LAT doing the same thing as TNR/ILCMonkey see, monkey do?
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Latin American, Grupo Minero combine lithium projects
2009-06-11 14:22 ET - News Release
Mr. David Wahl reports
LATIN AMERICAN MINERALS AND GRUPO MINERO LOS BOROS COMBINE LITHIUM PROPERTIES INTO LITHIUM AMERICAS CORP.
Latin American Minerals Inc. has combined its Argentineanlithium-potash properties (100,254 hectares) with those of Grupo MineroLos Boros S.A., in Lithium Americas Corp. The contiguous lithiumproperties at the corporation's Cauchari salt lake and Los Boros'sOlaroz salt lake cover 30,000 hectares.
The Lithium properties represent the consolidation of lithium salarproperties located in the lithium brine district of Puna, Argentina.This lithium brine region encompassing Chile, Argentina and Bolivia isestimated to hold over 90 per cent of the world's lithium brinereserves (Keith Evans, Lithium Supply & Markets Conference, 2009).The Los Boros properties (11,987 hectares) cover part of the Caucharisalar and approximately one-third of the Olaroz salar where AustralianStock Exchange-listed Orocobre Limited recently announced completion ofa scoping study on its adjacent 7,600-hectare Olaroz salar property.
Over 37 surface brine samples collected in regular intervals across the30,000-hectare Cauchari and Olaroz salt lakes yielded lithium gradesaveraging 800 parts per million (ppm), potassium grades averaging 0.5per cent and a magnesium/lithium ratio averaging 3.6. This brinechemistry is favourable for lithium and potash production usingevaporation pond technology employed in Atacama (SQM, Chile) and SilverPeak (Foote Mineral Company, United States). Salt lake brine lithiumdeposits, in which the lithium brine is pumped to the surface, aregenerally less expensive to mine than hardrock lithium (spodumene)deposits.
The corporation transferred its lithium and potash assets inthe region to Lithium Americas' Argentinean subsidiary for 8.4 millionLithium Americas common shares, a $1-million interest-free (other thanon default) promissory note, of which $300,000 is payable within 45days, and the balance payable from subsequent Lithium Americasfinancings. In addition, the corporation has the right to maintain itspro rata equity interest in Lithium Americas while its interest is atleast 10 per cent. The corporation will have the right to reacquire itsproperty interests after 24 months if Lithium Americas has not becomepublicly listed by that time. The board and management of LithiumAmericas will include representatives of the corporation and Los Boros.
The Argentinean subsidiary of Lithium Americas holds an optionto acquire 100 per cent of the subsurface brine salts on the Los Borosproperties in consideration of $3-million (U.S.) in explorationexpenditures in the first three years, $3-million (U.S.) inexpenditures toward a feasibility study in the following two years,yearly property payments of $70,000 (U.S.) and a 3-per-cent net profitinterest on commercial production. In addition, Lithium Americas isrequired to be publicly listed within two years and Los Boros is tothen receive three million Lithium Americas common shares. Los Boroswill have the right to reacquire its property interests after 24 monthsif Lithium Americas has not become publicly listed by that time.
"We are pleased with the opportunity to combine our early-stagesalares properties with the more advanced properties of Grupo MineroLos Boros S.A. into a new venture where we can maintain a significantequity stake," said David Wahl, the corporation's chief executiveofficer.
Dr. Waldo Perez, PGeo, is the corporation's internal qualified personunder the requirements of National Instrument 43-101 and is responsiblefor this press release.
Sampling and analytical protocols
Sampling andanalytical protocols were implemented and supervised by or under thedirection of Dr. Perez, the corporation's internal qualified person asdefined by National Instrument 43-101. All of the geochemical sampleswere collected by geologists taking into account the nature of thematerial being sampled. The brines samples were collected in a newplastic bottle filled atop containing one litre of brine and tightlyclosed. All samples were tagged with a prenumbered ticket and stored ina secured location at the base camp for no more than 10 days in cold,dark storage. The samples were shipped by courier to Alex StewartAssayers Argentina S.A. (ASAA) laboratories in Mendoza (Argentina).ASAA is an International Standards Organization 9001-2000-certifiedlaboratory with headquarters in England. The brine samples werefiltered and read directly by ICP analysis. All samples were assayedfor 13 elements by ICP. Accuracy and precision of results are testedthrough the systematic inclusion of blanks, standards and duplicates.
We seek Safe Harbor.