Li3 Energy, Inc. Updates on Maricunga Closing

May 13, 2011, 03:00 ET from Li3 Energy, Inc.

LIMA, Peru, May 13, 2011 /PRNewswire/ -- Li3 Energy, Inc. (OTC.BB: LIEG) ("Li3", "Li3 Energy" or the "Company") a US-listed and Peruvian-based global exploration company in the lithium and minerals sector announces that it is in the process of finalizing the definitive purchase agreement and administrative requirements for the acquisition of 60% ownership of the six companies that collectively own the Maricunga Project.

Juan Carlos Mendez, representative of the selling group that owns the six companies, commented: "It has taken longer than expected but we are in the last steps towards closing this acquisition. The current stockholders look forward to working together with Li3 in order to develop the Maricunga project."

Luis Saenz, Chief Executive Officer of Li3 Energy, stated: "We have been diligently working with the Sellers to complete this transaction and we will be making an announcement regarding the matter in the forthcoming days."

About Li3 Energy, Inc.

Li3 Energy, Inc. is a developmental stage public company in the lithium mining and energy sector focused on the identification and acquisition of properties in Peru, Argentina and Chile and the United States. With this pending acquisition of a controlling interest in the Maricunga property, (ranked by SignumBOX as one of the top ten lithium projects in the world) and its other strategic lithium and other mineral holdings, Li3 Energy is focused on the acquisition and development of highly prospective lithium brine properties in the Americas in order to meet growing market demand and to support the clean energy and green energy initiatives being implemented globally.  Additional information regarding the company can be found in our recent current filings (Forms 8-K, 10-Q and 10-K with the SEC as well as the information maintained on our website  

Forward-Looking Statements

All statements other than statements of historical facts included in this news release including, without limitation, statements preceded by, followed by or that otherwise include the words "believes," "expects," "anticipates," "intends," "estimates," "projects," "potential," "target," "goal," "plans," "objective," "should" or similar expressions or variations on such expressions are forward-looking statements. The Company can give no assurances that the assumptions upon which the forward-looking statements are based will prove to be correct. 

Because forward-looking statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by the forward-looking statements. There are a number of risks, uncertainties and other important factors that could cause the Company's actual results to differ materially from the forward-looking statements, including, but not limited to:  the Company's ability to successfully receive committed funds and close on the additional subscription agreements that have been executed in its private placement offering; the Company's ability to timely close on the acquisition of interests in the Maricunga Project; the Company'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 conditions; political stability; and lithium prices.  For further information about certain risks faced by the Company, see "Risk Factors" in Part I, Item 1A of Amendment No. 1 to our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on November 5, 2010. The Company disclaims any obligations or undertaking to publicly release any updates or revisions to any forward-looking statement contained in this news release to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

SOURCE Li3 Energy, Inc.