VANCOUVER, British Columbia, Aug. 09, 2017 (GLOBE NEWSWIRE) -- Millennial Lithium Corp. (TSX.V:ML) (Frankfurt:A3N2:GR) (OTCQB:MLNLF) ("Millennial" or the "Company") is pleased to report that the Company has successfully participated in a tender process to acquire 2,492 hectares of claims (the "Property") from The Salta Provincial Energy and Mining Company ("REMSA"). Upon the completion of the tender process, August 01, 2017, Millennial was notified by REMSA that the Pre-Award Committee (the "Committee") had recommended to REMSA that the minerals investigation area be awarded to Millennial. Final approval by REMSA is expected within the coming weeks.
The Properties are strategically located in the Pastos Grandes Salar, Salta Argentina and are contiguous to Millennial's current claims. The addition of the tender area brings the Company's holdings at Pastos Grandes to a total of 8,664 hectares. The Properties are strategically important to Millennial as they are directly adjacent to Millennial's recent discovery holes, including:
PGMW17-04b – Drilled to a total depth of 564 and terminated in brine bearing sand. Significant assays include 535 mg/l Li over 381.5 meters (93.5 m to 475 m).
PGMW17-05c – Drilled to a total depth 601 meters and terminated in brine bearing sand. Significant assays include 523 mg/l Li over 33 meters (27.5 m to 60.5 m) and 545 mg/l Li over 211.3 meters (381.7 m to 593 m).
Millennial CEO, Farhad Abasov, commented: "We are very pleased to have received the important recommendation of the technical evaluation committee for the REMSA tender. Located directly adjacent to our holding at Pastos Grandes, this area greatly expands the volume of brine aquifer being considered for our ongoing resource estimation. In conjunction with the finalization of the transfer of adjacent areas staked on our behalf by our consultants, Rojas Y Asociados, our holdings in the Pastos Grandes basin total more than 86 square kilometers, a good portion of which we have shown to host a very thick section containing lithium-enriched brine. The consolidation of the Pastos Grandes Salar is a key part of our plan in developing a new lithium producer coming on line in 2020."
The tender competition, opened in June of this year, was judged on the basis of (i) the relevance of the applicants' backgrounds and their activities in the Pastos Grandes area, (ii) the proposed first stage program of evaluation of the tender area, (iii) the initial payment ("Initial Payment") to be made to REMSA on signing the tender contract, and (iv) the overall payment to REMSA.
Millennial's offer comprised the following:
- Millennial's extensive background, experienced team and record of success in lithium, development in general and at Pastos Grandes in particular
- A stage 1 spending commitment of US$15.4 million
- US$3,000 per hectare; total purchase price of US$7,476,150
- Initial Down Payment of US$1,869,037.50 (25% of total)
- Payment of US$1,869,037.50 on the First, Second and Third Year Anniversary of signature date
Within 5 business days after the final award is issued, Millennial is obligated to present a warranty covering the obligations under the agreement. The Company has obtained the warranty.
Within 15 business days after the final award is issued, Millennial must sign the final agreement which will trigger the Initial Payment to REMSA. The initial payment has been transferred into the local account for Millennial's subsidiary, Proyecto Pastos Grandes, S.A.
Within the same 15 day period Millennial must also secure environmental insurance and the final documentation detailed in the Stipulations, and submit the EIR for the Stage I evaluation work program.
Once the EIR is approved one (1) year deadline is triggered for the investment of the US$15.4M Stage I program.
The Loan Funds were used by the Company to forward the funds representing the Initial Payment to its Argentinean subsidiary.
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 [email protected].
MILLENNIAL LITHIUM CORP.
"Farhad Abasov"
CEO, Director
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