This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Li3 Energy Closes Strategic Maricunga Acquisition And Financing Transaction

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."  

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,687.24 +9.01 0.05%
S&P 500 2,059.10 +2.95 0.14%
NASDAQ 4,875.52 +12.1580 0.25%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs