International Lithium Corp. Engages Venture Liquidity Providers Inc. ILC.v, TNR.v

International Lithium Year End Summary - President's Update ILC.v, TNR.v

"International Lithium has demonstrated very impressive exploration success this year, our team is extremely pleased with the advance of our projects to date,  resultantly I would like to provide a more comprehensive update to our shareholders" - Kirill Klip, President of ILC.


MILESTONES:

• Extensive 78 meter Mineralized Pegmatite with Extensive Lithium and Tantalum Zonation at Mavis Lake - Fairservice Lithium and Rare Metals Project, Ontario, Canada
• High-Grade Lithium Boulder Field Discovery Significantly Extends Moylisha - Blackstairs Project, Ireland
• Discovered Extensive Sand Layers Hosting Lithium - Boron and Highest Potash Grades in an Argentine Salar, - Mariana Brine Project, Argentina
• Strengthened Strategic Partnership with Ganfeng Lithium"

May 07, 2012

ILC ENGAGES VENTURE LIQUIDITY PROVIDERS INC.

International Lithium Corp. (the "Company") would like to provide clarification further to it's news release of May 4, 2012 in which the Company announced that it has retained Venture Liquidity Providers Inc. ("VLP") to initiate its Market Making Service to provide assistance in maintaining an orderly trading market for the Company's common shares pursuant to an agreement between the Company and VLP dated April 17, 2012 (the "Agreement").
The Market Making Service will be undertaken by VLP through a registered broker, W.D. Latimer Co. Limited, in compliance with the guidelines of the TSX Venture Exchange (the "Exchange"). VLP is a specialized consulting firm based in Toronto providing a variety of services focused on Exchange-listed issuers. In consideration for their services, the Company has agreed to pay VLP $5,000 per month for an initial period of 12 months and to issue VLP 50,000 stock options (each a "VLP Option"). Each VLP Option will entitle VLP to purchase one common share of the Company at a price of $0.115 per common share for a period ending 5 years following the date of grant. The VLP Options will vest quarterly over a period of one year. This grant of VLP Options is made in compliance with the Company's stock option plan and remains subject to applicable filings with the Exchange.
The Agreement is subject to acceptance of applicable filings with the Exchange. The Agreement is set to automatically renew for successive additional 12 month terms, unless otherwise terminated. The Agreement may be terminated at any time by the Company or VLP. The Company and VLP act at arm's length, and VLP has no present interest, directly or indirectly, in the Company or its securities. The Agreement is subject to regulatory approval.

ABOUT VENTURE LIQUIDITY PROVIDERS INC.

VLP is a Specialized Consulting Firm based in Toronto providing a variety of services focused on Exchange listed stocks. VLP's exclusive Market Making Service is provided by W.D. Latimer Co. Limited, Canada's premier Market Making Firm. For further information on VLP, contact JC Cunningham, Vice President at 416-891-4349 or email jc@ventureliquidityproviders.com.

ABOUT W.D. LATIMER CO. LIMITED

W.D. Latimer Co. Limited is one of Toronto's most active broker-dealers. With more than 40 proprietary traders and specialists for the Toronto Stock Exchange, an institutional agency desk and private client services, W.D. Latimer Co. Limited is one of Canada's largest proprietary trading firms. For further information on W.D. Latimer Co. Limited, contact Bill Seaward, Venture Market Making Specialist at 416-707-3131 or email bill@wdlatimer.com.

ABOUT INTERNATIONAL LITHIUM CORP

International Lithium Corp. is a rare metals mineral exploration company with an outstanding portfolio of projects, strong management ownership, robust financial support and a strategic partner and keystone investor Jiangxi Ganfeng Lithium Co. Ltd., a leading China based lithium product manufacturer.
ILC currently has 9 active rare metals projects, well balanced between lithium-potash brines in Argentina, Nevada and hard-rock pegmatites in Canada and Ireland. The Company's primary focus is the Mariana lithium-potash brine project, a salar or 'salt lake', covering an expansive 160 square kilometres and strategically encompassing the entire basin. Mariana is located in the renowned South American 'Lithium Belt' centred on the junction of Argentina, Bolivia and Chile that is host to the vast majority of global lithium resources, reserves and production. The Mariana lithium-potash brine project ranks as one of the more prospective salars in the region.
Complementing the Company's lithium brine projects are the rare metals pegmatite properties. The key characteristics shared by the hard-rock rare metals projects are their limited past exploration, excellent accessibility, limited assaying for rare metals, clear potential for additional exploration to add project value and development potential to meet the global technological growth in demand for the rare metals suite of elements.
International Lithium Corp.'s mandate is to increase shareholder value through aggressive advancement of its core projects and to source joint venture partners to expand the scope and diversify risk of its exploration effort.

On behalf of the Board,

"Gary Schellenberg"

Gary Schellenberg
Chief Executive Officer -- International Lithium Corp.

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. Statements in this press release other than purely historical information, historical estimates should not be relied upon, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. News release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.

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