LTMCF - Lithium Chile Announces TEM Geophysical Program on Its Los Morros Property and an Update on Subscriptions for Its Recently Announced Private Placement

(TheNewswire)

CALGARY, ALBERTA – TheNewswire- February 3, 2021 –Lithium Chile Inc. (“ LithiumChile ” or the “ Company ”) (TSXV:LITH) (OTC:LTMCF) ispleased to announce that it has contracted Geoxploraciones SA Chile torun a 17 km transient electromagnetic (“ TEM ”) survey on its100% owned Los Morros lithium bearing property. TEM has been shown tobe a valuable tool in identifying highly conductive subterranean brineaquifers. Lithium Chile’s prior TEM surveys have proven highlyaccurate in defining the principal brine aquifers on both of theCompany’s previously drilled Ollague and Turi properties

SALAR de LOS MORROS PROPERTYHIGHLIGHTS:

• - 17 sq km covering 30% of the southsector of the salar;

  - Brine samples taken by LithiumChile from historic bore holes returned lithium grades up to700mg/l;

  - Historic drill hole logs describethe conductive zone as loose gravel and sands containing brinebeginning at 50 to 75 meters below surface;

  - Historic down hole geophysicalsurveys indicate 100+ meter thick conductive anomaly underlying thewhole property.

The TEM survey is intended to identify locations for 3additional exploration holes which the Company will seek permits forimmediately after evaluation of the TEM survey. The absence ofIndigenous surface claims on the Salar de Los Morros property isexpected to expedite the permitting process.

PRIVATE PLACEMENT

The Company has received expressions of interest forthe full amount of the recently announced (February 2, 2021)$3,500,000 private placement of Units (the “ Private Placement ”). The Company is pleased to have received such a positivereception to the proposed financing.  Although Lithium Chile’streasury has recently strengthened as a result of numerous warrantexercises, the proceeds from the proposed financing will substantiallyimprove Lithium Chile’s financial flexibility going forward.

Qualified Person

Mr. Terence Walker, M.Sc., P.Geo., qualified personwithin the meaning of National Instrument 43-101, has reviewed andapproved the contents of this news release. Individual brine sampleswere collected from the old bore holes by Lithium Chile staff using adouble valve bailer system, placed in sterile 250 ml vials that weresealed and tagged on site. All samples were shipped to ALS PatagoniaLaboratories, Santiago, Chile, where they were prepared andsubsequently shipped to ALS’s Vancouver, Canada laboratory where thebrine analysis was performed.

About Lithium Chile

Lithium Chile is advancing a lithium property portfolioconsisting of 71,900 hectares covering sections of 10 salars and twolaguna complexes in Chile.

Lithium Chile also owns 5 properties that areprospective for gold, silver and copper. Exploration efforts arecontinuing on Lithium Chile’s Carmona gold/silver/copper propertywhich lies in the heart of the Chilean mega porphyry gold/silver/copper belt.

Lithium Chile’s common shares are listed on the TSX-Vunder the symbol " LITH ” and on the OTC-BB under the symbol“ LTMCF ”.

To find out more about Lithium Chile Inc., pleasecontact Steven Cochrane, President and CEO via email: steve@lithiumchile.ca oralternately, Terry Walker, VP Exploration at (011) 562 2455-6473 orvia email: twalker@chilelithium.cl .

NEITHER THE TSXVENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM ISDEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTSRESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

NOT FOR RELEASE INTHE UNITED STATES OF AMERICA

Forward Looking Statements

This news release may contain certain forward-lookinginformation and forward-looking statements within the meaning ofapplicable securities legislation (collectively "forward-lookingstatements"). Generally, forward-looking information can beidentified by the use of forward-looking terminology such as"expects", "believes", "aims to","plans to" or "intends to" or variations of suchwords and phrases or statements that certain actions, events orresults "will" occur. In particular, this news releasecontains forward-looking statements relating to prior assay results,exploration activities, and expressions of interest and whether thePrivate Placement is fully subscribed.

You are cautioned that the following list of materialfactors and assumptions is not exhaustive. Specific material factorsand assumptions include, but are not limited to: the general stabilityof the economic and political environment in which the Companyoperates; the timely receipt of required regulatory approvals; theability of the Company to obtain future financing on acceptable terms;currency, exchange and interest rates; operating costs; the successthe Company will have in exploring its prospects and the results fromsuch prospects. Accordingly, readers should not place undue relianceon forward-looking statements. The Company does not undertake toupdate any forward-looking statements herein, except as required byapplicable securities laws. All forward-looking statements containedin this news release are expressly qualified by this cautionarystatement.

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