LITH:CC - Lithium Chile Provides A Statement on the Recent Government of Canada Announcement

(TheNewswire)

CALGARY, ALBERTA, - TheNewswire - November 7, 2022 – Lithium Chile Inc. (“Lithium Chile” or the “Company”) (TSXV:LITH) (OTC:LTMCF) advises that its shareholder, Chengze Lithium InternationalLimited ("Chengze") has received an Order from theInvestment Review Division, Canada, to divest of its role and interestin the Company. Chengze owns approximately 19.35% of Lithium Chile'soutstanding common shares.

• The private placements into Lithium Chile Inc., byChengze completed in January and May of 2022, were completed inaccordance with the Canadian Investment Act guidelines and policies.

• The investments by Chengze into the Company wereapproved by the TSX Venture Exchange.

• The assets operated by the Company are owned throughits South American subsidiaries in Chile and Argentina.

• The assets operated by the Company are not Canadian assets , nor is the Company’s significant lithium resource,recently reported in its NI 43-101 compliant report.

• The investments into the Company by Chengze does notequate to a control position, nor does it give Chengze special rightsin respect to the outcome or decisions made by the Company.

• It is important to note that whilethe investments made by Chengze have given the Company a significantcash position, the outcome of this Order does not affect the ownershipand/or value of the Company’s assets and/or lithium resource.

• The Company was advised of this Order on the same dayit was publicized by the Government, and the Order is beingreviewed.

Steve Cochrane, President and CEO comments “ChengzeLithium Group has been a supportive shareholder of Lithium Chile’sover these last 11 months. Their technical team in Argentina haveprovided excellent insight and advice to our Argentinian team as wehave advanced our Arizaro project. Notwithstanding, we have receivedmore than a dozen requests from individuals and companies from aroundthe world enquiring about Chengze’s block of shares; we are hopefulthis issue can be resolved to everyone’s satisfaction”.

About Lithium Chile:

Lithium Chile is advancing a lithium property portfolioconsisting of 84,478 hectares covering sections of 11 salars and 2laguna complexes in Chile and 23,300 hectares in Argentina.

The Company has a NI 43-101 report with an indicatedand inferred resource of 1,420,000 tonnes of lithium carbonateequivalent (LCE) from its maiden well in Arizaro, Argentina. The Phase2 development program on the Salar de Arizaro iscurrently underway with its results to be included in an updated NI43-102 compliant report which is expected to be completed during thefirst quarter of 2023.

Lithium Chile also owns 5 properties, totaling 21,329hectares that are prospective for gold, silver and copper. Explorationefforts are continuing on Lithium Chile’s Carmona gold/silver/copperproperty which 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 or Michelle DeCecco, Vice President, via emailmichelle@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.

NOT FOR RELEASE IN THE UNITED STATES

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; the timely receipt ofrequired regulatory approvals; the risk that lithium explorationefforts do not yield the anticipated benefits to the Company; theability of the Company to obtain future financing on acceptable terms;currency, exchange and interest rate fluctuations; operating costs;the success the Company will have in exploring its prospects and theresults from such prospects and the COVID-19 pandemic.  You arecautioned that the foregoing list of material factors and assumptionsis not exhaustive. Although the Company believes that the assumptionsand factors on which such forward-looking statements are based uponare reasonable, undue reliance should not be placed on theforward-looking statements because the Company can give no assurancethat they will prove to be correct or that any of the eventsanticipated by such forward-looking statements will transpire oroccur, or if any of them do so, what benefits the Company will derivetherefrom. The Company does not undertake to update anyforward-looking statements herein, except as required by applicablesecurities laws. All forward-looking statements contained in this newsrelease are expressly qualified by this cautionary statement.

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