- Morales was formerly President and CEO of Rockwood Lithium
Latin America, which was acquired by Albemarle in 2014 for
$6.2 billion USD
- Andres Barrientos named
Project General Manager of South American operations
- Experienced operators will lead development of Sal de los
Angeles deposit and assess new business opportunities
VANCOUVER, June 29, 2016 /CNW/ - Lithium X Energy Corp.
("Lithium X", or the "Company") (TSX-V: LIX) (OTCQB:
LIXXF) is pleased to announce that Mr. Eduardo Morales has been appointed Chief
Operating Officer of the Company, effective June 28, 2016.
Mr. Morales is a chemical engineer with 36 years of experience
who formerly built and operated one of the world's largest lithium
brine operations. As President of Rockwood Lithium Latin America,
he successfully led the development, commissioning and operation of
Rockwood's Salar de Atacama
project. His tenure with Rockwood Lithium ended with the company's
sale to Albemarle Corporation for US$6.2
billion in 2014.
Mr. Morales previously served as General Manager overseeing
construction and operations of both the ponding facilities at Salar
de Atacama and lithium carbonate and lithium chloride plants in
Antofagasta, Chile. He holds a
Chemical Engineering degree from the University of Santiago, Chile.
"We are extremely pleased to welcome Mr. Morales as Chief
Operating Officer," commented Brian
Paes-Braga, Lithium X CEO. "His proven track record in
building and successfully operating large scale lithium brine
operations is a tremendous asset to our Company as we grow towards
our goal of becoming a leading lithium producer."
"I am excited about the challenge of joining Lithium X and
leading development of the Sal de los Angeles project at a time
when lithium has emerged as such a crucial element for electricity
storage," stated Mr. Morales. "The high quality of the brines found
at Sal de los Angeles means Lithium X has the opportunity to bring
this important battery-grade product to market quickly and at
competitive costs."
The Company is also pleased to announce Andres Barrientos has been appointed Project
General Manager of South American operations. Mr. Barrientos, a
chemical engineer, was the Engineering & Research
Superintendent of Rockwood Lithium in Chile until 2012 when he moved to BHP's
Escondida, the world's largest copper mine. He also helped develop
expansion and improvement projects including operational plants for
lithium carbonate, lithium chloride and the study of new
technologies for the production of lithium hydroxide.
"Eduardo and Andres join us at a pivotal time in the evolution
of our principal project, with a clear focus on developing Sal de
los Angeles into a world-class lithium brine operation," said
Paul Matysek, Lithium X Executive
Chairman. "Eduardo's decades of experience building and managing
lithium operations dovetail admirably with our company-building
mission."
Mr. Morales and Mr. Barrientos will also help Lithium X evaluate
other new business opportunities as the company moves towards its
goal of becoming a leading global lithium producer.
The technical information contained in this news release has
been reviewed and approved by Lithium X's Vice-President of Project
Development, William Randall, P.Geo,
who is a Qualified Person as defined under NI 43-101.
Lithium X granted a total of 1,570,000 options at an exercise
price of $1.62 for a period of five
years to Mr. Morales and other directors, officers and consultants
of the Company.
The Company further reports that by mutual consent, the Binding
Letter of Intent entered into between Lithium X and North South
Petroleum Corp. ("North South") dated May
12, 2016 relating to the acquisition by North South of the
CVL South Property from Lithium X has been terminated.
Lithium X received $100,000 USD in
this transaction.
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.
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
"Paul Matysek"
Paul
Matysek
Executive Chairman
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.
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.