VANCOUVER, Feb. 27, 2017 /CNW/ - ("Lithium X", or the "Company")(TSX-V: LIX)(OTCQX: LIXXF) is pleased to announce it has been recognized in the 2017 TSX Venture 50® as the mining sector's top performing company. The Company ranked number one in the sector.
About TSX Venture 50™
Each year, TSX Venture Exchange (TSXV) provides a ranking of our listed companies that have shown notable results in key measures of market performance.
The 2017 TSX Venture 50® ranking of top performing companies highlights five industry sectors: Clean Technology and Life Sciences, Diversified Industries, Mining, Oil & Gas, and Technology. We select 10 companies from each sector based on three equally weighted criteria: market capitalization growth, share price appreciation and trading volume.
TSX Venture Exchange is Canada's leading capital formation platform for growth stage companies and an important part of Canada's vibrant and unique capital markets continuum.
Lithium X is featured in a TSX Venture 50 video at:
Update on Arizaro Project
Further to the Company's news release of January 30th, 2017, the Company has completed the payment and thus secured the acquisition of the Arizaro lithium brine project (the "Project") in Argentina's Salta Province. The Project consists of 33,846 hectares in 11 mining claims covering parts of the western and eastern portions of the Salar de Arizaro, one of the district's largest known salt lakes.
In consideration for the Project, Lithium X has paid USD $250,000 and issued 3,500,000 common shares to the Vendor for a 100% interest in the Project. Payment of the consideration secured for Lithium X, the acquisition of the Project and right to execute public deed and registration of the assignment of the Project. In connection with the acquisition, a finder's fee of 5% of the total acquisition price (USD $12,500 and 175,000 common shares) was also paid. All common shares issued pursuant to the acquisition and the finder's fee are subject to a four month hold period expiring June 3, 2017.
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. The Company holds properties in Salta, Argentina and Nevada, USA. The Company's flagship project Sal de los Angeles lithium brine project as well as the newly acquired Arizaro Lithium Brine Project are located in the prolific "Lithium Triangle" in mining friendly Salta province, Argentina. Lithium X owns 50%, and has the option to acquire up to 80%, of the Sal de los Angeles lithium brine project. 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.
References to "production" or "pilot production" herein should not be construed to imply that the Company's Sal de Los Angeles Project is in commercial production or that it contains mineral reserves. Further technical studies will be required to assess the project's viability. There is no certainty that a potential mine will be realized or that a production decision will be made.
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]; Timothy McKenna, Investor Relations, Toll Free (Canada & US): 1-888-760-5498, US: +1-732-331-6457, Email: [email protected]