Experienced Clayton Valley operator GeoXplor named Exploration Manager
Lithium X Land Position Increased by over 180%
Minerals and Environmental Engineer Timothy Oliver appointed VP Project Development
VANCOUVER, Nov. 30, 2015 /CNW/ - Lithium X Energy Corp. (TSX-V: LIX) ("Lithium X", or the "Company") Executive Chairman Paul Matysek and Chief Executive Officer Brian Paes-Braga today announced the commencement of trading on the TSXV under the ticker symbol "LIX."
"I would like to thank everybody at the TSXV, our financial and legal advisors, and our shareholders for contributing to a successful launch," commented Mr. Matysek.
Lithium X is also pleased to announce the appointment of GeoXplor Corp. ("GeoXplor") as Exploration Manager for its upcoming work program in Clayton Valley North, Nevada. Lithium X has increased its Clayton Valley land position by over 180% through staking completed on its behalf by GeoXplor. Lithium X now holds approximately 4,360 acres (1,765 hectares) in the Clayton Valley.
"This is just the beginning for Lithium X," said Mr. Paes-Braga. "In a few short months we have secured a key land position adjacent to North America's only lithium producer, built a tremendous team, financed the Company with exceptional shareholders and listed on the TSXV. We are very excited about what we can accomplish in 2016."
The Lithium X claims are contiguous to private lands and placer claims belonging to Albemarle Corp. (NYSE: ALB), which operates North America's only lithium production facility, in operation since 1967. Historic drill information and a geophysical survey show the Lithium X properties cover basin-fill sediments similar to those currently producing lithium brines for Albemarle.
GeoXplor is managed by prospectors Clive Ashworth and John Rud, who have been active in the Clayton Valley for the past 8 years. GeoXplor operates Pure Energy Minerals' Clayton Valley South project, where they were instrumental in helping discover and identify an Inferred Resource of 816,000 tonnes of Lithium Carbonate equivalent (July 2015 NI 43-101).
Mr. Rud and Mr. Ashworth also control Clayton Valley Lithium Inc., which optioned the initial Clayton Valley North lithium claims group to Lithium X.
"We view the Clayton Valley North project as equally prospective to anything else in the valley," commented Mr. Rud. "We are pleased to be working with such a capable and energetic team in Lithium X to advance the development of the project."
Lithium X has also appointed Tucson-based mining executive Timothy Oliver, P. Eng, as the Company's Vice-President, Project Development. Mr. Oliver's role includes project management and oversight of all work programs, development studies and community relations activities.
"Tim joins us at a formative time for our Company as we aim to rapidly advance our Clayton Valley lithium project, which has the potential to fuel future supply for the battery industry," commented Mr. Matysek. "His 38 years of experience as a specialist in mine project development engineering and environmental permitting is a tremendous asset to Lithium X."
Mr. Oliver's experience spans all stages of mine development, from exploration to closure. He holds a BS in Environmental Engineering from the New Mexico Institute of Mining and Technology (1976) and is a registered professional engineer in four U.S. states and in Alberta, Canada. Mr. Oliver spent over 15 years with producing companies including Magma Copper Company, Exxon Minerals and Phelps Dodge. Before joining the Lithium X team, Mr. Oliver practiced engineering both independently and with firms such as M3 Engineering and Technology and Tetra Tech. Mr. Oliver is an NI 43-101 Qualified Person (QP) and has lead or contributed to dozens of NI 43-101 studies for mine projects in North and South America.
Mr. Matysek is a mining entrepreneur, professional geochemist and geologist with over 30 years of experience in the mining industry. Mr. Matysek was President and CEO of Lithium One Inc., which developed a high quality lithium project in northern Argentina. In July 2012, Lithium One merged with Galaxy Resources of Australia in a $112 million plan of arrangement to create an integrated lithium company. Prior to Lithium One, Mr. Matysek was the President and CEO of Potash One Inc. where he was the architect of the $434 million friendly takeover of Potash One by K+S Ag, which closed in early 2011. Prior to founding Potash One, Mr. Matysek was the Founder, President and CEO of Energy Metals Corporation ("EMC"), a uranium company traded on the New York and Toronto Stock Exchanges. Mr. Matysek led EMC as one of the fastest growing Canadian companies in recent years, increasing its market capitalization from $10 million in 2004 to approximately $1.8 billion when acquired by a larger uranium producer in 2007. Mr. Matysek is currently CEO of Goldrock Mines Corp.
Mr. Paes-Braga commented, "When we entered the lithium business we thought of who would be the best executive to join our management team. Paul Matysek's track record as a mining company builder and shareholder wealth creator put him at the top of our list. I am excited to learn from him and work closely with him in growing this venture. Lithium X co-founder Frank Giustra and I are incredibly pleased he has agreed to join the founding team."
Lithium X is finalizing plans for its 2016 first quarter exploration program at the Clayton Valley North project, and is actively evaluating potential technology and processing partners.
The Company has 28,125,732 common shares issued and outstanding and 2,805,000 options with exercises prices ranging from $0.11 to $0.15. Lithium X has approximately $2,473,250 in working capital.
The technical content of this news release has been reviewed and approved by Timothy Oliver, P. Eng, a qualified person as defined by NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
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 news release.
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects", "believes", "aims to", "plans to" or "intends to" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed by such forward-looking statements or forward-looking information, including the business of the Company and the commencement of trading in the Company's shares. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE Lithium X Energy Corp.