European Lithium Limited (ASX: IEUR, PRA: P1=8, OTC: EULIF) (European Lithium or the Company) refers its shareholders to the announcement made by Cyclone Metals Ltd (CLE) (ASX: CLE) today entitled ‘Memorandum of Understanding between Vale S.A. and Cyclone Metals for the development of the Iron Bear Project’ and attached to this announcement.

European Lithium holds 74,101,028 shares in CLE representing 10.66% of the total share capital.

This announcement has been approved for release on ASX by the Board of Directors.

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