Millennial Lithium Corp. Engages Leading Talent in Lithium Ponds Processing and Reports on Progress
Vancouver, May 14, 2018 - Millennial Lithium Corp. (TSXV: ML) (FSE: A3N2) (OTCQX: MLNLF) ("Millennial" or the "Company") is pleased to report that with the engagement of Mr. Peter Ehren, the Company has added to its world-class team a leading expert in evaporative processes for lithium production. Mr. Ehren has been involved in lithium brines for more than 20 years. He started his involvement in lithium during his master's research at Technical University of Delft where he investigated, on behalf of BHP Minerals, the recovery of lithium from geothermal brine in the Salton Sea trough.
On completing his master's thesis Mr. Ehren worked until 2007 at the Salar de Atacama as part of SQM's team of leading evaporation technology experts, rising to the position of R&D Manager. Since that time he has worked in the majority of lithium basins worldwide for numerous projects, notably Orocobre's Salar de Olaroz Project, the only new sustained salar brine producer since FMC.
Farhad Abasov, President and CEO of Millennial comments: "Securing world-leading expertise is a key part of our strategy which will enable us to remain firmly in the lead of developing lithium salar projects. Having only just begun working with our team, Mr. Ehren has already contributed significantly to the Pastos Grandes project process development. The Millennial team and I are excited that he will oversee our evaporation processes and look forward to working with Mr. Ehren to advance our high quality lithium brine project to the next level. "
Mr. Ehren's tasks at Millennial include the finalization of the evaporation ponds system most amenable to the Pastos Grandes project brine chemistry, aiming to deliver a plant feed suitable for producing high purity lithium carbonate, and other compounds. He will oversee the computer modelling of the ponds, deriving the ponds sizing, layout and mass balances, and will design and monitor the further development of the on-site large-scale evaporation trials project.
Progress on Technical Programs
With the granting of the REMSA environmental permit (see News Release April 18, 2018) Millennial has initiated exploration and development activities on the REMSA ground including: drill road and platform preparation, pilot pond construction is in progress, and pond liner procurement.
Drill road construction began last week with access roads in the southern, REMSA area and drill platforms completed. Drilling will commence on May 11 with the primary objective to add additional lithium resources to the Pastos Grandes project. Pumping well PGPW17-04 is being further developed with a newly available heavy-duty compressor to facilitate pre- and step-tests which are in progress and a 72 hour test and eventually 30-day test when the containment pond is completed.
A containment pond measuring 100m by 100m as well as a larger pilot pond (150m x 150m) are planned as part of the ongoing studies at the project. A local contractor has been engaged and heavy machinery is en-route to the project area with a start-up date of May 14th. Photographs and videos documenting the progress will be available on the Company's website.
To expedite the Company's Feasibility Study, ten leading engineering firms have been issued Requests for Proposals (RFP) for the study. Site visits with interested parties are underway and interest in the project has been strong. Proposals will be submitted by mid-May and selection of the successful candidate is scheduled for the first week of June, 2018.
The Company would also like to report the granting, subject to regulatory acceptance, of 1,850,000 incentive stock options to certain officers, directors, consultants and employees of the Company (the "Options"). The Options have a term of 5 years and are exercisable at a price of $2.15 per common share.
Amendment to RSU Grants
In late 2017, the Company announced the granting of a total of 2,000,000 restricted share units (the "RSUs") in two tranches under its restricted share unit plan (the "Plan"). The terms of the grant of the RSUs called for the RSUs to vest six (6) months from the date of their issuance.
The vesting of the RSUs has now been amended such that the RSUs vest three years from their date of issuance unless vesting is triggered under the terms of the Plan or by an event such as a change of control or an M&A transaction.
This news release has been reviewed by Iain Scarr, AIPG CPG., Chief Operating Officer of Millennial and a Qualified Person as that term is defined in National Instrument 43-101.
To find out more about Millennial Lithium Corp. please contact Investor Relations at (604) 662-8184 or email info@millenniallithium.com.
"Farhad Abasov"
President, CEO and Director
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This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals including approvals of title and mining rights or licenses, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of USD$ 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.