Proactiveinvestors recommends
Additional Information
Market: OTCBB
Sector: General Mining
EPIC: LIEG
1 year chart
digital-look imported chart image
1 day chart
digital-look imported chart image
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.

Full Li3 Energy profile here
Pdf

Li3 Energy secures $18 million funding for development plan

30th Aug 2011, 3:07 pm by Olivia D'Orazio
Li3 Energy secures $18 million funding for development plan

Lithium and minerals exploration company Li3 Energy Inc (OTCBB:LIEG) Tuesday secured $18 million in funding from POSCO Canada Ltd, a subsidiary of South Korea-based industrial company POSCO (NYSE:PKX) to develop an exploration and development plan for its Maricunga project in northern Chile.

The first, $8.0 million tranche will see the end of several exploration programs, including the completion of a measure and indicated mineral resource on the property.

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.

Projects estimated for completion in the fourth quarter of fiscal 2011 include the seismic survey and modeling, and core sample drilling.

Li3 Energy also intends to complete a well drilling program, which will utilize a reverse circulation (RC) drill to develop wells for the uptake of water in all types of terrain on the property, and a pump test program which will evaluate the hydraulic guidelines on the property and measure their response, and will supply brine for future testing.

Slated for completion in the first quarter of fiscal 2012, Li3 Energy said it will have finished a laboratory process simulation, which will examine two potential process routes to the labs, as well as generate scale-quantities of the lithium carbonate product.

The company has also selected Peter Ehren to prepare a plan development program for the Maricunga property, which will also be completed in the first quarter.

Li3 Energy will also construct a test facility near the property to collect data for the development plan.

The company also hopes to complete its evaluation of a technology patented by R3 Fusion Inc, which is designed to separate and recover pure water from highly concentrate brine solutions.

Also with a first quarter expected completion date, is the resource evaluation on the property. Li3 Energy said it expects to upgrade the resources at Maricunga to the measured and indicated category.

Historical work over the property has calculated a non compliant mineral resource of 224,300 tonnes of lithium and 3.27 million tonnes of potash. However, a report, released in May 2011, estimates that it is possible to develop an NI 43-101 compliant resource similar to the historical one.

Initial drilling at Maricunga estimated assay values of 1.1 grammes per litre (g/L)lithium, 7.93 g/L potassium, 1.81 q/L boron and 6.6 g/L magnesium.

The company also expects to complete an environmental impact study (EIS) by the fourth quarter of fiscal 2012, which is required for the permitting of a commercial production facility that can use brine from the project.

"Li3 looks forward to further advancing our Maricunga Project," said COO Thomas Currin.

"We have announced several initiatives including our strategic partnership with POSCO and the development and demonstration program with R3 Fusion.

Together with our partners and contractors, utilizing their respective technical expertise, skills sets and proprietary intellectual property, our objective is to advance Maricunga to an advanced stage of commercialization in an accelerated manner.

"The timelines we have detailed should provide our stakeholders a basis to measure our progress."

Li3 Energy's stock on the OTC Bulletin Board rose up to 3.33% today, but, as of 2:37 pm EDT, was trading flat at $0.15 per share.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.