future acquisitions and exploration
developments at Clayton Valley and Diablillos, timetable for further
exploration, analysis and development, title disputes or claims; and
governmental approvals and regulation. There can be no assurance that such
statements will prove to be accurate; actual results and future events could
differ materially from such statements. Factors that could cause actual results
to differ materially include, among others, metal prices, competition, financing
risks, acquisition risks, risks inherent in the mining industry, and regulatory
risks. Most of these factors are outside the control of the Company. Investors
are cautioned not to put undue reliance on forward-looking information. Except
as otherwise required by applicable securities statutes or regulation, the
Company expressly disclaims any intent or obligation to update publicly
forward-looking information, whether as a result of new information, future
events or otherwise.


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