TSX Venture Exchange Symbol: AAL
VANCOUVER, Nov. 16, 2017 /CNW/ - Advantage Lithium
Corp. (the "Company" or "Advantage Lithium") (TSX Venture:
AAL) (OTCQX: AVLIF) – Mr. David
Sidoo, President and CEO, is pleased to report that the
Company has finalized and has in place a Voting Support Agreement
with Mr. Miguel Peral, a director, officer and shareholder of
the Company holding 8,175,000 shares of the Company. Mr. Peral has
agreed to vote all common shares beneficially owned, or over which
control or direction is exercised, at each meeting of shareholders
of the Company in favour of director nominees that the board has
recommended shareholders vote in favour of. The agreement with Mr.
Miguel Peral mirrors the agreement
in place with Orocobre in regards to the voting of their shares. In
addition as previously announced Mr. Peral, Orocobre and other
insiders have in place lock up agreements.
Mr. Peral said "I believe in the long-term growth and success
of this project in Cauchari and am in this for the long term, to
build upon the resource we have today. I have been encouraged by
the drill results in the SE and am very optimistic about
the NW sector of Cauchari. Further drill results are forthcoming in
November and December as we advance to completion our 2017
drill program."
Following a successful site visit on November 8th by investors and
analysts, drilling and pumping activity continues to advance on
schedule towards development of a new resource with pumping tests
in the SE sector commencing on wells CAU08 and CAU11 down to 480m.
In the NW sector, the diamond rig has progressed to CAU15 after
completing CAU16 to 321m and intersecting a significant thickness
of sandy material, details of which will be reported with the
assays from this hole. By month-end, complete assay results from
packer testing in CAU16 will be available followed by the pumping
test results from CAU08 and CAU11 in the SE sector. Recent
discussions with our drilling contractors have been successful in
securing drill rigs to ensure completion of a follow-up program of
drilling to support on-going resource development. This is
important to fully define the deeper potentially high brine
yielding sands in SE and NW zones and extension of extractable
resource for feasibility studies planned for 2018.
Mr. Sidoo said "The work program is rapidly advancing and
given the planned work expenditures we anticipate that in early
December we will have funded U.S. $5
million in exploration costs at Cauchari and earned our 75%
interest. The Company plans to move forward with internal studies
to support the NI 43-101 PEA/Scoping study beginning in Q1
2018. These studies will investigate, amongst other matters, future
production from a stand-alone operation."
The technical information in this news release has been reviewed
and approved on behalf of the Company by Murray Brooker, MAIG, RPGEO, a "Qualified
Person" as defined in NI 43-101.
About Advantage Lithium Corp.
Advantage Lithium Corp. is a resource company specializing in
the strategic acquisition, exploration and development of lithium
properties and is headquartered in Vancouver, British Columbia. The common shares
of the Company are listed on the TSX Venture Exchange (TSX-V:AAL),
and the Company is also traded on the OTCQX Best Market in the U.S.
(OTCQX: AVLIF). The Company has acquired a 100% interest in five
projects in Argentina and has
acquired a 75% interest in a sixth, called Cauchari. The Cauchari
project is located just 20 km south of Orocobre's flagship Olaroz
Lithium Facility.
Further information about the Company can be found at
www.advantagelithium.com.
ADVANTAGE LITHIUM CORP.
Per:
|
"David
Sidoo"
|
|
David Sidoo,
President & CEO
|
|
Tel:
604.343.3760 | Fax: 604.683.1585
|
|
Email:
info@advantagelithium.com
|
Cautionary Statement:
Certain information contained in this press release constitutes
"forward-looking information", within the meaning of Canadian
legislation. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as "is
expected", "intends", or "has the potential to". Forward
looking statements contained in this press release may include
statements regarding the future operating or financial performance
of Advantage that involve known and unknown risks and uncertainties
which may not prove to be accurate. Actual results and outcomes may
differ materially from what is expressed or forecasted in these
forward-looking statements. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations. The forward-looking statements included in this press
release are made as of the date of this press release and the
Company disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable securities legislation.
Neither 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.
SOURCE Advantage Lithium Corp