Li3 Energy, Inc. Announces the Initial Results of its Sampling Program at Maricunga, Chile
LIMA, Peru, Jan. 28, 2011 /PRNewswire/ -- Li3 Energy, Inc. (OTC Bulletin Board: LIEG) ("Li3 Energy" or the "Company") has completed its initial brine sampling program at the Maricunga Project in northern Chile.
Out of 104 samples that have been taken, partial results from 28 samples have been received, with values of up to 1.4 g/l lithium and 10.3 g/l potassium. Average values from the samples grade 0.90 g/l lithium and 6.69 g/l potassium. These results are superior to many other comparable projects in Argentina. The remainder of the results are expected soon.
A map showing the locations of the samples that have been taken at the Maricunga Project can be accessed here: http://photos.prnewswire.com/prnh/20110128/NY37247
Tom Currin, Chief Operating Officer of Li3 Energy, stated: "These partial results tend to confirm the results of the 2007 shallow well sampling program and the historical sampling work performed by CORFO (the Chilean Economic Development Agency). We believe that the final full results will verify that the Maricunga Project is indeed a world class lithium brine property."
In December 2010, Li3 Energy signed a non-binding exclusive letter of intent with a group of private companies to acquire 60% ownership of the companies, which collectively own the Maricunga Project. Li3 Energy will pay US$6 million and issue a number of shares of Li3 common stock to the companies equal to 30% of the outstanding Li3 stock on a post-transaction basis. Li3 will issue additional shares upon exercise of any options and warrants outstanding at the time of closing, in proportion to the sellers' percentage ownership as of closing. In addition, Li3 will be committing to invest a total of up to US$5 million in work programs on exploration and studies to advance Maricunga towards the feasibility study stage.
Closing of the Maricunga acquisition is subject to satisfactory completion of due diligence, financing of the cash purchase price and work commitment by Li3, and other customary conditions. The letter of intent will expire on February 28, 2011, if the acquisition has not been completed, unless the parties agree to an extension.
About Li3 Energy, Inc.
Li3 Energy, Inc. is an early stage, U.S. public company currently pursuing a business strategy in the lithium mining and energy sector in the Americas, with an initial focus on identifying and acquiring opportunities in Peru, Argentina and Chile and the United States. Li3 Energy aims to acquire a significant portfolio of lithium brine deposits in the Americas for the purpose of development and production in order to meet growing market demand and to support the clean energy and green energy initiatives being implemented globally.
Forward-Looking Statements
Certain statements in this news release are forward-looking statements. These statements are subject to risks and uncertainties. Words such as "expects", "intends", "plans", "proposes", "hopes," "may", "could", "should", "anticipates", "likely", "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information and assumptions of management. Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of Li3 Energy, including, but not limited to, Li3 Energy 's ability to identify appropriate corporate acquisition and/or joint venture opportunities in the lithium mining sector and to establish the technical and managerial infrastructure, and to raise the required capital, to take advantage of, and successfully participate in such opportunities; future economic condition; political stability; and lithium prices. Additional information on risks and other factors that may affect the business and financial results of Li3 Energy can be found in filings of Li3 Energy with the U.S. Securities and Exchange Commission at www.sec.gov.
SOURCE Li3 Energy, Inc.
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