Canada Lithium to fight class action lawsuit over reserves estimate

29 August 2013 14:31  [Source: ICIS news]

TORONTO (ICIS)--Canada Lithium on Thursday confirmed that it is facing a class action suit over allegedly misrepresenting lithium reserves at a project in Quebec province.

Earlier this month, an Ontario court certified the class action suit and allowed it to proceed. The case goes back to a “mineral resource estimate” from the company released in October 2010.

Canada Lithium said it would “vigorously defend itself and its assets” against the suit.

It added that at this time the certification of the case as class action suit was a “procedural step” and that none of the allegations raised have been assessed or determined by the court.

“The company continues to deny that the allegations will be proven at trial,” it said without commenting on the details of the alleged misrepresentation.

According to information on its website, Canada Lithium on 28 October 2010 announced an update on estimated lithium oxide reserves at its project near Val d’Or, Quebec. At the time, the company said that the project ranked among the top two or three known hard-rock lithium deposits in the world.

By: Stefan Baumgarten
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