LITH:CC - Lithium Chile Inc. Contracts Ausenco Engineering to Complete its Prelinary Economic Assesment Report on the Salar de Arizaro Argentina
(TheNewswire)
CALGARY, ALBERTA - TheNewswire - February 22, 2023 – Lithium Chile Inc. (“ Lithium Chile ” orthe “ Company ”) (TSX:LITH) (OTC:LTMCF) is pleased to announce that AUSENCOEngineering (“ AUSENCO ”) has been selected to co-ordinateand produce the Company’s Preliminary Economic Assessment(“ PEA ”) report. The PEA is designed to define the economicparameters and commercial potential for Lithium Chile’s Argentinianbased Salar de Arizaro project (the “ Project ”). The PEAwill investigate all aspects of going into production includinglithium carbonate plant construction, metallurgy, resources quantitiesand production potential. The PEA will be based on a first 25,000metric tonne per year production plant with design focused on theability to double production via a second 25,000 tonne/year module.AUSENCO will require approximately six months to complete the PEA withresults expected to be published during Q3 2023. The second 25,000metric tonne per year module will be included in the study forimplementation after the plant has reached steady-stateproduction.
The PEA is designed to provide important pieces ofinformation pertaining to the economic potential of the Salar deArizaro Project, enabling Lithium Chile to transition from a resourceto production company. Obtaining a clear idea of the Salar deArizaro’s commercial potential will contribute significantly toshareholder value.
The PEA will provide the basis, along with anEnvironmental Impact study, for Lithium Chile to file for productionpermits for the Arizaro project. Lithium Chile anticipates that inconjunction with the PEA’s completion, permitting applications willbe filed with the Ministry of Mining Salta, Argentina early in Q3 aswell.
Steve Cochrane, CEO, comments “This is a significantstep forward in the evolution of Lithium Chile from an early-stageexploration story to a significant lithium production company afteronly 18 months of commencing work on the property. We are advancingthe Project with the cooperation and participation of localcommunities to establish a sustainable project that benefits thoselocal communities and Lithium Chile stakeholders together. AUSENCOEngineering has been involved in the preparation of numerous PEAreports in South America and has both the people and experience toproduce a world class report. We are very pleased to be working withAUSENCO and their South American team”.
The Company also announces it has engaged the servicesof Global One Media Limited (“ Global One Media ”) to manage social media onthe Company’s behalf, including the distribution of news releases,interviews, and other similar services.
Commenting on the engagement, Bastien Boulay, ManagingPartner at Global One Media, said, "We are very excited to beable to introduce and enhance Lithium Chile’s exposure to Millennialand Gen Z investors in particular, who consume investment informationon digital sources. We aim to help Lithium Chile develop a dynamiconline following across their social media channels.”
Global One Media does not have any interest, directlyor indirectly, in the Company or its securities, or any right orintent to acquire such an interest. Global One Media may provideadditional services in the future.
The Company is also pleased to announce that over thepast 3 weeks it has received approximately $6,000,000 dollars from theexercise of its outstanding $0.60 warrants. The Company would liketo remind shareholders that the balance of the $0.60 warrantsoutstanding are due to expire Thursday February 23, 2023.
Additionally, Lithium Chile announces, subject toregulatory approval, that it has granted 400,000 stock options toconsultants of the Company. The stock options are issued with anexercise price of $0.86, being the closing price of the Company'sCommon Shares on the TSX-V on February 21, 2023. All Options aresubject to the terms of the applicable grant agreements.
ABOUT AUSENCO:
AUSENCO Engineering is an infrastructure consulting andengineering firm offering asset operations, EPC and project managementservices to multiple industries worldwide. AUSENCO has a 30 year trackrecord of delivering innovative, value added, asset operation andmaintenance solutions to the mining, oil and gas sectors.
ABOUT GLOBAL ONE MEDIA:
Global One Media is an innovative investor-focuseddigital marketing agency solving the needs of small and mid-cap listedcompanies. We deliver creative and effective solutions for brandpositioning and strategic communications across all industries,specializing in investor engagement and growth marketing for listedand pre-IPO companies. Using our global network, we help publiccompanies dominate their sector amid the web and social medialandscape, tell their story in an engaging manner, and reach millionsof investors around the world.
ABOUT LITHIUM CHILE:
Lithium Chile is advancing a lithium property portfolioconsisting of 111,978 hectares in Chile and 20,800 hectares inArgentina.
The Company has a NI 43-101 report with an indicatedand inferred resource of 2,587,000 tonnes of lithium carbonateequivalent (LCE) from its Salar de Arizaro, Argentina project. ThePhase 2 development program on the Salar de Arizaro is underway withresults to be included in an updated NI 43-101 report which can befound on SEDAR.
Lithium Chile also owns 5 properties, totaling 21,329hectares, that are prospective for gold, silver and copper.Exploration efforts are continuing on Lithium Chile’s Carmonagold/silver/copper property which lies in the heart of the Chileanmega porphyry gold/ silver/copper belt.
Lithium Chile’s common shares are listed on the TSX-Vunder the symbol “LITH” and on the OTC-QB under the symbol“LTMCF”.
To find out more about Lithium Chile Inc., pleasecontact Steven Cochrane, President and CEO via email:steve@lithiumchile.ca or Michelle DeCecco, Vice President and COO, viaemail michelle@lithiumchile.ca or at 403-390-9095.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATIONSERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXVENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACYOF THIS RELEASE.
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 statements can beidentified by the use of forward-looking terminology such as"expected", "anticipated", "aims to","plans to" or "intends to" or variations of suchwords and phrases or statements that certain actions, events orresults "will" occur. Such forward-looking statements arebased on various assumptions and factors that may prove to beincorrect, including, but not limited to, factors and assumptions withrespect to: the general stability of the economic and politicalenvironment in which the Company operates and the timely receipt ofrequired regulatory approvals. You are cautioned that the foregoinglist of material factors and assumptions is not exhaustive. AlthoughLithium Chile believes that the assumptions and factors on which suchforward-looking statements are based upon reasonable assumptions,undue reliance should not be placed on the forward-looking statementsbecause Lithium Chile can give no assurance that they will prove to becorrect or that any of the events anticipated by such forward-lookingstatements will transpire or occur, or if any of them do so, whatbenefits Lithium Chile will derive therefrom. Lithium Chile does notundertake to update any forward-looking statements herein, except asrequired by applicable securities laws. All forward-looking statementscontained in this news release are expressly qualified by thiscautionary statement.
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