ILC is currently pursuing confidential discussions with strategic investors to negotiate a beneficial transaction that may dramatically assist ILC in the attainment of its objectives.

Mariana Lithium Brine Project:

In 2011, the phase one drill program is planned to target and isolate separate brine horizons for a first-time representative characterization of the subsurface brine geochemistry. Subsequent drilling will continue to delineate and add to the confidence level of the geochemistry of the subsurface brine pool with an Inferred Resource estimate targeted for the end of the year. The Mariana project is expected to experience the most rapid advancement of any of the projects within the current TNR portfolio.

Nevada Properties:

ILC holds three additional lithium brine properties in Nevada (Fish Lake, Runway and Sarcobatus Flats) located in adjacent valleys to the Silver Peak operation in Clayton Valley, the sole lithium brine producer in North America which has been in operation since 1966. Upon completion of the ILC spinout, the company is planning to mobilize a drill to all three properties, target the lithium brine aquifers within the stratigraphy and test their viability.

Mavis Lake Property:

Surface exploration work on the Mavis Lake rare metals' project, located 15 km Northeast of Dryden, Ontario, has revealed high-grade well-evolved lithium and tantalum zonation as well as significant levels of cesium and rubidium across multiple pegmatite bodies. These results show that the Mavis Lake property is clearly emerging as one of the premier multi-element rare metals projects and warrants a drill program in 2011 to determine its potential.

Moose Property:

2010 exploration results included a channel sample running 1.50 wt% Li2O over 7.5 metres, which confirms the continuity of high grade lithium across substantial widths within the pegmatite, and a muck pile returned 8.44 wt% Li2O indicating that the source pegmatite is highly evolved and underscores the future potential of the property. These results demonstrate the potential that the Moose Property has and will be followed up with a drill program in 2011 to advance the project.