Vancouver, British Columbia – Bearing Lithium Corp. (“Bearing” or the “Company“) (TSX Venture: BRZ) (OTCQB: BRGRF) (FRANKFURT: B6K1) has received an update from Li3 Energy Inc (“Li3”) from the ongoing process testing at the Maricunga lithium brine project located in Chile (the “Maricunga Project”). Bearing has entered into a definitive agreement to acquire Li3 and its interest in the Maricunga Project (the “Li3 Definitive Agreement”). Li3 currently holds a 17.7% interest in the Maricunga Project along with Minera Salar Blanco (“MSB”) and Lithium Power International Limited (“Lithium Power”) at 32.3% and 50% respectively pursuant to a joint venture arrangement (the “Joint Venture”). Under the terms of the Joint Venture, Lithium Power has agreed to fund exploration and development costs with both Li3 and MSB having a free carry until the completion of a definitive feasibility study.
Maricunga Project – Process Testing
Initial positive results include the preliminary concentration of brine from trial evaporation ponds at our camp site. The Maricunga JV is currently working with two leading suppliers and service providers in the lithium space, Veolia and GEA. Process studies to finalize a process flowsheet for the final production of lithium carbonate have been ongoing since late 2016. Initial positive results include the preliminary concentration of brine from trial evaporation ponds. Lithium-rich brine from the project is undergoing further processing to produce battery-grade lithium carbonate.
“Working with world class companies such as Veolia and GEA on our process testing and development shows the confidence and merits of the Maricunga project. We are pleased of with the progress to date on our development timeline. Parallel work being executed by Worley Parsons is also advancing well. We look forward to releasing a resource update before the end of this quarter,” Jeremy Poirier, President and CEO of Bearing Lithium commented.
Veolia Environment S.A., or Veolia, is a French transnational company with service offerings in the fields of water management, waste management, public transport and energy services. The company operates in 48 countries and headquartered in Paris, France. Its shares are quoted on the Euronext Paris (EURONEXT:VIE) and New York Stock Exchange (OTC Pink: VEOEY) with a market capitalization of US$12 billion. Veolia is an significant partner in the lithium space, offering processing solutions and equipment for everything from evaporation, impurity removal, brine concentration, by-product recovery, and lithium precipitation, purification and crystallization. Their project capabilities range from designing, building, operation, maintenance and project execution. Viola’s equipment and services have been deployed in a number of lithium brine operations throughout Chile and Argentina.
GEA Group AG, or GEA, is a global equipment and process technology provider for the food industry and a wide range of other industries. The company is headquartered Düsseldorf, Germany and trades on the Frankfurt exchange (FWB:G1A) with a market capitalization of €7 billion. Within the lithium space, GEA Technologies provides solutions spanning the entire production chain for lithium: evaporation, crystallization and drying technologies that are key to producing lithium from brine concentrates or from spodumene. Their project capabilities span engineering design, manufacturing and commissioning of the key process equipment. GEA’s offerings have been used in a number of lithium projects around the world and was most recently selected a supplier to process Tianqi Lithium’s production from the Greenbushes mine in Australia. The Greenbushes mine is owned by Tianqi Lithium (SHE:002466) and Albemarle (NYSE:ALB), and produces about 30% of the world’s lithium supply.
About Bearing Lithium Corp.
Bearing is an exploration and development company. The Li3 Definitive Agreement will enable it to acquire an interest in the advanced-stage Maricunga project located in Chile, which represents one of the highest-grade development opportunities in the Americas. Assuming completion of the transactions contemplated by the Li3 Definitive Agreement, Bearing will have an undivided 17.7% interest in the project with all expenditures through to the delivery of a Definitive Feasibility Study (DFS) fully-funded by its joint-venture partners. The Maricunga Project has had in excess of US$25 million of exploration to date.
ON BEHALF OF THE BOARD
Signed “Jeremy Poirier”
Jeremy Poirier, President and CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Jeremy Poirier– President and CEO Bearing Lithium – Telephone: 1-604-262-8835
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.
Cautionary Statements Regarding Forward Looking Information
This press release includes certain “forward-looking information” and “forward-looking statements”(collectively “forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operating or financial performance of the Company, are forward-looking statements.
Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. Forward-looking statements in this press release relate to, among other things: completion of the proposed transaction with Li3 and the settlement of the outstanding debt owed to the Li3 Noteholders. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual 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 and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the absence of a material adverse change in the Maricunga Property and receipt of all necessary regulatory and shareholder approvals. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, Bearing does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.