BLILF - Bearing Provides Business Update on The Maricunga Lithium Project
(TheNewswire)
Vancouver, BritishColumbia - TheNewswire - November 6 th , 2020 - BearingLithium Corp. (" Bearing " or the " Company ")
(TSXV:BRZ) (OTC:BLILF) is pleased to provide acorporate update on the progress of the Maricunga Lithium Project inChile, owned and operated by Minera Salar Blanco SA. ("MSB")
Chile voted on October 25th to change the country's40-year-old constitution in a national referendum, which sets inmotion a two-year process to draft a new charter for the country. Morethan 78 per cent of Chileans voted to approve the drafting of a newconstitution. Voters are expected to elect in April 2021 a 155- memberassembly to draft the new charter, which will need to be approved in aplebiscite in 2022. The Chilean Government maintained a stagedre-opening of its economy during the quarter. All personnel at MSBcontinued to work remotely on the project's development, with no fieldwork being conducted.
MSB received its environmental approval (RCA) for theMaricunga Project on February 4, 2020. The Environmental ImpactAssessment (EIA) was submitted to the Chilean Authority, Servicio deEvaluacion Ambiental (SEA), in September 2018. It includedcomprehensive, 11,400-page document, the culmination of more than twoyears of field and desk work.
Under Chilean regulations, any public claims on theconditions or nature of the approved EIA were to be received bymid-May 2020. They then require responses from SEA and/or MSB. Duringthis public review process, MSB received eight claims on theconditions of the EIA. MSB and SEA are jointly responding to theseclaims to the Committee of Ministers. This group is working throughthe resolutions that have been submitted by MSB and SEA and willconsider their response. During this process, the authorizationreceived in February, remains in effect.
The EIA approval represents the final major regulatorymilestone in advancing the Project, which is now ready to move towardsconstruction subject to completion of Project Financing.
The EPC bidding process project continues, with twomajor global engineering groups chosen to provide a comprehensiveconstruction proposal.
A local, specialised engineering company, Cruz yDavila, was engaged to represent MSB as its Owner Engineering Company.It is preparing an in-depth report analysing the proposalsreceived.
Discussions and communication with a number ofwell-established companies regarding product off-take agreements andproject finance continue despite the emergence of COVID-19. TreadstoneResource Partners, out of Sydney Australia, have been appointed asMSB's advisor to further these discussions. Activities involving theMaricunga project continue under the Memorandum of Understanding (MOU)between the Chilean State-owned mining company, CODELCO, and MSB. Thisprocess is expected to be finalised in the ensuing months.
About Bearing Lithium Corp.
Bearing Lithium Corp. is a lithium-focused mineralexploration and development company. Its primary asset is a 17.35%interest in the Maricunga Lithium Brine Project in Chile. TheMaricunga Project represents one of the highest-grade lithium brinesalars globally and the only pre-production project in Chile. Over million has been invested by the partners in the MSB Joint-Venture(Maricunga Project) to date including 3 million in November 2020.All Project Expenditures through to the delivery of a DefinitiveFeasibility Study in January 2019 have been fully funded by the 51%earn-in joint- venture partner , Lithium Power International. Subsequently, the Company has subscribed for shares in MSBamounting to 1,261,421 for Fiscal Year 2019 and 782,081 forFiscal Year 2020.
ON BEHALF OF THE BOARD
Signed "GilPlayford"
Gil Playford, Chairman
gplayford@bearinglithium.com
Neither the TSX VentureExchange nor its Regulation Services Provider (as that term is definedin the policies of the TSX Venture Exchange) accepts responsibilityfor the adequacy or accuracy of this release.
Cautionary StatementsRegarding Forward Looking Information
This press release includes certain"forward-looking information" and "forward-lookingstatements" (collectively "forward-looking statements")within the meaning of applicable Canadian and United States securitieslegislation including the United States Private Securities LitigationReform Act of 1995. All statements, other than statements ofhistorical fact, included herein, without limitation, statementsrelating the future operating or financial performance of the Company,are forward-looking statements.
Forward-looking statements arefrequently, but not always, identified by words such as"expects", "anticipates", "believes","intends", "estimates", "potential","possible", and similar expressions, or statements thatevents, conditions, or results "will", "may","could", or "should" occur or be achieved.. Actual future results may differ materially. There can be no assurancethat such statements will prove to be accurate, and actual results andfuture events could differ materially from those anticipated in suchstatements. Forward-looking statements reflect the beliefs, opinionsand projections on the date the statements are made and are based upona number of assumptions and estimates that, while consideredreasonable by the Company, are inherently subject to significantbusiness, economic, competitive, political and social uncertaintiesand contingencies. Many factors, both known and unknown, could causeactual results, performance or achievements to be materially differentfrom the results, performance or achievements that are or may beexpressed or implied by such forward-looking statements and theparties have made assumptions and estimates based on or related tomany of these factors. Readers should not place undue reliance on theforward-looking statements and information contained in this newsrelease concerning these times. Except as required by law, the Companydoes not assume any obligation to update the forward-lookingstatements of beliefs, opinions, projections, or other factors, shouldthey change, except as required by law.
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