Millennial Lithium Corp. Granted REMSA Licenses at its Pastos Grandes Project, Salta, Argentina
Vancouver, January 13, 2020 - Millennial Lithium Corp. (TSXV: ML) (FSE: A3N2) (OTCQB: MLNLF) ("Millennial" or the "Company") is pleased to announce that the Mining Court of Salta has granted Millennial's Argentine subsidiary, Proyecto Pastos Grandes S.A., four of the five mining licenses that comprised the original REMSA Properties.
Farhad Abasov, President and CEO commented "Millennial is pleased to have received four of the mining licenses which comprise approximately 97% of the REMSA Properties area of our Pastos Grandes Project. The licenses granted total approximately 6,447 hectares (ha). Millennial expects the fifth license to be granted in the near future. The Company continues to advance its 3 tonne-per-month lithium carbonate plant and pilot evaporation ponds in addition to completion of the community water well construction and sustainable business development and indoor recreation centre in Pastos Grandes. On corporate matters, Millennial continues to advance financing, offtake and other strategic talks with large industry players."
Late in 2019 the Mining Court of Salta granted Millennial's Argentine subsidiary, Proyecto Pastos Grandes S.A., four mining licenses (Ignacio, Ignacio IV, Daniel Ramon, and Aguamarga 10) which comprise 6,447 ha and the majority of the REMSA Properties. This area is a significant increase from the original REMSA Property (2,492 ha) as Millennial was granted the full areas of vacant licenses to which Millennial had the right to claim within and extending beyond the original REMSA investigation area. Millennial previously was granted the right to earn 100% of the REMSA Properties by making cash payments to REMSA and meeting a work commitment (see News Release dated August 24, 2017). REMSA has reviewed and approved these expenditures and subsequently the Mining Court approved the transfer of the mining licenses to Millennial's wholly-owned subsidiary in Argentina, Proyecto Pastos Grandes S.A. A fifth license, Nueva Sijesyta at 204 ha is located at the far eastern limit of the Company's land position at Pastos Grandes. Approval for this license is expected in the near future.
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, 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, changes in laws, rules and regulations in Argentina which may impact upon the Company or its properties or the commercial exploitation of those properties, currency risks including the exchange rate of USD$ for Cdn$, fluctuations in the market for lithium, changes in exploration costs and government royalties, export policies 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.
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