- LSC to acquire 2,595 hectares in Salinas Grandes, Jujuy Province
- Following the acquisition, LSC will control over 50% of Salinas Grandes, Jujuy Province
- LSC has received approval to commence exploration in Salinas Grandes, Jujuy Province
TORONTO, Nov. 23, 2017 /CNW/ - LSC Lithium Corporation ("LSC" or together with its subsidiaries, the "Company") (TSXV:LSC) is pleased to announce it has entered into a binding letter of intent to purchase all of the issued and outstanding shares of Alqa Lithium S.A. ("Alqa"), the sole owner of the Mina Teresa project covering 2,595 hectares in the Salar de Salinas Grandes in the Province of Jujuy.
LSC will acquire Alqa for cash consideration totalling US$2 million payable to the shareholders of Alqa in three installments. Closing of the acquisition is expected to take place on or about December 15, 2017, but no later than the end of 2017.
Mina Teresa (227-C-2004) is strategically located immediately adjacent to LSC's tenements Cristina (139-S-2003), San José (57-C-2002) and Mahoma (183-Z-2004). Following the transaction, LSC's land package on the Salar de Salinas Grandes in Jujuy Province will increase by 2,595 hectares, totalling 37,910 hectares and representing over 50% of the salar surface of Salinas Grandes, Jujuy Province.
LSC is also pleased to announce that it has obtained approval to commence its exploration program on the San José and Navidad (213-G-1995) concessions, located in Salinas Grandes, Jujuy Province. These concessions cover a total area of 4,300 hectares and are part of a joint venture with Dajin Resources Corp. (TSX-V: DJI). Now that LSC has access to the ground, an exploration program is currently being designed to investigate the presence of lithium bearing brine and lithologies on the property. This includes the evaluation and the integration of historical data into the exploration target model. Thereafter, the program will potentially include geological mapping, surface sampling, a geophysical data acquisition phase and a drilling phase to confirm the target generation results and potentially deliver a 43-101 Mineral Resource for the property.
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 timing of repayment of the purchase price for Mina Teresa, the Company's expectations regarding the extent of its aggregate land position in Salinas Grandes, timing and ability to conduct planned exploration on San Jose and Navidad tenements, and its development potential and the ability of LSC to confirm prior historical exploration work conducted on Salinas Grandes. The use of any of the words "could", "anticipate", "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: title, permitting and regulatory risks; exploration and the establishment of any resources or reserves on the Bolera tenements or other LSC properties; 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.
Neither the TSX Venture Exchange Inc. 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 release.
The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press release.
SOURCE LSC Lithium Corporation
For further information: LSC Lithium Corporation, Ian Stalker, President & Chief Executive Officer, Suite 3001, 1 Adelaide Street East, Toronto, Ontario M5C 2V9, (416) 304 9384, Email: [email protected], Web: lsclithium.com