Millennial Lithium Corporation finalizes purchase of core Pastos Grandes properties
Vancouver, October 11, 2017 - Millennial Lithium Corp. (TSXV: ML) (FSE: A3N2) (OTCQB: MLNLF) ("Millennial" or the "Company") is pleased to announce that it has completed the payments and executed the transfer deed to acquire the core mining properties for its flagship Pastos Grandes project. As previously announced (ML Press release July 19, 2016), under the terms of the Agreement, Millennial could acquire a 100% interest in the Project in consideration for the following payments and share issuances to the Vendor:
- Paying a $200,000 USD deposit on execution of the Agreement;
- Paying $500,000 USD and issuing $500,000 USD in common shares of the Company on Exchange approval of the definitive agreement;
- Paying $500,000 USD and issuing $500,000 USD in common shares of the Company on the six month anniversary of Exchange approval of the definitive agreement; and
- Paying $1,000,000 USD on the twelve-month anniversary of Exchange approval of the definitive agreement.
Based on the results of their highly successful drilling and pumping tests campaigns, the Company elected to complete the purchase terms with the final payment and execution of the transfer deed, exercised effective October 5, 2017.
These first core properties controlled by Millennial comprise 4 mining tenements, for a total of 1,219 hectares. Since entering into the agreement, the Company has acquired 4 additional, contiguous mining licenses of 4,953 hectares bringing the total area under the company's control to 6,172 hectares. In addition to this the Company was also awarded contiguous 2,492 hectares by Remsa pending the signing of the final agreement as the Company reported in the past news releases. This will bring the total area under the Company's control to 8,664 hectares.
Millennial Lithium President and CEO, Farhad Abasov comments: "We are very pleased that our work to date has advanced our Pastos Grandes lithium brine project on schedule and to the level of confidence that has enabled us to complete the full acquisition of these critical core properties. Our work is on track to deliver on our next significant milestones such as the NI43-101 resource report."
Millennial currently has 4 drilling machines on site, completing drill holes PGMW17-07(d), -08(b), -10 and -11, which will finalize drilling for the maiden resource definition program. Other activities on site include pilot evaporation trials, and bulk sampling for back-end process trials. The Company has selected the provider for the environmental baseline study and has received all submittals for the Preliminary Economic Assessment.
In other areas, Millennial has completed the drilling at the "Cruz" project, obtained permits for drilling the Pocitos West project and has achieved a permitting milestone for Cauchari East that should soon see the permit issuance for drilling that project.
Analytical results for the Cruz project did not meet expectations, and Millennial has elected to not exercise the option. The Company has notified the tenement holders of the termination of the agreement.
This news release has been reviewed by Iain Scarr, AIPG CPG., Chief Operating Officer of the Company and a qualified person as that term is defined in National Instrument 43-101.
To find out more about Millennial Lithium Corp. please contact Investor Relations at (604) 662-8184 or email info@millenniallithium.com.
"Farhad Abasov"
President and CEO, Director
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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.