VANCOUVER, July 15 /CNW/ - Canada, Coniagas Resources Limited (the
"Company") (TSX-V: CNY) is pleased to announce that all items that were on the
agenda that required shareholder vote at the Company's 2009 annual general and
special meeting held on July 13, 2009 were approved, including the name change
of the Company to Lithium One Inc. to reflect its primary focus. The Company
anticipates that the shares of Lithium One will commence trading on the TSX
Venture Exchange under the new name by July 20, 2009 under the new symbol
"LI", which is the chemical symbol for lithium.
The Company has sent a letter of transmittal to its registered
shareholders indicating the procedure to follow in order to exchange their
current share certificates for new share certificates. A copy of the letter of
transmittal is also available on the Company's profile on SEDAR at
www.sedar.com. Shareholders should follow the procedure outlined in that
letter to receive their new share certificates.
The Company would also like to announce that at the meeting, the
following individuals were appointed to the Board of Directors of the Company:
Maurice Colson
R. Patrick Highsmith
Paul F. Matysek
Jeffrey A. Pontius
Darren M. Pylot
Patrick Highsmith, President and CEO of Lithium One, comments "We are
thrilled with this impressive team of mine-finders and mine-builders that we
have been able to assemble. This diverse array of people brings extraordinary
track records to Lithium One. Paul Matysek was a founder of Energy Metals and
took that company to a transaction valued at $1.8 billion in just 3 years. He
is currently leading Potash One through the pre-feasibility study on its major
project in Saskatchewan. Darren Pylot is another proven leader, coming off
recent success. Last year, in one of the most challenging markets in recent
history, Pylot and his team accomplished a remarkable merger between Capstone
Mining and Sherwood Copper. This year his company will likely produce more
than 100 million pounds of copper. These new additions join an already-strong
team that includes Jeff Pontius, the CEO of International Tower Hill Mines.
Jeff is a true ore-finder, having quickly built their Livengood gold project
to more than 7 million ounces of gold in resource. We now enjoy true expert
counsel and governance from our Board on matters of finance, development,
exploration, and delivery of results."
Commenting about Lithium One's strategy and market outlook for lithium,
Highsmith continues "The Company is now well positioned to advance our assets
and our development strategy. The lithium space has been reinvigorated with
need to develop more environmentally friendly transportation choices. The
world needs alternative sources of reliable, portable energy. Just two weeks
ago, Hitachi announced plans to invest more than $200 million in added
capacity for lithium ion battery production directed at hybrid cars. It is a
good time to accelerate our efforts and get the message out with a new name, a
new ticker symbol, and a revitalized Board. Lithium One is progressing on its
Cyr Project in Quebec, for which we have raised significant exploration
funding. We are actively seeking new projects that will strengthen and
diversify our portfolio."
Pursuant to the Company's stock option plan, the Company has granted
450,000 incentive stock options to directors and consultants of the company,
each option exercisable at $1.50 per share until July 13, 2011.
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.
This news release may contain forward-looking statements. Forward-looking
statements address future events and conditions and therefore, involve
inherent risks and uncertainties. Actual results may differ materially
from those currently anticipated in such statements.
