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Li3 Energy Closes Strategic Maricunga Acquisition And Financing Transaction

Stocks in this article: LIEG PKX

LIMA, Peru, May 23, 2011 /PRNewswire/ -- Li3 Energy, Inc., (OTC.BB.LIEG) ("Li3", "Li3 Energy" or the "Company"), a US-listed and Peruvian-based global exploration company in the lithium and minerals sector, is pleased to announce that it has closed the previously announced acquisition of a 60% ownership in a group of six private companies (the "Companies") that collectively own the Maricunga Project in northern Chile.  Li3 believes that once commercialized, the strength and merit of this acquisition could establish Li3 as a global leader in the lithium and minerals sector.  With this controlling interest in the Maricunga property (ranked by SignumBOX as one of the top ten lithium projects in the world) and its other prospective strategic lithium and other mineral holdings, Li3 is now firmly focused on the acquisition and development of highly prospective lithium brine properties in the Americas.  

The key Maricunga project highlights include:

  • Comprising 1438 hectares in a world class mining region;
  • Independent NI 43-101 analysis performed by Hains Technology Associates deemed Maricunga a "Property of Merit" and concluded the project holds significant exploration potential for development as a source of lithium, potassium, iodine and boron;
  • Relatively low levels of sulphate in the brine for a Chilean salar, reducing the need for additional reagents for sulphate removal;
  • SignumBOX concluded that Maricunga has the second highest quality deposit of lithium known in Chile; and
  • Infrastructure (road & power) in place to support preliminary development of the Salar;

Luis Saenz, CEO of Li3 Energy, stated: "The successful closing of this acquisition is testament to the strength of the property. The Maricunga project was aggressively pursued and the closing is a major milestone that now establishes Li3 as a dominant lithium and minerals exploration company.  This strategic acquisition should become a flagship property and create long-term value to all of our stakeholders.  We plan to start our work program expenditures as soon as possible and have already started several tender processes for the camp and drilling programs."  

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