As a result of a review by the British Columbia Securities Commission, the Company is issuing the following news release to clarify its disclosure.
VANCOUVER, Feb. 20, 2017 /CNW/ - Lithium X Energy Corp. ("Lithium X", or the "Company") (TSX-V: LIX) (OTCQB: LIXXF) confirms that the Preliminary Economic Assessment (the "2011 PEA") which was prepared in 2011 by SRK Consultants for Rodinia Lithium is not current and should not be relied upon. No current economic analysis has been prepared in relation to the Sal de Los Angeles project and there are currently no valid economic analyses relating to the Project. The 2011 PEA was based on a resource that the Company did not consider to be current when it acquired the Project and accordingly the Company retracted all references it had made to the 2011 PEA in a news release dated May 26, 2016. Despite the retraction, information from the 2011 PEA remained on the Company website and references to the 2011 PEA were made in a report prepared by Edison Investment Research which the Company commissioned. Such references have been removed and the Company reiterates that such references are retracted and are not reliable. The Company advises readers not to rely on such any previous disclosure of the 2011 PEA as it may continue to be found in the public domain. The Company will be filing an amended technical report to address certain deficiencies in the Technical Report prepared by FloSolutions (Chile) dated August 30, 2016. The resources calculation in the amended report will not change from the original report.
The technical information contained in this news release has been reviewed and approved by Lithium X's Vice-President of Project Development, William Randall, P.Geo, who is a Qualified Person as defined under NI 43-101.
About Lithium X Energy Corp
Lithium X Energy Corp. is a lithium exploration and development company with a goal of becoming a low-cost supplier for the burgeoning lithium battery industry. Lithium X owns 50%, and has the option to acquire up to 80% of the Sal de los Angeles lithium brine project in the prolific "Lithium Triangle" in mining friendly Salta province, Argentina. Lithium X's Arizaro project consists of 33,846 hectares located in one of the world's largest salars thought to contain elevated lithium brine values. Lithium X is also exploring a large land package in Nevada's Clayton Valley, contiguous to the only producing lithium operation in North America – Silver Peak, owned and operated by Albemarle, the world's largest lithium producer. Lithium X is listed on the TSXV under the trading symbol LIX.
For additional information about Lithium X Energy Corp., please visit the Company's website at www.lithium-x.com or review the Company's documents filed on www.sedar.com. Join the Company's email list at http://lithium-x.com/subscribe.
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.
For further information: Brian Paes-Braga, President and CEO, Director, Tel: 604-609-6113, Email: [email protected]; Investor Relations, Timothy McKenna, Toll Free (Canada & US): 1-888-760-5498, US: +1-732-331-6457, Email: [email protected]