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Ganz frisch:
Oct 31 2016 - 17:57:38 ET - Interim financial statements/report - English
http://www.sedar.com/...anyDocuments.do?lang=EN&issuerNo=00024059
Zum Beispiel Lincoln Lithium Project
"Based on certain assay results from drill activity in October 2016, management decided to cease
exploration activity on the project and not pay any further option payments to maintain the property in good standing; as such, the Company wrote-down this project to $nil during the period."
Impairments...Expiries...
Und natürlich Warrants: "During the six months ended August 31, 2016, the Company issued 8,000,000 warrants with an exercise price of $0.30 per warrant in connection with the July 2016 private placement."
etc.
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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 3, 2016) - Millennial Lithium Corp. (TSX VENTURE:ML) ("Millennial" or the "Company") reports that its wholly owned Argentine subsidiary, Proyecto Pastos Grandes S.A. ("PPG SA") has entered into a letter of intent (the "LOI") with Southern Lithium Corp. (TSX VENTURE:SNL) ("Southern") whereby, upon execution of a definitive agreement (the "Definitive Agreement") Southern will be granted the option to acquire up to an eighty (80%) percent interest in and to the Company's Cruz Property in the Pocitos salar basin in Salta Province, Argentina.
Terms of the LOI:
The LOI, dated effective October 31, 2016, calls for PPG SA and Southern to enter into a Definitive Agreement on or before November 10, 2016.
To earn a seventy (70%) interest in the Cruz Property, Southern must:
1.pay a US$150,000 non-refundable deposit to PPG SA (which has been paid);
2.pay an additional US$50,000 non-refundable deposit to PPG SA on execution of the Definitive Agreement;
3.on closing of the Definitive Agreement, issue to PPG SA or Millennial (at Millennial's option) US$100,000 worth of common shares (the "Southern Shares") of Southern with the Southern Shares being valued at the same price per share as a private placement (the "Private Placement") Southern is expected to announce concurrently or shortly after the announcement of the LOI;
4.on closing of the first tranche of the Private Placement or November 30, 2016 (whichever is earlier) place in a joint exploration account the sum of US$500,000 (the "Exploration Funds");
5.make US$500,000 of exploration expenditures (the "Exploration Expenditures") on or before October 1, 2017;
6.pay to PPG SA the sum of US$1,000,000 on or before October 1, 2017; and
7.pay to PPG SA the sum of US$1,000,000 on or before October 1, 2018.
((a) to (g) being, collectively, the "Option Exercise Price").
The LOI calls for the Definitive Agreement to contain the following terms:
1.that PPG SA is expected to act as operator on the Property until the Exploration Expenditures are made upon which time Southern may assume operating responsibility;
2.that Southern can earn an additional ten (10%) of the Cruz Property by completing, on or before the date that is three years and six months from the date of the Definitive Agreement, a bankable commercial feasibility study of the Cruz Property; and
3.additional terms and conditions customary to an option agreement in the resource industry including terms governing the planning of Exploration Expenditures.
The Cruz Property was acquired by PPG SA under the terms of an option agreement (the "Underlying Option Agreement ") dated effective October 11, 2016 although fully executed after that date. The Underlying Option Agreement is, for Millennial, an exempt transaction not subject to Exchange review under the Exchange's Policy 5.3. The Underlying Option Agreement provides that the Company can acquire up to a one-hundred (100%) interest in the Cruz Property from the vendor. The Company intends to use funds from the Option Exercise Price to fund its exercise of the option under the Underlying Option Agreement.
About the Cruz Property:
The 2,500 hectare Cruz Property lies at the north end of the Pocitos salar basin in Salta Province, Argentina. The Cruz Property is at the junction of a large north-south fault system and the northwest-southeast "megastructure" along which lies the Rincon volcano, the possible source of the Rincon salar lithium brine occurrences in the Rincon salar basin immediately north of the Pocitos salar basin.
The 60 kilometre long Pocitos salar basin has been the subject of surface sampling by several groups in the past. In the 1970's a government agency made a single shallow drill hole in the Pocitos salar basin. To the Company's knowledge, that drilling is the only exploration drilling to date and the results of that drilling cannot be confirmed under NI 43-101 standards for exploration applicable today. A review by the Company of recent samplings in the Pocitos salar basin tend to show higher lithium concentration along the deep faults in the basin, leading to the possibility, which would have to be confirmed with further exploration, that the faults could be conduits for lithium-bearing fluids emitted by the northern volcanic center.
The LOI is conditional upon its approval by the TSX Venture Exchange.
This news release has been reviewed by Iain Scarr, VP of Development and Exploration of the Company and a qualified person as that term is defined in National Instrument 43-101.
MILLENNIAL LITHIUM CORP.
Graham Harris, Chairman
Read more at http://www.stockhouse.com/news/press-releases/...#QlhkDcrQ0H7iI121.99
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Er berichtet, dass er nach Argentinien gereist ist und sich das pastos Grandes Projekt live angeschaut.
Er schreibt, the right Time, the right Place and the right People :))
Besser können die Voraussetzungen in den argentinischen Anden nicht sein.
ME könnte hier ein Lithium Produzent vom Feinsten entstehen :)
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Reprint
Scott Simpson, Special to Financial Post | November 7, 2016 | Last Updated: Nov 7 9:30 AM ET
More from Special to Financial Post
Millennial Lithium drilling at their Pastos Grandes project in Argentina
SuppliedMillennial Lithium drilling at their Pastos Grandes project in Argentina
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Junior miners vie for opportunities in innovating green energy sector
Industrial demand for lithium is hitting the mining sector — and consumers of energy and technology — in a series of huge waves.
The first, powered by compact and efficient rechargeable lithium-ion batteries enabled widespread consumer adoption of smartphones and tablets.
The second consumer wave, which has yet to crest, is the growing adoption of plug-in electric vehicles, or EVs, as practical alternatives to private automobiles powered by internal combustion engines. New manufacturers such as Tesla, as well as traditional ones including Ford, Chevrolet and Mercedes Benz, are in a fierce rush to meet the expectations of a millennial generation of consumers looking to shrink their environmental footprints by opting for lithium-ion battery-powered vehicles.
Tesla CEO Elon Musk appeared to up the ante for home-based green energy systems with an October 2016 announcement that he wants to commercialize the manufacture of solar photovoltaic roof panels that look like conventional roof tiles. Tesla, which recently acquired solar energy company SolarCity (also chaired by Musk), announced an update on its lithium ion household electricity storage battery, Powerwall 2, which offers twice the power of the original — and presents homeowners with an off-grid option for electric car charging.
The third and largest wave, utility-scale energy storage, is still gathering momentum according to a recent report by Deutsche Bank.
Deutsche Bank envisions huge high-capacity storage battery units revolutionizing electricity grids. These units would give utilities the option to store large volumes of power for peak demand cycles — and lower day-to-day costs by deferring expensive new electricity generation projects.
It’s not just an opportunity for utilities. A household equipped with small wind turbines and solar panels on its roof can bank that energy in a battery for later use. For example, you could collect solar power in the daytime, then draw down the battery at night to keep the lights on.
“The emergence of the electric vehicle and energy storage markets is being driven by a global desire to reduce carbon emissions and break away from traditional infrastructure networks,” Deutsche Bank states.
“Consumers are aware of their reliance on carbon fuels and seek to break away from traditional infrastructure networks, while not accepting any impact to quality of living.”
“Deutsche Bank has identified over 25 battery applications within the energy storage sector, and calculates that the top five, including grid management and peak demand support, will account for more than 95 per cent of lithium ion battery use in 2019, up from 56 per cent in 2015. It anticipates a fivefold increase in global battery consumption over the next decade, placing pressure on the battery supply chain.”
As the United States Geological Society noted in a recent brief, “Lithium supply security has become a top priority for technology companies in the United States and Asia. Strategic alliances and joint ventures between technology companies and exploration companies have been, and are continuing to be, established to ensure a reliable, diversified supply of lithium for battery suppliers and vehicle manufacturers.”
A recent report from Swiss Resource Capital AG describes lithium as “the energy storage medium of the future.” It quotes Commodity Capital CEO Tobias Tretter, manager of an internationally focused lithium index fund, as saying that the fundamentals for the metal are strong.
Stetter suggested many new exploration companies that rushed to take advantage of a recent surge of investor interest in lithium wouldn’t survive as the sector consolidates over the next couple of years. “This will ensure that the ‘promotion’ companies disappear and the investors will focus once again on the companies with the best management teams and the best projects.”
One of the companies on his radar screen as a potential future candidate for inclusion in the lithium index fund is Millennial Lithium Corp (TSX.V: ML), headquartered in Vancouver.
“The company has quietly acquired a very prospective lithium brine project in the Puna region (of Argentina) where the projects of Orocobre, Galaxy and Lithium X are located,” Stetter said. He noted the presence of veteran geologist Ian Scarr, responsible for Rio Tinto’s Jadar lithium project in Serbia among other discoveries, on Millennial’s management team.
Millennial’s chairman is Graham Harris, formerly a Senior Vice President and Director at Canaccord Capital. The company, which has traded as high as $2.45 after starting 2016 at $.0.06, is focused on projects in the so-called ‘lithium triangle’ comprised of resources and exploration areas in Bolivia, Chile and Argentina.
The company, in September 2016, filed a NI 43-101-compliant technical report related to its 1,200 hectare Pastos Grandes Salar lithium project, and has budgeted $3 million for initial exploration. Previous work carried out at Pastos Grandes indicates that the property exhibits what the company describes as “significant lithium and potassium brines.”
Also in September, Millennial entered an option agreement to acquire 100 per cent of the 2,990-hectare Cauchari East Lithium Project in Jujuy Province, adjacent to Orocobre’s producing Salar de Olaroz mine. According to the company, its Cauchari property “displays geological characteristics common with the deeper, buried salar-type mineralization that has been proven for Salar de Olaroz and Lithium Americas’ Cauchari-Olaroz (project).” Scarr said Pastos Grandes has the potential to be in production in three years — and the company wants to proceed quickly with Cauchari East as well.
“I see prices staying strong for quite a number of years,” Scarr said, “in contrast to a lithium boom-bust cycle five years ago.”
“This year we saw a dramatic increase in prices, driven by literally panic in the streets, particularly in Asia. That price increase is a simple, direct function of supply and demand. At this point, some eight to twenty thousand tonnes added capacity is required each year, and that demand growth is increasing year-by-year. I don’t see it slowing for the good part of a decade.”
Scarr thinks juniors have the advantage over the majors, which can “almost maintain the growing base load but aren’t quick or flexible enough to take advantage of surging demand.”
“The majors today are mainly operators of cash-cow facilities, not niche designers and innovators. Yes they can hire talent, but they have no real inherent advantage, other than existing customers — assuming they have treated those customers right and while some have, others have not.”
Scarr said Millennial will advance its projects by “focusing on the fastest path to cash flow. This has become our mantra: cash flow first, improvements and expansion later.
“To make sense of it all, we must stay abreast of market trends and technology, while keeping an eye on the traditional cost drivers.”
Millennial Lithium president and CEO Kyle Stevenson thinks the company’s surging share price is a reflection of the interests of millennial investors who grew up with products supported by lithium-ion batteries.
“A lot of investors in this field would be classified as millennials — including the brokers we have involved, and their clients. They get lithium, they get graphite, they get the metals that are going to hit the high tech sector, whereas if you try to sell a copper deal, that’s your father’s mining deal,” Stevenson said.
He said Argentina is “by far” the most mining friendly jurisdiction in the lithium triangle — particularly since the November 2015 election of a new, mining-friendly President, Mauricio Macri.
“All the Vancouver junior companies went to Nevada and there are 20 companies doing deals down there now. But we see the main global production opportunity in Argentina.
“I believe investor interest in Millennial is being driven by the fact we have quality assets in a known lithium-producing corridor. We are not exploring for lithium, we are moving toward production at our Pastos Grandes property.”
Pasto Grandes is in Salta Province, an area known for conventional lithium brine deposits that can lend themselves to large-scale mining.
“You start doing comparisons to other projects in the area, and that’s what drove our valuation,” Stevenson said. “We are commencing drilling very soon. That will give us an understanding of the resource, which leads to raising additional funds, and completing a feasibility study.
It’s definitely an exciting time and we are moving full speed ahead. We are drilling Cauchari probably in December and that will give us a good idea of additional resources there.”
Stevenson echoes Deutsche Bank’s projection that electricity generation sector — the “power wall” — will be the biggest catalyst for growth in lithium demand in the next few years.
“If that starts to take hold, demand for lithium goes through the roof.”
This stories was provided by Market One for commercial purposes.
Quelle:http://business.financialpost.com/business-trends/...d-powering-ahead
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Pastos Grandes, the project that set everything in motion
The first stop of the visit was the Pastos Grandes lithium project, where Millennial’s journey into the lithium space started. The project is approximately 4.5 hours away from Salta, the capital of the Salta province in Northwestern Argentina. Approximately half of the journey was on paved roads with the remainder consisting of pretty well-maintained gravel roads.
As we mentioned before, Pastos Grandes is located right in the middle of the Lithium triangle, where any company with real ambitions in the lithium sector will want to be. Millennial Lithium has an option to earn a 100% stake in the property by paying a total of US$2.2M in cash as well as issuing US$1M worth of Millennial shares. As the final US$1M payment has to be made on the 1-year anniversary of the date the Stock Exchange approved the agreement, Millennial will own 100% of the property before the end of the third quarter next year. This will put the company in an enviable position as all other ‘competitors’ own just a part of their properties. Orocobre (ORL.TO, ASX:ORE) owns a 66.5% stake in Olaroz, Lithium Americas (LAC.TO) and SQM (SQM) are in a 50/50 joint venture whilst even Lithium X (LIX.V) owns just 80% of its lithium project in Argentina.
Owning 100% will be a major milestone for Millennial Lithium, as it will increase the company’s flexibility with regards to its plans to move forward. The attendees of the site visit also spent an entire afternoon with the Moreno-family, the vendors of the project, and it’s very clear all parties involved are getting along extremely well.
ML_millennial-lithium_01 ML_millennial-lithium_05 ML_millennial-lithium_08
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The property has previously been explored by Eramine, a subsidiary of Paris-listed Eramet (which currently has a market capitalization of approximately 1.15B EUR (C$1.7B)). Eramet drilled several holes and encountered lithium grades that were definitely economic, but the company limited the depth of the holes to just 120-140 meters, which is actually quite shallow, before deciding to move to another salar.
Millennial Lithium has decided to use another approach at Pastos Grandes, and as the heavier brine has a tendency to sink to the bottom, the company has now received a drill permit to drill 4 or more holes which will be drilled to a depth of 350 meters or more. That’s indeed 2-3 times as deep as the Eramet holes, and as the higher-grade lithium brine sinks to the bottom of the pool, this strategy makes a lot of sense as the chances to encounter higher lithium values at depth is actually pretty high.
Of course, the proof of the pudding is in the eating so we’re looking forward to see the assay results from this exploration program, and we anticipate seeing these results before the end of this year.
Cauchari East – working on a proof of concept
We have to admit that when we learned about the company’s option to acquire an unencumbered 100% ownership of the 3,000 hectares Cauchari East project we originally thought the project was optioned as some sort of ‘nearology’ play, to piggyback on Orocobre’s project and the Lithium Americas/SQM joint venture.
We were also surprised to learn the claims are located on land rather than in a salar, but after having discussed the project with VP Iain Scarr, we now have a better understanding of the rationale why Millennial Lithium entered into an option agreement to acquire Cauchari East.
Lithium Americas, SQM and Orocobre have pretty much locked up the entire salar, but back in 2010 a technical report requested by Orocobre and completed by independent consultants confirmed the brine resource of the Cauchari salar seems to be extending towards the east, right onto the property Millennial Lithium has now optioned.
Scarr shared another interesting and perhaps even more important theoretical concept with us. Not only is the mineralization extending towards the east, the deepest part of the brine isn’t located in the salar, but under the overburden and potentially on the Cauchari East claims. This could have the advantage of encountering significant lithium grades in relation to the Olaroz-Cauchari resources. Of course, this is just a theoretical model, but the theory doesn’t just sound acceptable an image published by Orocobre is confirming the highest lithium grades are encountered at the east side of its Cauchari project (see the next image).
ML-Cauchari-East-Lithium-Project
After hearing the more detailed explanation about Cauchari East, we are now fully convinced this exploration project has its merits, and drilling a few deep holes will be very helpful to determine the potential of this land package.
Iain Scarr probably is the company’s most valuable asset
One of the most noticeable things Millennial did last summer was appointing Iain Scarr as its Vice President Exploration and Development. Scarr has four decades of experience with mining mastodon Rio Tinto (RIO) and actually was involved early in the discovery and later in the commercial justification for development of the Jadar lithium-borate resource in Serbia.
Perhaps even more important is what Scarr did after his period with Rio Tinto. Not only did he assist Lithium One and Galaxy Resources (ASX:GXY) with the completion of an economic study on its Sal de Vida project, he was also one of the pinpoint people of the definitive feasibility study on the Rincon lithium project which is currently owned by the Enirgi group.
Scarr has plenty of experience with both lithium and the lithium triangle, and an additional advantage is the fact he’s based in Salta which gives Millennial Lithium direct access to someone who knows the ins and outs of the permitting system in the province.
ML_millennial-lithium_26 ML_millennial-lithium_28 ML_millennial-lithium_30 ML_millennial-lithium_35
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According to Scarr, he originally just wanted to render his services in an advising capacity, but he was immediately on board after meeting the management team and seeing the historical results and data on the Pastos Grandes project. He was also very positive about the Cauchari East program, and we do expect more properties to be added to Millennial Lithium’s project portfolio.
As soon as project vendors in the greater Salta-Jujuy region realize Millennial Lithium is there to stay and has a lithium veteran running things on the ground, the more likely it is to negotiate new property deals to make Millennial Lithium one of the, if not THE, lithium exploration company in the Lithium Triangle.
The short ‘turnaround time’ on the recently-acquired Cruz property in the Pocitos Salar emphasizes this. Less than three weeks after Millennial had entered into an agreement to acquire the Cruz project from an unnamed vendor, it already signed a letter of intent to allow Southern Lithium (SNL.V) to earn a 70% or 80% stake in the property.
To earn the first 70% of Cruz, Southern Lithium needs to pay Millennial’s Argentinean operating subsidiary a total of US$2.2M over the next two years, as well as issuing US$100,000 worth of SNL stock and spend at least half a million US Dollar on exploration activities within the next 12 months.
As the original acquisition terms haven’t been disclosed, it’s unclear how good the joint venture deal is, but in any case, it does make sense to own a 20% or 30% stake in a property where someone else is spending its cash on to explore, whilst keeping its focus on the two main assets in Millennial’s project portfolio.
Where to go from here?
At Pastos Grandes, we’re obviously looking forward to see the results of the recently-started exploration program. Historical assay results (from the Eramet drill program) indicated an average grade of 400-600 mg/l but keep in mind these samples were taken at relatively shallow depths, and may not have selectively tested the target brines. Finding anything above 500 mg/l at depth would satisfy us as it will be very helpful to validate the past exploration program of Eramet, which spent in excess of C$5M on the project which included no less than six exploration wells.
Millennial thinks it will be able to bring the Pastos Grandes project into production before the end of this decade. That’s a very aggressive assumption, but it’s in the company’s best interest to secure a spot on the lithium market as fast as possible. As we explained before, even though the demand for lithium will very likely continue to increase, this doesn’t mean there will be an unlimited demand for new lithium projects.
We dare to say 90% of the lithium projects in more unconventional regions like Nevada will never be brought into production, and that’s what sets Millennial Lithium and other (soon-to-be) lithium brine producers in the lithium triangle apart from the rest. Grade is king, and the evaporation rate in the Puna region is extremely high as the sun (a free source of energy) is taking care of the evaporation of the water from the production ponds.
Millennial wants to have a NI43-101 compliant resource estimate by the summer of next year and even though it’s way too early to speculate about the size of the Pastos Grandes project, we would expect to see a resource estimate with a total Lithium Carbonate content of 1 million tonnes, at an average grade of in excess of 400 mg/l. It’s also not unlikely the company will simultaneously publish a Preliminary Economic Assessment, as we think Iain Scarr will be able to assist the independent consultants with a mine plan which should result in defining the potential economics of the project.
We expect the company to need approximately 18 months to move from a PEA to a Definitive Feasibility Study (as brines are usually straightforward with ‘metallurgy’ being one of the most important parts rather than resource definition), and Millennial could be skipping the pre-feasibility stage based on the results of the pilot plant.
We would also expect some more changes in the management team. As the company evolves from an exploration company to a developer and eventually a producer, it’s not unlikely additional expertise will be added to both the board of directors and management.
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Conclusion
Even though Millennial Lithium was one of the last companies to join the lithium-race, it has been able to execute options to acquire some very promising lithium projects smack in the middle of the lithium triangle in Argentina. Drilling has started at Pastos Grandes, and we have a pretty good idea of what we can expect there as this isn’t really greenfields exploration given the fact Eramine has completed an extensive exploration program just a few years ago.
This doesn’t mean you should chase a share price. Even though Millennial’s share price has increased by 27% (after more than doubling) since the opening bell after our first report, today could be a good day to pick up some shares as one of the previous private placements exits the 4 month hold period. This might cause some pressure on the share price, and well-placed and well-timed limit orders could allow you to pick up some shares at a lower price, so keep an eye on today’s trading pattern.
In any case, after having travelled to Salta, visited the projects and talked with Iain Scarr, we think Millennial Lithium’s projects are better than the company initially thought, and we’re looking forward to see the initial drill results before the end of this year.
The author has a long position in Millennial Lithium. Millennial Lithium is a sponsor of the website. Please read the disclaimer
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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 16, 2016) - Millennial Lithium Corp. (TSX VENTURE:ML)(OTCQB:MLNLF) ("Millennial" or the "Company") reports it has commenced the Phase I lithium brine drilling program at its Pastos Grandes Project in Salta Argentina.
The Phase I program consists of drilling a pair of holes at two or more sites in the salar to establish stratigraphic and porosity data, trial brine extraction and evaporation trials. At each site, an HQ core hole will test the salar to as deep as 350 metres, or deeper if warranted, providing valuable depth-specific lithological information, samples for brine analysis and permeability testing of individual brine aquifers. Each core hole will subsequently be used as a monitoring well for an adjacent pumping test well. Pumping test wells will be completed with 10-inch casing to allow a greater pumping extraction rate than previously tested at this salar. Brine extracted from the wells will be tested on-site with detailed analysis to determine evaporation, concentration and lithium extraction characteristics being completed at a certified laboratory.
Previous drilling at Pastos Grandes determined the presence of lithium-bearing brine to depths of as much as 170 metres. The previous drilling program, which targeted the halite in the basin, did not identify the base of the mineralized brine-hosting formations, nor did it confirm the results of geophysics that appeared to indicate the presence of deeper brine bodies.
In contrast, Millennial, targeting the porous sediments, plans on drilling to much greater depths as subsequent results of more advanced lithium projects in the Puna de Atacama or Puna Plateau in the Andes Region of Northern Chile and Argentina have concluded that brine can be found at greater depths, and in some cases occurs in the coarser sediments that were deposited early during the filling of those basins. Coarser sediments, with larger and more interconnected pore spaces have the potential to increase well yields. Such has been found to be the case at Centenario-Ratones and Cauchari-Olaroz.
Millennial has engaged Hidrotec S.R.L., a Salta-based drilling company with extensive recent experience in drilling and testing salar-hosted lithium brines, to complete the Phase I core- and well drilling program. Millennial has engaged Mike Rosko of Montgomery and Associates Inc, a US-based hydrogeological consultancy to provide program guidance and act as the Company's qualified person for reporting results.
This news release has been reviewed by Iain Scarr, VP of Development and Exploration of the Company and a qualified person as that term is defined in National Instrument 43-101.
MILLENNIAL LITHIUM CORP.
Graham Harris, Chairman, 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.
Millennial Lithium Corp.
Investor Relations
(604) 662-8184
info@millenniallithium.com
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In the Definitive Agreement, PPG SA grants Southern an option (the "Option") to acquire up to an 80% interest in PPG SA's Cruz property in the Pocitos salar basin in Salta province, Argentina (the "Cruz Property").
The Company previously announced that PPG SA had entered into a letter of intent with Southern. The letter of intent called for the Definitive Agreement to be signed on or before November 10, 2016.
Terms of the Definitive Agreement:
To exercise the Option and acquire a 70% interest in the Cruz Property, Southern must:
Pay a non-refundable deposit of $150,000 (U.S.) to PPG SA. This payment has already been made;
Pay an additional $50,000 (U.S.) non-refundable deposit to PPG SA upon the execution of the definitive agreement. This payment has already been made;
Issue 540,000 common shares of Southern to PPG SA or Millennial at a deemed price of 25 cents, subject to Exchange approval;
On the closing of the first tranche of Southern's recently announced private placement or Nov. 30, 2016 (whichever is earlier), place in a joint exploration account the sum of $500,000 (U.S.);
Spend the $500,000 (U.S.) in the joint exploration account on exploration of the Cruz Property on or before Oct. 1, 2017;
Pay to PPG SA the sum of $1-million (U.S.) on or before Oct. 1, 2017;
Pay to PPG SA the sum of $1-million (U.S.) on or before Oct. 1, 2018.
To exercise the Option for an additional 10% interest (for a total interest of 80%) in the Cruz Property Southern must, prior to the date that is six months after the third anniversary of the Definitive Agreement, complete a bankable feasibility study on the Cruz Property.
About the Cruz Property:
The 2,500 hectare Cruz Property lies at the north end of the Pocitos salar basin in Salta Province, Argentina. The Cruz Property is at the junction of a large north-south fault system and the northwest-southeast "megastructure" along which lies the Rincon volcano, the possible source of the Rincon salar lithium brine occurrences in the Rincon salar basin immediately north of the Pocitos salar basin.
The 60 kilometre long Pocitos salar basin has been the subject of surface sampling by several groups in the past. In the 1970's a government agency made a single shallow drill hole in the Pocitos salar basin. To the Company's knowledge, that drilling is the only exploration drilling to date and the results of that drilling cannot be confirmed under NI 43-101 standards for exploration applicable today. A review by the Company of recent samplings in the Pocitos salar basin tend to show higher lithium concentration along the deep faults in the basin, leading to the possibility, which would have to be confirmed with further exploration, that the faults could be conduits for lithium-bearing fluids emitted by the northern volcanic center.
Millennial has granted an aggregate of 250,000 stock options (the "Options") to certain consultants of the Company. The Options have a term of 5 years and are exercisable at a price of $1.35 per common share. The Options are subject to the acceptance of the TSX Venture Exchange.
This news release has been reviewed by Iain Scarr, VP of Development and Exploration of the Company and a qualified person as that term is defined in National Instrument 43-101.
MILLENNIAL LITHIUM CORP.
Graham Harris, Chairman
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