Ultra Lithium Acquires Three More Lithium Brine Properties in Catamarca, Argentina
August 08 2017 - 9:00AM
Ultra Lithium Inc. (TSX-V:ULI) (“ULI” or “the Company”) is pleased
to announce it has entered into a definitive agreement to acquire
100% interest in three Lithium Brine properties (the “Properties”)
covering 22,176 hectares, located in the Antofagasta region,
Province of Catamarca in Argentina. The three properties are
comprised of 11 mining licenses and are in addition to the La
Borita claim block acquisition announced on June 27, 2017. These
properties are located within the “Lithium Triangle,” a region
which holds over 50% of the world’s lithium resource.
Below is a summary of the three properties:
- Amelia Property: Comprised of 3 mining licenses Amelia I-III,
covering 5,400 hectares located in the northern part of Salar de
Antofalla, a lithium, potassium deposit historically explored by
Rio Tinto and in the vicinity of Albemarle Corporation’s Salar De
Antofalla property.
- Laguna del Salitre / Laguna de Aparoma Property: Comprised of
two licenses covering 5,400 hectares, located about 80 km to the
south of the Salar del Hombre Muerto partly owned by FMC
Lithium.
- Archibara / Laguna Verde Property: Comprised of six mining
licenses Archibara I-III, and Laguna Verde I-III, covering 11,376
hectares located about 80 km to the north of Albemarle’s
project.
Under the terms of agreement signed on June 20,
2017 between Luis Manuel Alvarez (the Vendor) and the Company, ULI
will pay the following:
- 2,486,040 Argentinian Pesos (approximately USD $155,378) to the
Mining Secretariat of Catamarca for outstanding canon fees upon
signing the agreement.
- USD $30,000 after due diligence is completed.
- USD $1,980,000 in four equal quarterly payments commencing 270
days from signing the agreement to acquire 100% rights on the
Property.
The Vendor will retain a 2.5 % royalty.
Dr. Weiguo Lang, CEO of Ultra Lithium, stated that,
“The acquisition of La Borita Property opened up doors for the
Company to acquire a sufficiently large area to carry out lithium
exploration in a very promising and strategic region within the
world known Lithium Triangle. We are very thankful to Mr. Alvarez
for having confidence in Ultra Lithium to give this opportunity for
acquiring his other lithium licenses. These properties are in the
vicinity of a producing mine operated by FMC Corporation, and other
deposits owned by Galaxy Lithium and Albemarle, a leading lithium
producer in the world. We have developed a work program to complete
bench scale testing on La Borita to produce lithium brine
concentrate, and to carry out systematic sampling on each mining
license. The sampling results will enable us to prioritize further
exploration work.”
Qualified PersonThe technical
information contained in this news release has been reviewed and
approved by Afzaal Pirzada, P.Geo., a qualified person, as defined
by NI 43-101 who works as Vice President Exploration of the
Company.
ON BEHALF OF THE BOARD OF DIRECTORS
“Kiki Smith”
Kiki Smith, CFO
About Ultra Lithium Inc. Ultra
Lithium is an exploration and development company with a focus on
the acquisition and development of lithium assets. The Company is
currently holds brine exploration properties in Catamarca,
Argentina and Nevada, USA and hard rock spodumene type lithium
property in Ontario, Canada.
For further information, please contact the Company at:
Attention: Kiki Smith
Telephone: 778 968-1176
Facsimile: 604 909-4682
Email:kiki@ultralithium.com
Website: www.ultralithium.com
or view the Company’s filings at www.SEDAR.com.
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