VANCOUVER, July 20, 2016 /CNW/ - Lithium X Energy Corp. ("Lithium X", or the "Company") (TSX-V: LIX) (OTCQB: LIXXF) Executive Chairman Paul Matysek and Chief Operating Officer Eduardo Morales are pleased to provide the following operational update for the Sal de los Angeles lithium brine project (the "Project") in Salta province, Argentina.
- New Resource Estimate expected by August 30, 2016
- SRK Consulting has initiated pump tests to help upgrade the historical resource
- Construction permits for the pilot ponding facility anticipated within 60 days; negotiations have begun for longer lead items
Several development activities are underway at the Project following the appointment of Eduardo Morales as Chief Operating Officer and Andres Barrientos as Project General Manager. Pump tests have been initiated, including two airlift pump tests and one long-term multi-day pump test on existing wells in the northern portion of the Project, where previous drilling intersected higher-grade lithium brine in predominantly sand and gravel aquifers. The results of these pump tests will be incorporated into the upcoming Resource Estimate, which is on schedule to be released prior to August 30, 2016.
The long-term pump test is being conducted at a prototype production well drilled near the anticipated well field. The pump tests are being conducted by SRK Consulting (Denver), which has been retained to update the Resource Estimate.
An Environmental Impact Assessment has been submitted to Salta's Ministry of Mines detailing the pilot ponding facility to be constructed as part of the Salta Exploraciones S.A. ("SESA") joint venture. The permitting process typically takes up to 60 days. Subject to approval of the EIA, construction is scheduled to commence on the pilot ponding facility. In anticipation of final receipt of construction permits, the SESA joint venture is negotiating the purchase of longer lead items and working on further advanced engineering details, factoring in the experience and recommendations of Mr. Morales and Mr. Barrientos.
"I am pleased to now be fully integrated with the Lithium X team, and up to speed on the ground with the Sal de los Angeles Project, where I have now assumed operational responsibilities," commented Mr. Morales. He continued, "I believe the Project has strong potential to become a world-class lithium asset, and we have the right team in place to effectively move forward. An updated Resource Estimate and the necessary approvals to build the pilot ponding facility are important steps in that direction."
The technical information contained in this news release has been reviewed and approved by Will Randall, P.Geo, who is a Qualified Person as defined under NI 43-101. As Vice-President Project Development of the Company, Mr. Randall is not considered independent.
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. Sal de los Angeles is a well-known salar with positive historical economics, grade and size. 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 and on the OTCQB under the trading symbol LIXXF.
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
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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.