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Market: OTCBB
Sector: General Mining
EPIC: LIEG
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Li3 Energy
www.li3energy.com

Li3 Energy, Inc. is a growing, expertly managed lithium exploration company focused on the acquisition and development of highly prospective lithium brine properties in the Americas. The company is led by a proven management team and board of directors with extensive resource sector, corporate development and finance expertise. Li3 Energy’s technical team has direct experience successfully exploring and producing lithium resources.

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Li3 Energy completes Maricunga acquisition

24th May 2011, 2:02 pm by Deborah Sterescu
Li3 Energy completes Maricunga acquisition

Li3 Energy (OTCBB.LIEG) said Tuesday that it has closed the acquisition for a 60% stake in the six companies that collectively own the Maricunga lithium project in northern Chile.

"The Maricunga project was aggressively pursued and the closing is a major milestone that now establishes Li3 as a dominant lithium and minerals exploration company," said CEO Luis Saenz.

"This strategic acquisition should become a flagship property and create long-term value to all of our stakeholders.

"We plan to start our work program expenditures as soon as possible and have already started several tender processes for the camp and drilling programs."

Under the terms of the agreement, Li3 has paid US$6.4 million in cash and 30% of its shares. The company has also agreed to pay consideration dependent on the project achieving certain goals.

In early February, the company announced it hired Chilean-based SignumBOX to complete an evaluation report on Maricunga, with results indicating that the property has the potential to become "the leading lithium project based in salar brine-bearing deposits".

Maricunga covers an area of approximately 1,438 hectares, comprising six concessions, and is located in the northeast section of the Salar de Maricunga in Region III of Atacama. An independent NI 43-101 compliant analysis determined that the project is a "property of merit", which holds signficant potential for development as a source of lithium, potassium, iodine and boron.

Li3 said that it has now begun the feasibility phase on Maricunga, and has started the initial $3.8 million work development program on the project. To pay for the work and acquisition, the company recently completed an $8.9 million financing.

 

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