Millennial Lithium Corp. (TSXV: ML) (FSE: A3N2) (OTCQX: MLNLF) (“Millennial” or the “Company“) is pleased to report that it has received the environmental permit to commence exploration on the properties awarded to the Company by the Salta Provincial Energy and Mining Company (“REMSA”) (the “REMSA Properties”). The REMSA Properties form a part of the Company’s Pastos Grandes project. The Company’s agreement with REMSA (the “REMSA Agreement”) was detailed in the Company’s news release dated August 24 2017.
The receipt of the environmental permit triggers a one year, US$15.54 million (CAD$19.4M) exploration and development investment requirement under the REMSA Agreement. The Company intends to meet the requirement by completing additional geophysics, engaging in drilling and resource definition and building large scale evaporation ponds, a 3 tonne per month pilot plant and a larger camp to accommodate additional staff and contractors.
The Company intends to complete a Feasibility Study of the Pastos Grandes project, with the additional studies to support it, including a production well field model and reserves estimation.
Farhad Abasov, President and CEO of Millennial comments: “Having secured the environmental permit for the REMSA properties, Millennial is now in a position to start advancing on schedule our pilot studies and perform exploration work on the REMSA Properties. We hope that the exploration program on the REMSA properties will have a further positive impact on our already defined lithium brine resources for the Pastos Grandes project. In conjunction with obtaining the environmental permit, the surface conditions have improved following cessation of the summer wet season, allowing for drill access and commencement of work on our first brine containment and pilot scale evaporation ponds. We are also pleased to kick off our Corporate Social Responsibility program, developing infrastructure and businesses in the local community to support Millennial’s work and to further develop the economy, health and education for our neighbors in the village. The Company is in a strong cash position at this point with C$65 million in the bank which will allow us to conduct and complete all these programs on time.”
The drilling program will commence immediately with initial construction of 2.7km of roads accessing the REMSA Properties and drill platforms to accommodate the first two of 13 programmed exploration drill/monitoring holes, three of which will be paired with production scale pumping test wells.
As the drilling is being completed, the Company will advance engineering and procurement activities to commence with the next pumping tests, and construction of ponds, pilot plant and a larger camp.
Requests for quotes (RFQs) to undertake a Feasibility Study have been circulated to a number of international engineering firms with demonstrated capabilities in Argentina and in particular in lithium and evaporation processes. Evaluation of the quotes will commence in May, with the Feasibility Study report anticipated to start immediately upon the selection of an engineering company.
In cooperation with the Santa Rosa de los Pastos Grandes Community, the Company is embarking on construction of a warehouse and offices in the village. This structure will incorporate space for an indoor community recreation center, and for small community-owned businesses that will provide support services for the project and in the future for other nearby mining operators, visitors and residents. Millennial’s dedicated CSR initiatives augment the joint communities’ activities coordinated between the office of the Salta Mining Secretary and the other companies active in the Pastos Grandes basin.
This news release has been reviewed by Iain Scarr, AIPG CPG., Chief Operating Officer of Millennial and a Qualified Person as that term is defined in National Instrument 43-101.
To find out more about Millennial Lithium Corp. please contact Investor Relations at (604) 662-8184 or email info@millenniallithium.com.
MILLENNIAL LITHIUM CORP.
“Farhad Abasov“
President, CEO and Director
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate“, “believe“, “estimate“, “expect“, “target, “plan“, “forecast“, “may“, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals including approvals of title and mining rights or licenses, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of USD$ for CDN$, fluctuations in the market for lithium, changes in exploration costs and government royalties or taxes in Argentina and other factors or information. Such statements represent the Company‘s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.