Millennial Lithium Announces on-track Progress at Its Flagship Pastos Grandes Lithium Brine Project in Argentina
December 27, 2017
Millennial Lithium Corp. ("Millennial" or the "Company") (TSX-V:ML) (A3N2:GR: Frankfurt) (MLNLF: OTCQB), is pleased to report that it has met all the goals it set for 2017 to further develop the Pastos Grandes lithium brine project. Production well tests in addition to engineering and process studies are underway for completion in early-2018 of a Preliminary Economic Assessment (PEA) and to meet the Company’s commitments to explore and develop its newly acquired REMSA ground that added a further 2,492 of highly prospective land (for further information see Millennial’s release of December 21, 2017).
Farhad Abasov, Millennial’s President and CEO, commented, “Millennial is finishing the year in a very strong position. The Company has achieved all its milestones on both its technical and corporate initiatives. The team has successfully completed the drilling campaign along with some other key technical programs and delivered a robust NI43-101 resource report. Following the 43-101 report we engaged WorleyParsons to complete a Preliminary Economic Assessment. We have also brought in a strong strategic partner which has invested $30 million in the Company. Overall the Company has strengthened its cash position by raising close to $50 million in 2017. We believe the Company is well funded to take the Pastos Grandes project to the next level of development.”
Millennial continues working with WorleyParsons Chile S.A. (“WP”) to deliver a PEA in early 2018. WorleyParsons is a leading global provider of professional services to resource and energy sectors, and the complex processing industries. With approximately 22,800 personnel in 106 offices in 42 countries around the globe (including 150 employees in Chile), WP has a significant and respected global footprint in the engineering and resources fields. WP has over 22 years of experience in the lithium industry including engineering development for lithium production from brines. Past clients in the lithium sector include SQM, Rockwood Lithium, Lithium Americas, Lithium Power and Lithium One. As part of the PEA, WP is designing the conceptual process, assisted by on-site evaporation trials conducted by the Company, and down-stream refining trials by the internationally recognized research laboratory, SGS Lakefield.
In support of the PEA, the Company has engaged both regional and international firms to provide the information required to define conceptual design and layout of operations and to help determine products pricing as well as capital and operating cost estimates that will define the long-term feasibility of the possible operations in Argentina.
Acting as the Owner’s Engineering team, Arkade is a Tucuman-based engineering company with extensive experience supporting regional lithium brine projects, including Orocobre’s Olaroz project, Lithium Americas at Cauchari and Enirgi Group’s Rincon project.
SRK is supporting the geotechnical studies required to confirm possible sites for the pilot and production plant sites and project infrastructure. SRK Consulting is an independent, international consulting practice providing focused advice and solutions to the earth and water resource industries. Established in 1974, SRK employs more than 1,400 professionals internationally in over 45 offices on 6 continents.
Down-stream (post evaporation) process trials are under way at SGS Lakefield of Ontario, Canada, using brine shipped from the project. As the leading provider of technical risk management services to the natural resources industry, SGS offers experience, expertise and a unique global network of more than 65,000 staff in 140 countries. They have a proven track record of technical risk management for the minerals, oil, gas, oil sands, chemicals, life sciences and agricultural sectors.
Drilling activities continue with the installation of a second production-scale pumping test well. The well is designed to tap lithic-bearing brine to a depth of 550 meters. Well drilling is in progress at a depth of 146 meters, with the hole diameter being progressively enlarged to accommodate a production-scale pump for pumping trials. This second production-scale pumping test well will be used for aquifer characterization and to provide data for the hydro-geological numerical model as part of the feasibility-level studies planned for the coming year.
TERMINATION OF POCITOS WEST PROPERTIES AGREEMENTS
As a result of unfavourable exploration results and as the Company continues to focus more exclusively on the Pastos Grandes lithium brine project, it has terminated its option agreement (the “Underlying Agreement”) dated February 1, 2017 to acquire the Pocitos West project.
The Company has entered into a Notice and Waiver Agreement (the “Waiver”) with Liberty One Lithium Corp. (“Liberty”) whereby its option agreement (the “Liberty Agreement”) dated May 17, 2017 (where the Company granted to Liberty the right to acquire up to an 80% interest in the Company’s interest in the Underlying Agreement and the Pocitos West Properties) was terminated effective December 22, 2017. As part of the Waiver, the Company waived all rights to six (6) months’ notice of termination of the Liberty Agreement and the Company was able to immediately terminate the Underlying Agreement.
This news release has been reviewed by Iain Scarr, AIPG CPG., Chief Operating Officer of the Company and a qualified person as that term is defined in National Instrument 43-101.
To find out more about Millennial Lithium Corp. please contact Investor Relations at (604) 662-8184 or email email@example.com.
ON BEHALF OF THE BOARD OF DIRECTORS,
Farhad Abasov, President and CEO
MILLENNIAL LITHIUM CORP.
1177 West Hastings Street
Vancouver, BC Canada V6E 2K3
Tel: (604) 662-8184
Fax: (604) 602-1606
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 release.
This document may contain “forward-looking information” within the meaning of Canadian securities legislation (hereinafter referred to as "forward-looking statements"). All statements, other than statements of historical fact, included herein including, without limitation statements relating to the Preliminary Economic Assessment, estimated capital and operating costs, productions rates, cash flows, rates of return, mine life or mineral resources, securing of debt for future project construction, purchase of future mine production, the timing for completion of a Feasibility Study and other matters related to the exploration and development of the Project, are forward-looking statements. These forward-looking statements are made as of the date of this document and the Company does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect management’s expectations or beliefs regarding future events. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include unsuccessful exploration results, changes in metals prices, changes in the availability of funding for mineral exploration, unanticipated changes in key management personnel and general economic conditions, title disputes as well as those factors detailed from time to time in the Company’s interim and annual financial statements and management’s discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “ budget ”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative of these terms or comparable terminology. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking 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.