Canada Lithium Announces Closing of Sale of Tully Gold Prospect

Wednesday, Sep 08, 2010

Canada Lithium Corp. (TSX:CLQ)(OTCQX:CLQMF) ("Canada Lithium") announced today that it has closed its previously announced sale of its 100% interest in 18 mineral claims located in Tully Township, Porcupine Mining Division of northern Ontario (the "Tully Gold Prospect") to San Gold Corporation ("San Gold") and SGX Resources Inc. ("SGX").

The consideration paid for the Tully Gold Prospect by San Gold and SGX consists of $200,000 in cash paid by SGX, 600,000 common shares of SGX and 150,000 common shares of San Gold. San Gold and SGX shall each acquire a 50% interest in the Tully Gold Prospect.

The sale of the Tully Gold Prospect is subject to receipt of all necessary approvals of regulatory, stock exchange and securities authorities.

Source: Market Wire