VANCOUVER, July 20, 2016 /CNW/ - Lithium X Energy Corp.
("Lithium X", or the "Company") (TSX-V: LIX) (OTCQB:
LIXXF) Executive Chairman Paul
Matysek and Chief Operating Officer Eduardo Morales are pleased to provide the
following operational update for the Sal de los Angeles lithium
brine project (the "Project") in Salta province, Argentina.
Highlights:
- New Resource Estimate expected by August
30, 2016
- SRK Consulting has initiated pump tests to help upgrade the
historical resource
- Construction permits for the pilot ponding facility anticipated
within 60 days; negotiations have begun for longer lead items
Several development activities are underway at the Project
following the appointment of Eduardo
Morales as Chief Operating Officer and Andres Barrientos as Project General Manager.
Pump tests have been initiated, including two airlift pump tests
and one long-term multi-day pump test on existing wells in the
northern portion of the Project, where previous drilling
intersected higher-grade lithium brine in predominantly sand and
gravel aquifers. The results of these pump tests will be
incorporated into the upcoming Resource Estimate, which is on
schedule to be released prior to August 30,
2016.
The long-term pump test is being conducted at a prototype
production well drilled near the anticipated well field. The pump
tests are being conducted by SRK Consulting (Denver), which has been retained to update the
Resource Estimate.
An Environmental Impact Assessment has been submitted to Salta's
Ministry of Mines detailing the pilot ponding facility to be
constructed as part of the Salta Exploraciones S.A. ("SESA") joint
venture. The permitting process typically takes up to 60 days.
Subject to approval of the EIA, construction is scheduled to
commence on the pilot ponding facility. In anticipation of final
receipt of construction permits, the SESA joint venture is
negotiating the purchase of longer lead items and working on
further advanced engineering details, factoring in the experience
and recommendations of Mr. Morales and Mr. Barrientos.
"I am pleased to now be fully integrated with the Lithium X
team, and up to speed on the ground with the Sal de los Angeles
Project, where I have now assumed operational responsibilities,"
commented Mr. Morales. He continued, "I believe the Project has
strong potential to become a world-class lithium asset, and we have
the right team in place to effectively move forward. An updated
Resource Estimate and the necessary approvals to build the pilot
ponding facility are important steps in that direction."
The technical information contained in this news release has
been reviewed and approved by Will
Randall, P.Geo, who is a Qualified Person as defined under
NI 43-101. As Vice-President Project Development of the
Company, Mr. Randall is not considered independent.
About Lithium X Energy Corp
Lithium X Energy Corp. is a lithium exploration and development
company with a goal of becoming a low-cost supplier for the
burgeoning lithium battery industry. Lithium X owns 50%, and
has the option to acquire up to 80% of the Sal de los Angeles
lithium brine project in the prolific "Lithium Triangle" in mining
friendly Salta province, Argentina. Sal de los Angeles is a well-known
salar with positive historical economics, grade and size. Lithium X
is also exploring a large land package in Nevada's Clayton
Valley, contiguous to the only producing lithium operation
in North America – Silver Peak,
owned and operated by Albemarle, the world's largest lithium
producer. Lithium X is listed on the TSXV under the trading symbol
LIX and on the OTCQB under the trading symbol LIXXF.
For additional information about Lithium X Energy Corp., please
visit the Company's website at www.lithium-x.com or
review the Company's documents filed
on www.sedar.com. Join the Company's email list
at http://lithium-x.com/subscribe.
ON BEHALF OF THE BOARD OF DIRECTORS
"Paul Matysek"
Paul
Matysek
Executive Chairman
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accuracy of this news release.
This news release contains certain forward-looking information
and forward-looking statements within the meaning of applicable
securities legislation (collectively "forward-looking statements").
Certain information contained herein constitutes "forward-looking
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and estimates of management as of the date such statements are made
and they are subject to known and unknown risks, uncertainties and
other factors that may cause the actual results, level of activity,
performance or achievements of the Company to be materially
different from those expressed by such forward-looking statements
or forward-looking information, including the business of the
Company and the commencement of trading in the Company's shares.
Although management of the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking statements or
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements and forward
looking information. The Company does not undertake to update any
forward-looking statements or forward-looking information that are
incorporated by reference herein, except as required by applicable
securities laws.
SOURCE Lithium X Energy Corp.