NEWSNew World starts Pastos Grandes brine sampling program
2009-07-29 12:40 ET - News Release
Mr. John Lando reports
NEW WORLD BEGINS SAMPLING PROGRAM AT PASTOS GRANDES LITHIUM BRINE PROJECT
New World Resource Corp. has commenced a brine sampling programbeginning this week.
Thecompany is mobilizing a highly experienced brine sampling team toexpand and confirm historical data on its 99-per-cent-owned lithium,potash Pastos Grandes project and to test other prospects within theprolific salar region of the Bolivian Altiplano. The company hascompiled a data base of all known brine samples in Bolivia. Thissampling program will expand known sample patterns and will addvaluable data to the existing database.
Historical brine samplesfrom Pastos Grandes show an average of 1,009 parts per million (ppm)lithium, 17,253 ppm potassium, and very low Mg/Li and SO4/Li ratios of2.2 and three respectively. This compares favourably to the Chemetall'sAtacama ratios of Mg/Li equals 6.4 and SO4/Li equals 11. As a generalrule, lower Mg/Li and SO4/Li ratios facilitates lithium recovery. TheChemetall Foote Corp. owns and operates a lithium brine operationwithin the Salar de Atacama, located 200 kilometres east of Antofagastain northern Chile.
The deal
The joint venture with GonzaloSalles and Maria Salles (Salles) has a term of 20 years and the initialparticipation interests are 99 per cent for the company's subsidiary,New World Bolivia SA and 1 per cent for Salles. In order to keep thejoint venture in good standings, the company must make payments toSalles totalling $446,000 (U.S.) ($14,000 (U.S.) paid) over five yearsand make the Patentes Mineras payments to the government to keep theconcession in good standing. The joint venture does not provide for anyminimum work commitment. The project concession size coversapproximately 60 square kilometres and is located in the Sud Lipezprovince, Department of Potosi within the Bolivian Altiplano.
Pastos Grandes concession
TheBolivian Altiplano is host to many alkaline and saline lakes and salarsincluding the Salar de Uyuni which hosts the world's largest knownlithium reserve. Pastos Grandes is located approximately 113 kilometressouth southwest from Salar de Uyuni, within the same geological andgeographical setting. This hyper-saline lake/salar basin is surroundedby intermittent rivers and thermal springs discharging waters into thesalar. The Pastos Grandes salar is elliptical in shape with the majoraxis of trending northwest to southeast and covers an area of almost120 square kilometres.
La Negra project, Chile
The company reports the return of the project to the vendor.
Quality control and assurance
JoanMcCorquodale, PGeo, is the company's vice-president, exploration, andqualified person as required under National Instrument 43-101 and hasreviewed the technical information contained in this press release.
We seek Safe Harbor.