Update on Progress of REMSA Award of Properties Contiguous to the Pastos Grandes Project
VANCOUVER, British Columbia, Sept. 01, 2017 (GLOBE NEWSWIRE) -- Millennial Lithium Corp. (TSX.V:ML) (Frankfurt:A3N2:GR) (OTCQB:MLNLF) (“Millennial” or the “Company”) would like to provide an update on the progress of the REMSA award of properties at Pastos Grandes. In the Company's news release dated August 24, 2017 the Company announced that it had been awarded, by REMSA (the Salta Province, Argentina provincial energy and mining company) certain exploration and development rights to properties (the "REMSA Properties") contiguous to the Company's Pastos Grandes Project.
The Company is continuing to work with REMSA towards executing the final agreement on the REMSA properties according to the process described in the August 24, 2017 news release for doing so. The final decision of REMSA concluding the tender process and awarding 2,492 hectares of claims to Millennial, allowed for an appeal process. The losing party of the tender, which opposes the acquisition by the Company of the REMSA Properties (and which was a competing bidder for the REMSA Properties) first filed an administrative appeal which was rejected, confirming the awarding of the Properties to Millennial. Following this, on August 29, 2017, the same party filed at a judicial instance for a protective action against the award of the REMSA Properties to the Company and a precautionary measure (the Appeal), this has temporarily suspended the signing of the final agreement with REMSA until a final judgment is passed as res judicata.
The Company is working with REMSA to obtain further details of the Appeal and has been assured by REMSA that: (i) REMSA remains committed to the award of the REMSA Properties to the Company; and (ii) REMSA intends to oppose the Appeal in applicable Argentina courts. The Company cannot, at this time, quantify what, if any delay to its acquisition the Appeal will result in or if the Appeal will have a lasting impact on the Company's rights to the REMSA Properties and the award of the REMSA Properties to it.
The Company views the Appeal, in part, as a symptom of the intense competition for lithium assets in Argentina and in particular for the highly prospective REMSA properties in Salta Province, which were awarded to Millennial Lithium.
To find out more about Millennial Lithium Corp. please contact Investor Relations at (604) 662-8184 or email info@millenniallithium.com.
“Farhad Abasov”
CEO, Director
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This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of USD$ for Cdn$, fluctuations in the market for lithium, changes in exploration costs and government royalties or taxes in Argentina and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.