- 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.
Forward-Looking Statements
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