KC Kutcho Copper Corp

Lithium One Inc. (the "Company") (TSX VENTURE:LI), is pleased to announce that
its partner, Korea Resource Corporation, ("KORES") has finalized a Korean
Consortium ("KC") with LG International Corp. ("LG International") and GS Caltex
Corporation ("GS Caltex"). The KC provides for each of the 3 participant
companies to share equally through a Korean special purposes company ("SPC") in
the option to earn a 30% interest in the joint venture company to develop
Lithium One's Sal de Vida Lithium Brine Project in Argentina, as announced June
4, 2010. 


LG International specializes in natural resources exploration and development
projects and is the trading company for the LG Group. LG International operates
its business through three divisions, including energy and raw materials,
industrial materials and import and distribution. 


GS Caltex is one of the largest energy companies in Korea and is jointly owned
by the Korean conglomerate GS Holdings Corp and Chevron. Over the past 40 years,
GS Caltex has expanded its petroleum and petrochemical businesses to include
city gas, electric power, exploration & production, convenience retail,
e-business and New and Renewable Energy, to become a globally competitive total
energy service provider. 


A delegation led by Mr. Kim, Shin-Jong, President & CEO of KORES, and including
Mr. Park, Young Tae, Director of LG International, and Mr. Kim, Tai O, Managing
Director of GS Caltex, met with Lithium One management in Buenos Aires,
Argentina on November 11. Lithium One and KORES made a formal introduction of
the Sal de Vida joint venture to senior representatives from the federal
government of Argentina and the government of the province of Catamarca. The
diverse Korean delegation also included representatives from other leading
Korean corporations such as Posco, Hyundai Corporation, Aju Industry Co. Ltd.,
Kolon Industries Inc., Ecopro Co. Ltd., and KIET. The senior leadership from the
KC companies will be making their first official visit to the Sal de Vida
project on November 12. 


Lithium One President and CEO Patrick Highsmith commented on the meeting and the
formal addition of the new partners to the joint venture: "It is an honor to
formalize our partnership among KORES, LG International, and GS Caltex. As
Argentina Mining Secretary Jorge Mayoral remarked in his address, the
partnership around our Sal de Vida lithium and potash project highlights the
synergies between technology economies such as Korea and growing resource
economies such as Argentina. In our landmark meeting, we discussed the Sal de
Vida Project from its current project status right through to the joint
venture's objective of being a supplier of high quality lithium to Korean and
Asian lithium battery makers."


KORES CEO, Mr. Kim, Shin-Jong, remarked today "The Sal de Vida Lithium Project
has brought together three of Korea's leading companies, KORES, LG
International, and GS Caltex, to join Lithium One here in Argentina. We are very
pleased with our progress at Sal de Vida so far, and we look forward to visiting
the project today." 


Another member of the Korean delegation, Mr. Park, Young Tae of LG International
spoke about his company joining its first lithium project, "The Sal de Vida
Project has gotten off to a good start. We have a strong team to work with and a
good mining jurisdiction. At the meeting on Thursday we heard important support
for our project from the province of Catamarca and the senior mining official in
the national government of Argentina. LG International is pleased to be part of
the consortium that is advancing Argentina's next lithium project to
feasibility." 


JOINT VENTURE

As announced on June 4, 2010, Lithium One and the KC will seek to jointly
develop the Sal de Vida Lithium Brine Project. Lithium One will operate the
joint venture. The KC will fund 100% of the budget for exploration,
prefeasibility and feasibility studies up to US $15 million. The earn-in period
spans the forecast budget timeline of approximately 15 months required to
deliver the feasibility study and is retroactive to project expenditures
incurred by Lithium One since May 7, 2010.


Upon delivery of the Definitive Feasibility Study, the parties will form a joint
venture through an Argentina company (the "JV Company") with equity interests of
70% Lithium One, 30% the KC. The JV Company will have a mandate to develop and
operate a new lithium and potash mine at Sal de Vida. The operation of the JV
Company will be governed by the terms of a shareholder agreement (the
"Shareholder Agreement") that has been negotiated between the parties. The KC
will provide a Completion Guarantee for Lithium One's share of the debt portion
of the capital development costs. 


OFFTAKE AND MARKETING

The KC will have the right and obligation to purchase 30% of the lithium
products produced from the Project at market prices. The KC will also have a
right of first offer to purchase an additional 20% of the lithium products from
the Project. 


Marketing of the lithium, potash and boron products from Sal de Vida will be
undertaken by the JV Company under a sales agency agreement. The KC will have
the right to become the sole sales agent for lithium products in the Chinese,
Japanese and Korean markets, while Lithium One will have the right to become the
sole sales agent for potash and boron products worldwide. 


The transactions contemplated by the Agreement are subject to customary
conditions including, without limitation, the approval of the TSX Venture
Exchange. 


About Korea Resources Corporation

KORES, a state-owned corporation of the Government of the Republic of Korea, has
a mandate to pursue resource development opportunities to supply Korea's
expanding industrial economy.


About Lithium One:

Lithium One Inc. is a Canadian-based explorer and developer of mineral
properties with a specific focus on lithium. The Company has two major lithium
projects: the brownfields Sal de Vida lithium brine project in Argentina and the
James Bay bulk tonnage spodumene project in Quebec. The consortium of KORES, LG
International and GS Caltex is earning a 30% interest in the Sal de Vida project
by funding up to US$15 million to complete a Definitive Feasibility Study and
has also agreed to provide a completion guarantee for Lithium One's share of the
debt portion of project development costs. The Company continues to advance both
its projects toward resource definition, expecting NI 43-101 compliant resource
estimates before the end of 2010. Lithium One believes that lithium demand will
grow as its value as a preferred battery material is fully realized. The
Company's strategy is to draw upon its quality team and employ best-practice to
fully develop its portfolio of top-tier lithium assets. 




ON BEHALF OF THE BOARD OF DIRECTORS, 
Patrick Highsmith, M.Sc.             
President and Chief Executive Officer
                                     
Lithium One Inc.                     
1238-200 Granville Street            
Vancouver, BC V6C 1S4 Canada         
Email: info@lithium1.com             
                                     
Website: www.lithium1.com            



Forward-Looking Statements

This document may contain "forward-looking information" within the meaning of
Canadian securities legislation (hereinafter referred to as "forward-looking
statements"). All statements, other than statements of historical fact, included
herein including, without limitation statements relating to; the completion of a
Feasibility Study, the entering into of marketing and off-take agreement, the
timing for completion of the equity quota registration, the satisfaction of
conditions of the Agreement, the provision of a Completion Guarantee , and other
matters related to the exploration and development of the Project, are
forward-looking statements. These forward-looking statements are made as of the
date of this document and the Company does not intend, and does not assume any
obligation, to update these forward-looking statements. Forward-looking
statements relate to future events or future performance and reflect
management's expectations or beliefs regarding future events. By their very
nature forward-looking statements involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or
achievements of the Company to be materially different from any future results,
performance or achievements expressed or implied by the forward-looking
statements. Factors that could cause actual results to differ materially from
those in forward-looking statements include unsuccessful exploration results,
changes in metals prices, changes in the availability of funding for mineral
exploration, unanticipated changes in key management personnel and general
economic conditions, title disputes as well as those factors detailed from time
to time in the Company's interim and annual financial statements and
management's discussion and analysis of those statements, all of which are filed
and available for review on SEDAR at www.sedar.com. In certain cases,
forward-looking statements can be identified by the use of words such as
"plans", "expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or "will be taken",
"occur" or "be achieved" or the negative of these terms or comparable
terminology. Although the Company has attempted to identify important factors
that could cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other factors that
cause actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking 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.

Kutcho Copper (TSXV:KC)
Historical Stock Chart
From Apr 2024 to May 2024

Kutcho Copper (TSXV:KC)
Historical Stock Chart
From May 2023 to May 2024