TORONTO, ONTARIO--(Marketwired - Sept. 17, 2014) - Rodinia Lithium Inc. ("Rodinia" or the "Company") (TSX VENTURE:RM), has entered into a sale agreement with a private Argentine borate mining company to sell 600 hectares of mining rights comprising a portion of the Salar de Centenario ("Centenario") property, held by the Company. In exchange for the sale of a 100% interest in the mining rights comprising the 600 hectares of Centenario, Rodinia will receive US$440,000 payable in 22 monthly installments of US$20,000. The sale agreement helps strengthen the Company's balance sheet and does not impact Rodinia's flagship Salar de Diablillos property.
William Randall, President & CEO, commented, "The sale of the Añatuya & El Quevar claims that formed part of the Centenario group of claims helps strengthen the Company's financial position, as we expect these monthly payments to cover the entirety of our fixed costs in Argentina, including on-site processing work and maintenance, overhead, and other associated local office costs associated with our flagship property."
The first payment under the sale agreement has been received, and future payments are expected to be received by the Company on the first week of each month over the next 21 months. The sale of the Añatuya and El Quevar claims reduces Rodinia's Centenario property interest to approximately 500 hectares. The Company has previously completed preliminary exploration on the Centenario claims and determined that in light of the quality and size of its Diablillos resource, continued advancement of Diablillos would create greater shareholder value than work at Centenario. As a result, future work at Centenario was not anticipated in the foreseeable future and the Company determined that its sale would best support the Company's current needs.
About Rodinia Lithium Inc.:
Rodinia Lithium Inc. is a Canadian mineral exploration and development company with a primary focus on Lithium exploration and development in Argentina. The Company is also actively exploring the commercialization of a significant Potash co-product that is expected to be recoverable through the lithium harvesting process.
Please visit the Company's web site at www.rodinialithium.com or write us at info@rodinialithium.com.
Cautionary Notes
Except for statements of historical fact contained herein, the information in this press release may be deemed to constitute "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may include, without limitation, statements (express or implied) regarding the sale agreement with respect to the Centenario property, the sufficiency of the net proceeds to cover current expenditures at the Diablillos property, anticipated timing and results of the development of the Diablillos property and the ability of the Company to complete a strategic transaction. There can be no assurance that such statements (express or implied) will prove to be accurate, and actual results and future events could differ materially from such statements. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
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