LTH Lithium Ionic Corp

THIS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES AND DOES NOT CONSTITUTE AN OFFER OF THE
SECURITIES DESCRIBED HEREIN


Lithic Resources Ltd. (TSX VENTURE:LTH) (the "Company") is pleased to announce
that on July 30, 2012, it closed the non-brokered private placement (the
"Private Placement") previously announced on July 19, 2012 and increased on July
23, 2012, consisting of 15 million common shares at a price of 5 cents per share
for gross proceeds of $750,000. The majority of the placement was taken by
Geologic Resource Partners LLP ("GRP") which became a new insider of the Company
and retains the right for a period of 18 months to participate in subsequent
private placements in order to maintain its then current interest in the Company
up to a maximum interest of 19.9% in the Company. No other insiders were created
as a result of the Private Placement nor was there any change of control of the
Company. Immediately following the completion of the Private Placement, GRP will
have control or direction over an aggregate of 16.62% of the Company's issued
and outstanding common shares. All securities issued pursuant to the Private
Placement will be subject to a four month hold period and the completion of the
Private Placement remains subject to the TSXV granting final acceptance.


Chris Staargaard, the Chief Executive Officer and a director of the Company, and
Louis Montpellier, a director of the Company, are subscribers to the Private
Placement and are each a "related party" as such term is defined in Multilateral
Instrument 61-101 ("MI 61-101") and TSX Venture Exchange ("TSXV") Policy 5.9.
Additional information relating to MI 61-101 and TSXV Policy 5.9 may be found
below.


Appointment of Directors

The Company is also pleased to announce the appointments of Wayne Hubert and
Kerry Curtis to the board of directors immediately following completion of the
Private Placement.


Mr. Hubert was most recently CEO and director of Andean Resources Limited from
2006 until December 2010. When he joined Andean, the company had a market
capitalization of $70 million and a resource base of about 800,000 ounces of
gold. Mr. Hubert helped lead Andean through several discoveries which increased
the resource base to over 5 million ounces of high-grade gold as well as
subsequent feasibility studies, financings and permitting. Andean was ultimately
acquired by Goldcorp for $3.5 billion.


Prior to his tenure at Andean, Mr. Hubert was Vice-President Corporate
Development and Investor Relations with Meridian Gold Inc. During his 14 year
career at Meridian, he gained considerable experience in the areas of finance,
exploration, project development, permitting and construction. He has a bachelor
of science in Chemical Engineering from the University of Cape Town and an MBA
from Brigham Young University.


Mr. Curtis is the former President, CEO and director of Cumberland Resources
Ltd., a Canadian gold company which he led from the resource discovery stage
through feasibility, permitting and initial construction until its acquisition
by Agnico Eagle in 2007. He is also a former director of Meliadine Resources
Ltd., a privately owned Nunavut gold explorer which was sold to Agnico Eagle in
2010. He is currently President and CEO of South Arm Resources Ltd., a private
company based in British Columbia.


Mr. Curtis has 28 years of experience in mineral exploration, feasibility,
development and financing as well as corporate development and general corporate
affairs. He has completed a wide range of mining transactions in his career
including corporate transactions, equity financings for exploration and
development and syndicated bank financing for development. He is a graduate of
the University of British Columbia with a Bachelor of Science in Geology and is
a Professional Geoscientist (P.Geo.) registered with the Association of
Professional Engineers and Geoscientists of British Columbia.


Following completion of the Private Placement, Steve Vanry and Frank Wheatley
resigned from the board of directors in order to make room for the appointments
of Messrs. Hubert and Curtis. The Company thanks them for their support and
assistance during their respective tenures.


Additional Information Regarding MI 61-101 and TSXV Policy 5.9

The Company is exempt from the requirements of MI 61-101 and TSXV Policy 5.9
which would otherwise require the Company to obtain a valuation and minority
approval of the Private Placement as the value of the Private Placement being
subscribed for by related parties is less than 25% of the Company's current
market capitalization. The subscriptions of Messrs. Staargaard and Montpellier
were unanimously approved by the directors of the Company who did not subscribe
to the Private Placement, with Messrs. Staargaard and Montpellier abstaining
from the vote. The subscription agreements entered into by the related parties
in respect of the Private Placement contained standard terms, including
representations and warranties, typical for transactions of this nature. Closing
the Private Placement within less than 21 days of the announcement of the
Private Placement is reasonable in the circumstances as the Company requires the
proceeds of the Private Placement as soon as possible for general corporate
purposes.


About Lithic

Lithic Resources holds a 100% interest in the advanced stage Crypto project in
Utah, a zinc-copper-silver-indium-gold deposit previously explored by Utah
International and Cyprus Minerals. Drilling and an updated resource estimate by
the Company in 2007-2009 substantially increased the size of the resource base
at Crypto and preliminary metallurgical testwork has shown good recoveries to
separate zinc (indium) and copper (gold-silver) concentrates using standard
flotation processing.


In 2010, a Preliminary Economic Assessment (PEA) showed that the most likely
development scenario at Crypto would be that of a conventional 3,500 tonne per
day underground mine and mill complex. Zinc would represent approximately half
of the value of production, the balance by copper, silver, indium and gold. The
levels of indium in the deposit are exceptional and highlight Crypto as perhaps
the most important potential resource of that metal in the USA where there is
currently no domestic production.


A significant proportion of the minimum grade and tonnage required for an
economic situation has already been defined. Since the deposit is open in
several directions, there is good potential to expand existing resources and
very good potential for the discovery of new zones beyond these extensions. A
US$3 million program of drilling is planned to continue expanding tonnes and
grade. The project is fully permitted and bonded. Technical reports and other
information regarding the Crypto project may be found at
www.lithicresources.com.


Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking
information (collectively, "forward-looking statements") within the meaning of
applicable Canadian and US securities legislation. All statements, other than
statements of historical fact, included herein including, without limitation,
statements regarding the use of proceeds of the Private Placement, the potential
of the Company's mineral projects and the Company's planned drilling and
exploration programs. Although the Company believes that such statements are
reasonable, it can give no assurance that such expectations will prove to be
correct. Forward-looking statements are typically identified by words such as:
believe, expect, anticipate, intend, estimate, postulate and similar
expressions, or are those, which, by their nature, refer to future events. The
Company cautions investors that any forward-looking statements by the Company
are not guarantees of future results, performance, or actions and that actual
results and actions may differ materially from those in forward-looking
statements as a result of various factors, including, but not limited to, those
risks and uncertainties disclosed in the Company's Management Discussion and
Analysis for the year ended December 31, 2011 filed with certain securities
commissions in Canada and other information released by the Company and filed
with the appropriate regulatory agencies. All of the Company's Canadian public
disclosure filings may be accessed via www.sedar.com and readers are urged to
review these materials, including the technical reports filed with respect to
the Company's mineral properties.


LITHIC RESOURCES LTD.

C.F. Staargaard, President and CEO

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