LSC Lithium Corporation (“
LSC” or together with
its subsidiaries, the “
Company”) (TSXV:LSC) is
pleased to announce that it has closed the previously announced
joint venture (the “
Joint Venture”) with Litica
Resources, a wholly owned subsidiary of Pluspetrol (“
Litica
Resources”), a leading private oil and gas company. LSC
and Litica Resources have entered into the 40/60 Joint Venture to
explore and develop tenements on the Salar de Arizaro lithium
project (“
Arizaro Project”) in the Salta Province
of Argentina. LSC is also pleased to announce that it has received
Environmental Impact Assessment (“
EIA”) approval
for the Joint Venture to commence advanced lithium exploration
activities at the Arizaro Project.
The Company’s President and CEO, Ian Stalker,
commented, “We are very pleased to announce the closing of the
Joint Venture with Pluspetrol. Pluspetrol has a track record of
success in the oil and gas industry and one of the principle
objectives of the Joint Venture is to lever the technical
experience of Pluspetrol and apply it to the lithium industry to
successfully advance the Arizaro Project. We are excited about
Pluspetrol’s commitment to the lithium business and look forward to
the long-term partnership as we commence work at Arizaro.”
LSC has received all the required permitting for
the Joint Venture to begin advanced exploration at the Arizaro
Project. The parties have agreed to a results driven three-phase
exploration work program whereby Litica Resources, as operator,
will commence with geological mapping, surface geophysical surveys,
followed by sub-surface brine sampling and core drill holes to
evaluate the brine chemistry and host rock parameters, with the
intention of completing a maiden resource statement. The first
stage of the exploration program is expected to commence
imminently.
Pursuant to the terms of the Joint Venture,
Litica Resources will be the operator of the Arizaro Project and
has committed a total of US$6,868,000 to LSC and the Joint Venture
over the three-stage exploration program to maintain its 60%
ownership. In connection with the closing of the Joint Venture, LSC
has received an initial lump-sum payment of US$625,000 from Litica
Resources.
About Pluspetrol
Pluspetrol is a private, independent,
international company with over 40 years of experience in the
exploration and production of oil and gas. Present in Angola,
Argentina, Bolivia, Colombia, Netherlands, Peru, United States,
Uruguay and Venezuela, Pluspetrol promotes energy development and
fosters activities at an international level. Pluspetrol is a
leader in the operation of high-pressure gas fields and the
extraction of oil in mature fields with secondary and tertiary
recovery. With a view to the future, the company is making
significant investments in Argentina, and it is particularly
well-positioned in the Neuquén Basin in Argentina, the location of
the Vaca Muerta shale formation, one of the largest unconventional
oil and gas reservoirs.
Engagement of Marketing Consultant
LSC has engaged Digital257 Technologies Inc.
(“Digital257”) for a committed period of 12 months
to provide digital media and capital markets communications
services (inclusive of marketing fees and expenses) at a cost of
USD$20,833 per month (with approximately half of the amount
allocated to third party marketing fees and other third party
expenses) which amount has been pre-paid by LSC for the committed
period of the contract. Digital257 is a private firm specializing
in investor relations and strategic and digital communications.
Digital257’s services include initiating and maintaining contact
with the financial community, the Company’s shareholders, investors
and other stakeholders for the purpose of increasing awareness of
the Company and its activities. To the knowledge of LSC, Digital257
does not have any interest, directly or indirectly, in the Company
or its securities, or any right or intent to acquire such an
interest. The appointment of Digital257 is subject to TSX Venture
Exchange approval.
ABOUT LSC LITHIUM
CORPORATION:
LSC Lithium has amassed a large portfolio of
prospective lithium rich salars and is focused on developing its
material projects: Pozuelos and Pastos Grandes Project, Rio Grande
Project and Salinas Grandes Project. 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.
For further information please
contact:
LSC Lithium Corporation Ian StalkerPresident
& Chief Executive Officer40 University Avenue, Suite 605,
Toronto ON Canada M5J 1T1+416 306 8380Email:
info@lsclithium.comWeb: lsclithium.com
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
regarding the timing for commencing exploration on the Arizaro
Project, likelihood of future opportunities, timing and ability to
complete a maiden resource statement on the Arizaro Project,
ability to obtain any regulatory approvals, if applicable, ability
and timing to complete the work-program, results and outcome of the
work program on the Arizaro Project, ability of both LSC and
Pluspetrol to fund the Joint Venture and ongoing relationship with
Pluspetrol. 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, including risks related to:
title, permitting and regulatory risks; exploration and the
establishment of any resources or reserves on the Arizaro Project
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, the ability to the Company to
raise funds to carry on its operations, the ability of the Company
to advance its projects, future demand of lithium as a critical
commodity, and the outcome of the closing of the Transaction.
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.
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