Pan American Lithium Corp. Announces the Commencement of Chilean Resource Estimate Study
28 Janvier 2010 - 2:30PM
Marketwired
Pan American Lithium Corp. ("Pan American" or the "Company") (TSX
VENTURE: PL) is pleased to announce that it has commenced a study
at its 100% owned Laguna Verde salar in Atacama Region III, Chile,
in order to develop an inferred resource estimate for lithium
content compliant with National Instrument 43-101.
The Laguna Verde salar features a surface brine lake of
approximately 15 square kilometres in size. Pan American intends to
run depth and bathymetric surveys of the lake in order to determine
an estimate of the volume of brines contained therein. The Company
also intends to take representative samples from various traverses
run across the lake, and have these samples analyzed by a certified
laboratory, in order to enable a professional geologist to render
an estimate of lithium or lithium carbonate equivalent contained
therein. The Company expects to deliver the results of this study
sometime during the first calendar quarter of 2010. Pan American
believes the surface brines offer the potential to be of the lowest
cost and quickest to production of all of its Chilean assets.
Pan American has engaged John Hiner, L.P.G., for this exercise.
Mr. Hiner visited the Laguna Verde and other salars of Pan American
in late 2009 and authored the NI 43-101 Technical Report on the
Company's Chilean salar projects which was filed on SEDAR on
November 13, 2009.
Pan American has an existing portfolio of rights in nine salars
in Chile, covering a cumulative area in excess of 11,500 hectares,
all accessible via serviceable roads. In addition, the Company
recently announced a transaction whereby it has the option to
acquire 76% of the issued and outstanding shares of Escondidas
Internacional S.A. de C.V., a private Mexican company which is a
party to a joint venture regarding the development of lithium
products from the brine concessions at the Cierro Prieto geothermal
power plant in Baja California Norte, Mexico. The Laguna Verde
salar, similar to its other Chilean property interests, is subject
to a 2% NSR to a maximum of US$6 million. The Company may
repurchase 1% of the NSR for US$2 million prior to the commencement
of commercial production.
On Behalf of the Board,
PAN AMERICAN LITHIUM CORP.
Andrew A. Brodkey, President and CEO
This press release contains projections and forward-looking
information that involve various risks and uncertainties regarding
future events. Such forward-looking information can include without
limitation statements based on current expectations involving a
number of risks and uncertainties and are not guarantees of future
performance of the Company such as the statement that the Company:
(i) intends to run depth and bathymetric surveys and take
representative samples from various traverses run across the lake
and have such samples analyzed by a certified laboratory; (ii)
expects to deliver the results during the first calendar quarter of
2010; and (iii) believes the surface brines offer the potential to
be of the lowest cost and quickest to production. There are
numerous risks and uncertainties that could cause actual results
and the Company's plans and objectives to differ materially from
those expressed in the forward-looking information, including: (i)
the decision or inability to close the Escondidas transaction for
any reason; (ii) adverse market conditions; (iii) a decrease in
demand for and price of lithium; (iv) general uncertainties with
respect to mineral exploration in general; (v) changes in the
political or regulatory environment in Chile; (vi) inability to
raise required financing or execute the Company's business plan.
Actual results and future events could differ materially from those
anticipated in such information. These and all subsequent written
and oral forward-looking information are based on estimates and
opinions of management on the dates they are made and are expressly
qualified in their entirety by this notice.
Neither 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.
Contacts: Pan American Lithium Corp. Andrew A. Brodkey President
and CEO 604-683-8610
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