TORONTO, July 25, 2017 /CNW/ - LSC Lithium Corporation ("LSC" or together with its subsidiaries, the "Company") (TSXV:LSC) announced today that it has accepted the resignation of Wayne Richardson, as the Company's Chief Executive Officer ("CEO"). Mr. Richardson was instrumental in establishing a strong footing for LSC to operate in Argentina and has been a strategic asset during the growth stage of the Company. Mr. Richardson has resigned to focus on the continued growth and advancement of Enirgi Group Corporation ("Enirgi Group") and it's portfolio of global projects and technologies, including Enirgi Group's proprietary Direct Xtraction Processing Technology, which has successfully been deployed at Enirgi Group's DXP Plant on their wholly-owned Salar del Rincón in Salta, Argentina. Enirgi Group's technology is a key element of the strategic relationship agreement between LSC and Enirgi Group. LSC will continue to benefit from Mr. Richardson's leadership as the Chairman of LSC.
The Board of Directors is pleased to announce that Mr. Carlos Galli, LSC's Chief Operating Officer, will act as the interim CEO until a new Chief Executive Officer is appointed. The appointment of Mr. Galli as CEO is subject to certain conditions. Mr. Galli has been working with ADY since 2010, first as Industrial Manager and then as General Manager of Operations. Mr. Galli has participated in the construction and management of a lithium carbonate plant operation in the Puna plateau of Argentina, which delivered product to 5 countries. Among his past work experiences, he was an Industrial Segments Manager in SKF Latin America, and a Process Technology Business Manager in Alfa Laval.
The Board of LSC is very pleased to have Mr. Galli in this new role. With an Argentinian exploration focus, Carlos' professional knowledge, exploration experience and enthusiasm is a key to driving the accelerated and expanded exploration program. This change also benefits LSC as Enirgi Group will be focused on delivery of QP sign-off of their DXP Plant and funding for the final 50,000 tonne per year lithium carbonate commercial plant, which once successfully delivered, will be of demonstrable benefit to LSC.
LSC has recently initiated a major exploration program on its Salar de Pozuelos property ("Pozuelos"), following up on the success of its initial exploration (see LSC press release dated April 10, 2017) and the closing of the acquisition of LitheA which owned 100% of Pozuelos.
The current program incorporates 15 holes to test all depths of Pozuelos and collect brine and relative Brine Release Capacity (RBRC) samples. Drilling for the current program commenced the week of July 14 in the south end of Pozuelos. The first hole drilled, SP-2017-15, intersected highly fractured halite to 35 m depth, followed by fractured halite with intercalated clays and very coarse gravels to 81.5 m. The hole was stopped at 81.5 m, cased with filters and brine samples obtained by air-lift tests. The brine density exceeded 1.2 kg/L. Brine assays are expected within the next two weeks. The second hole, SP-2017-11, had advanced to 45 m as of July 20. It encountered an initial 5 m interval of organic material followed by 35 m of highly fractured halite intercalated with some clay and significant coarse gravel. The hole is planned to advance to 60 m with the collection of brine samples at selected intervals. LSC is encouraged by the drilling results to date, which indicate the potential for high porosity formations.
A drilling program on LSC's tenements on nearby Salar Pastos Grandes is scheduled to start as soon as permits are received, which are expected by the beginning of August. This program will complement the work on Pozuelos. Other exploration programs are scheduled to start in early August on LSC's projects at Salar Rio Grande and Salar Jama. In addition, LSC anticipates receiving permits to undertake initial exploration work on its Salar Salinas Grandes tenements in Salta Province in late Q3/17 following a successful community relations engagement program.
Qualified Person/Data Verification
The scientific and technical information included in this press release is based upon information prepared and approved by Donald H. Hains, P.Geo. Donald H. Hains is a qualified person, as defined in NI 43-101 and is independent of LSC and Lithea.
ABOUT LSC LITHIUM CORPORATION:
LSC Lithium has amassed a large portfolio of prospective lithium rich salars and is focused on developing its tenements located in five salars: Pozuelos, Pastos Grandes, Rio Grande, Salinas Grandes and Jama. All LSC tenements are located in the "Lithium Triangle," an area at the intersection of Argentina, Bolivia, and Chile where the world's most abundant lithium brine deposits are found. LSC Lithium has a land package portfolio totaling approximately 300,000 hectares, which represents extensive lithium prospective salar holdings in Argentina.
Certain statements contained in this news release constitute forward-looking information. These statements relate to future events or future performance, including statements as to the following: LSC's intentions regarding its exploration programs, funding to undertake intended activities and the timing and ability to advance the Pozuelos Property to feasibility study level. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on LSC's current belief or assumptions as to the outcome and timing of such future events. Whether actual results and developments will conform with LSC's expectations is subject to a number of risks and uncertainties including factors underlying management's assumptions, such as risks related to availability of funding on acceptable terms, exploration and the establishment of resources and reserves on the Pozuelos Property or other LSC properties; the application and future licensing of new technologies; the risks around timing, permitting, funding and construction of a regional processing facility at the Salar del Rincón by Enirgi Group and the ability of LSC to fast-track production from its own properties by supplying brine to such a facility; risks relating to proposed acquisitions; volatility in lithium prices and the market for lithium; exchange rate fluctuations; volatility in LSC's share price; the requirement for significant additional funds for development that may not be available; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; regulatory, political or economic developments in Argentina or elsewhere; litigation; title, permit or license disputes related to interests on any of the properties in which the Company holds an interest; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the Company's properties; risks and hazards associated with the business of development and mining on any of the Company's properties. Actual future results may differ materially. The forward-looking information contained in this release is made as of the date hereof and LSC is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein. For more information see the Company's filing statement on SEDAR at www.sedar.com.
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This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
SOURCE LSC Lithium Corporation
For further information: LSC Lithium Corporation, Jessica Helm, VP, Corporate Communications and Investor Relations, Suite 3001, 1 Adelaide Street East, Toronto, Ontario M5C 2V9, (416) 867 9298, Email: [email protected], Web: lsclithium.com