Maricunga covers an area of approximately 1,438 hectares, comprising six concessions, and is located in the northeast section of the Salar de Maricunga in Region III of Atacama.

Projects estimated for completion in the fourth quarter of fiscal 2011 include the seismic survey and modeling, and core sample drilling.

Li3 Energy also intends to complete a well drilling program, which will utilize a reverse circulation (RC) drill to develop wells for the uptake of water in all types of terrain on the property, and a pump test program which will evaluate the hydraulic guidelines on the property and measure their response, and will supply brine for future testing.

Slated for completion in the first quarter of fiscal 2012, Li3 Energy said it will have finished a laboratory process simulation, which will examine two potential process routes to the labs, as well as generate scale-quantities of the lithium carbonate product.

The company has also selected Peter Ehren to prepare a plan development program for the Maricunga property, which will also be completed in the first quarter.

Li3 Energy will also construct a test facility near the property to collect data for the development plan.

The company also hopes to complete its evaluation of a technology patented by R3 Fusion Inc, which is designed to separate and recover pure water from highly concentrate brine solutions.

Also with a first quarter expected completion date, is the resource evaluation on the property. Li3 Energy said it expects to upgrade the resources at Maricunga to the measured and indicated category.

Historical work over the property has calculated a non compliant mineral resource of 224,300 tonnes of lithium and 3.27 million tonnes of potash. However, a report, released in May 2011, estimates that it is possible to develop an NI 43-101 compliant resource similar to the historical one.

Initial drilling at Maricunga estimated assay values of 1.1 grammes per litre (g/L)lithium, 7.93 g/L potassium, 1.81 q/L boron and 6.6 g/L magnesium.

The company also expects to complete an environmental impact study (EIS) by the fourth quarter of fiscal 2012, which is required for the permitting of a commercial production facility that can use brine from the project.

"Li3 looks forward to further advancing our Maricunga Project," said COO Thomas Currin.

"We have announced several initiatives including our strategic partnership with POSCO and the development and demonstration program with R3 Fusion.

Together with our partners and contractors, utilizing their respective technical expertise, skills sets and proprietary intellectual property, our objective is to advance Maricunga to an advanced stage of commercialization in an accelerated manner.

"The timelines we have detailed should provide our stakeholders a basis to measure our progress."

Li3 Energy's stock on the OTC Bulletin Board rose up to 3.33% today, but, as of 2:37 pm EDT, was trading flat at $0.15 per share.

POSCO, with operations in energy, chemicals and materials, is one of the largest steel manufacturers in the world, with $60 billion in annual revenues.

The South Korean company invests in several resource development projects globally, especially lithium properties.
This is because one of the primary uses for lithium is in the production of batteries for hybrid and electric vehicles.

As demand for these cars increase, so will the world's requirements for lithium, resulting in many battery and automakers in Korea and Japan partnering with lithium exploration companies to ensure a steady supply.

"We began earnest discussions in March of this year and to consummate this transaction in less than six months is testament to the extraordinary efforts by a dynamic, proactive and extremely professional team from POSCO and the cooperation and ability of Li3’s management team and advisors," said Li3 CEO, Luis Saenz.

Li3, with a controlling interest in Maricunga, is focused on implementing the exploration and development plan for the property, including securing well drilling contractors, seismic surveyors, and engineering firms, as well as the necessary government permits to advance the project.

Under the terms of the agreement between Li3 and POSCO, POSCO will initially invest $8 million through the purchase of Li3 units at 21 cents each. Each unit comprises one share of common stock and a three-year warrant.

In addition, POSCO has committed to a follow-on investment of $10 million additional units once certain conditions are satisfied, including an NI 43-101 compliant report that concludes that a feasibility study phase for the project is warranted, the completion of Li3's proposed work program, and having the necessary permits and approvals in place for operating a brine test facility on the property.

After the initial $8 million contribution, the two companies will discuss the development, financing and construction of a test facility on the Maricunga property. As part of the partnership, Li3 will also appoint a director nominated by POSCO to its board.

"Being chosen as one of their lithium and other minerals project partners, coupled with the financial and technical support this relationship brings and the potential commercial opportunities we hope to derive from a global strategic partner of this magnitude, we believe speaks to the strength of Li3, the merit of Maricunga, and potential of our future plans," added Saenz.

Maricunga has been independently ranked as one of the top eleven lithium projects in the world, with the potential to become the largest lithium-based salar in brine-bearing deposits.

The report by SignumBOX concluded that securing a multi-national strategic off-take partner was one of the missing elements that could elevate the project even further, said the company.

As this feat has now been achieved, the project has yet to secure Chilean government approvals, but once this is accomplished, the property will have even more upside potential.

Li3, which looks for lithium properties in Peru, Argentina and Chile, has begun the initial $3.8 million development work program on the project, placing Maricunga into feasibility stage. A preliminary economic assessment report is anticipated by the end of the fourth quarter.

Maricunga covers an area of approximately 1,438 hectares, comprising six concessions, and is located in the northeast section of the Salar de Maricunga in Region III of Atacama.

The memorandum of understanding document sets out terms for R3's SPaCeR technology to shorten the current natural evaporation cycle at Maricunga from its estimated duration of roughly 18 months.

Under the agreement, R3 will attempt to show the efficacy of its technology for the concentration of lithium chloride solutions, while the two companies will also seek a commercial deal to deploy the technology exclusively for lithium brine processing within six months of a successful demonstration program.

If successful, R3 will design and construct systems appropriate for the volumes and economics associated with Li3's requirements.

"We are very excited to explore the use of the R3 Fusion SPaCeR Technology and its applications in lithium brine processing," said CEO of Li3, Luis Saenz.

"This technology possibly presents Li3 with a unique, energy efficient, green technology that not only could shorten our exploration timelines but also helps us capture and purify the water, allowing us to either use it in other areas of the salar or sell it to other commercial entities.

"We look forward to working through this evaluation stage together with R3 which could further align our companies in a mutually beneficial manner."

R3 is focused on applying its new technology to address global challenges in environmental and water issues including desalination, industrial and municipal wastewater treatment, water recovery and reuse, bio-fuel processes and fine chemical synthesis.

Li3, which looks for lithium properties in Peru, Argentina and Chile, has begun the initial $3.8 million development work program on the project, placing Maricunga into feasibility stage. A preliminary economic assessment report is anticipated by the end of the fourth quarter.

Maricunga covers an area of approximately 1,438 hectares, comprising six concessions, and is located in the northeast section of the Salar de Maricunga in Region III of Atacama.

The report, conducted by Hains Technology Associates, concludes that Maricunga can be considered a "property of merit", as it holds sufficient exploration potential to warrant further cost to advance the project to pre-feasibility stage.

Indeed, the property, in which Li3 has a controlling interest, has the potential to be a source of lithium, potassium and boron. The company recently signed a deal with one of the world's largest steel manufacturers, South Korea-based POSCO (NYSE:PKX), to jointly explore and evaluate the development of the Maricunga project, including the establishment of a commercial plant.

This is because one of the primary uses for lithium is in the production of batteries for hybrid and electic vehicles. As demand for these cars increase, so will the world's requirements for lithium, resulting in many battery and automakers in Korea and Japan partnering with lithium exploration companies to ensure a steady supply.

Maricunga covers an area of approximately 1,438 hectares, comprising six concessions, and is located in the northeast section of the Salar de Maricunga in Region III of Atacama.

According to the NI 43-101 compliant report, exploration work at Maricunga has indicated that the brines are enriched in lithium and potassium, from which lithium can be recovered at a good rate.

The company also noted the relatively high boron concentration in the brine, which should permit high extraction rates for the recovery of boric acid, a valuable co-product.

Historical work over Maricunga has calculated a non compliant mineral resource of 224,300 tonnes of lithium and 3.27 million tonnes of potash. The recent report estimates that it is possible to develop an NI 43-101 compliant resource similar to the historical one.

Initial drilling at the property estimated assay values of 1.1g/L lithium, 7.93 g/L potassium, 1.81 q/L boron and 6.6 g/L magnesium.

In addition, production from the property is expected to be lower cost than other Chilean salars, as sulphate in the brine is unusually low, reducing the need for additional reagents for sulphate removal. Electrical and road infrastructure is also in place to support preliminary development.

"The findings of the NI 43 -101 and other preliminary data support our opinion of the strength of this strategic asset," said COO Tom Currin.

Other data compiled from earlier findings is expected to be further validated with the completion of a preliminary economic assessment report for Maricunga, which Li3 is anticipating by the end of the 4th quarter.

"Armed with this data, Li3 looks forward to the future and unlocking the full potential of Maricunga, commercializing the asset and creating value for all of our stakeholders and strategic partners," added CEO Luis Saenz.

Li3, which looks for lithium properties in Peru, Argentina and Chile, has begun the initial $3.8 million development work program on the project.

"The Maricunga project was aggressively pursued and the closing is a major milestone that now establishes Li3 as a dominant lithium and minerals exploration company," said CEO Luis Saenz.

"This strategic acquisition should become a flagship property and create long-term value to all of our stakeholders.

"We plan to start our work program expenditures as soon as possible and have already started several tender processes for the camp and drilling programs."

Under the terms of the agreement, Li3 has paid US$6.4 million in cash and 30% of its shares. The company has also agreed to pay consideration dependent on the project achieving certain goals.

In early February, the company announced it hired Chilean-based SignumBOX to complete an evaluation report on Maricunga, with results indicating that the property has the potential to become "the leading lithium project based in salar brine-bearing deposits".

Maricunga covers an area of approximately 1,438 hectares, comprising six concessions, and is located in the northeast section of the Salar de Maricunga in Region III of Atacama. An independent NI 43-101 compliant analysis determined that the project is a "property of merit", which holds signficant potential for development as a source of lithium, potassium, iodine and boron.

Li3 said that it has now begun the feasibility phase on Maricunga, and has started the initial $3.8 million work development program on the project. To pay for the work and acquisition, the company recently completed an $8.9 million financing.

"We have been diligently working with the sellers to complete this transaction and we will be making an announcement regarding the matter in the forthcoming days," said CEO Luis Saenz in a statement.

The company said the process has taken longer than expected, but it is in the final steps of closing the deal.

Under the terms of the agreement, Li3 will purchase 60% of the project for US$6 million in cash and 30% of its shares. Li3 has also agreed to pay consideration dependent on the project achieving certain goals.

In early February, the company announced it hired Chilean-based SignumBOX to complete an evaluation report on Maricunga, with results indicating that the property has the potential to become "the leading lithium project based in salar brine-bearing deposits".

Maricunga covers an area of approximately 1,438 hectares, comprising six concessions, and is located in the northeast section of the Salar de Maricunga in Region III of Atacama.

Li3 is focused on identifying and acquiring lithium brine opportunities in Peru, Argentina and Chile and the US.

The lithium company's exclusivity period for the deal has been extended to April 26, which will see Li3 purchase 60% of the project for US$6 million in cash and 30% of its shares. Li3 has also agreed to pay consideration dependent on the project achieving certain goals.

In early February, the company announced it hired Chilean-based SignumBOX to complete an evaluation report on the Maricunga project, with results indicating that the property has the potential to become "the leading lithium project based in salar brine-bearing deposits".

According to SignumBOX, Maricunga has a geophysical index that is 64% higher than average, and has the potential to improve.

The report noted: "Argentinian brine deposits have lower lithium and potassium concentrations. Regarding the other projects in Chile, the most important advantage that they have over Maricunga are the agreements that they have signed with international companies.

"But, all of them (except for one) have lower lithium and potassium concentrations. After Atacama, [the] Maricunga project is the second deposit of lithium in Chile in terms of its quality."

Li3 said that it has also received an NI 43-101 compliant report on Maricunga confirming the project's merits, which has outlined a $3.8  million work program for the property to support an updated resource estimate and a prefeasibility report.

"The reports on the Maricunga project validate our beliefs in the strength and merit of this acquisition," said CEO Luis Saenz.

"As we move closer to finalizing the acquisition of Maricunga, we are advancing in several other fronts, including appointments of new additions to our technical team and contractors for the work program to be performed."

Currently, the company is in the final stages of obtaining the land rights to 4,900 hectares in the vicinity of Salar de Maricunga, as a potential site for the processing facilities of the project.

Li3 is focused on identifying and acquiring lithium brine opportunities in Peru, Argentina and Chile and the US. The company's shares rose more than 11% on Monday to trade at $0.30 as of 10:19am EST.

Under the terms of the transaction, lithium miner Li3 will pay US$6 million and issue 30% of its shares to the group of companies, known as Sociedades Legales de Minerales de LITIO 1 a 6 de la Sierra Hoyada de Maricunga.

Li3 will also invest up to $5 million for exploration work to advance the Maricunga project to feasibility study stage.
Maricunga covers an area of approximately 1,438 hectares, comprising six concessions, and is located in the northeast section of the Salar de Maricunga in Region III of Atacama.

Corfo, the economic development agency of Chile, conducted a sampling program on the 8,000 hectare Salar de Maricunga, which calculated a mineral resource of 224,300 tonnes of lithium carbonate and 3.27 million tonnes of potash.

"This [acquisition] brings us one step closer to consolidating our portfolio and becoming a value added industrial minerals producer," said Li3 CEO Luis Saenz.

Indeed, the deal is expected to create synergies with the company's Alfredo nitrate iodine project near Pozo Almonte, Chile.

Potash from Maricunga can be reacted with sodium nitrate from Alfredo in order to produce potassium nitrate, while the sulfate from Alfredo can be used as a low cost raw material for lithium processing at Maricunga, said the company.

The deal is expected to close sometime in March.

Separately, Li3 also announced today that it is preparing to list on the Toronto Stock Exchange, and has hired Gowling Lafleur Henderson as legal counsel to assist in the process.

Li3 is focused on acquiring a portfolio of lithium brine deposits, specifically in Peru, Argentina, Chile, and the US, to meet the growing demand and support clean energy initiatives.

The company signed a letter of intent to acquire a 60% stake in the project in early December.

Today, Li3 said it has hired Chilean based SignumBOX to complete the independent analysis, which will be completed over five weeks and include a review Maricunga's geological characteristics, and a comparison between the project and others similar to it.

Other aspects that will be covered by the report include an assessment of Li3's position to develop Maricunga, and the property's potential synergies with the company's Alfredo project.

"Independent analysis is always very important at this critical stage of development, and we are confident it will demonstrate the robust nature of an asset we believe to have world-class potential and help us in taking the correct steps going forward," said CEO Luis Saenz.

The completion of the Maricunga acquisition remains subject to due diligence, financing of the purchase price, and other customary conditions.

Li3 is focused on identifying and acquiring lithium opportunities in Peru, Argentina and Chile, as well as the United States.

Of 104 samples taken, partial results from 28 samples were received, with values as high as 1.4 g/l lithium and 10.3 g/l potassium. Average values from the samples grade 0.90 g/l lithium and 6.69 g/l potassium.

"These results are superior to many other comparable projects in Argentina," the company said in a statement.

In December, Li3 signed a letter of intent to acquire an interest in Maricunga through the acquisition of a 60% stake in a group of private companies that collectively own the property. In return, Li3 agreed to pay US$6 million and issue a number of shares of its common stock.

The company said it is also committed to invest a total of up to US$5 million in exploration studies and various work programs at Maricunga to advance the project towards feasibility stage.

"We believe that the final full results will verify that the Maricunga Project is indeed a world class lithium brine property," said COO Tom Currin.

Li3 is focused on identifying and acquiring lithium opportunities in Peru, Argentina and Chile and the United States. The company was up more than 9% on Friday to trade at $0.27 as of 12:00pm EST.

The news has sent the company's stock up more than 25% today to $0.27 as of 2:36pm EST.

Salar de Maricunga is the largest undeveloped lithium brine resource in Chile, second only to the Salar de Atacama. A sampling program on the 8,000 hectare property was conducted by CORFO, the economic development agency of Chile, and calculated a mineral resource of approximately 1.2 million metric tons of lithium carbonate equivalent and 3.27 million metric tons of potash.

In February 2007, the previous owners of Maricunga started the first campaign of exploration at the site by drilling 58 vertical wells to a depth of 20 meters on a 500 x 500 meter systematic grid.

Li3 Energy said that during the visit to Maricunga last week, it was confirmed that many of the casings of the wells from the 2007 campaign still remain intact, which the company believes will help it verify the information provided during the due diligence process.

Yesterday, Li3 began its own extensive surface sampling program and plans to begin a seismic geophysics program in January next year.

"We are very pleased with the due diligence progress and the work conducted on Maricunga to date. Our preliminary findings confirm the potential of Maricunga as a world class asset," said CEO Luis Saenz.

The company recently raised US$500,000 through a private placement, of which US$250,000 was paid as a non-refundable deposit on the Maricunga project.

Li3 is focused on identifying and acquiring lithium opportunities in Peru, Argentina and Chile.

Under the terms of the transaction, Li3 will pay US$5.1 million and issue 26% of its shares to the group of companies, known as Sociedades Legales de Minerales de LITIO 1 a 6 de la Sierra Hoyada de Maricunga.

Maricunga covers an area of approximately 1,438 hectares, comprising six concessions, and is located in the northeast section of the Salar de Maricunga in Region III of Atacama.

Corfo, the economic development agency of Chile, conducted a sampling program on the 8,000 hectare Salar de Maricunga, which calculated a mineral resource of 224,300 tonnes of lithium carbonate and 3.27 million tonnes of potash.

"The Maricunga Project acquisition is a major transaction on a property that has had advanced work performed in the past in a district that has historically proven to be as attractive as the Atacama producing region," said Li3 CEO Luis Saenz.

The deal will also benefit Li3 as it is expected to create synergies with the company's Alfredo nitrate iodine project near Pozo Almonte, Chile.

Potash from Maricunga can be reacted with sodium nitrate from Alfredo in order to produce potassium nitrate, while the sulfate from Alfredo can be used as a low cost raw material for lithium processing at Maricunga, said the company.

Li3 added that it would invest a total of up to US$5 million in exploration and studies to advance the project towards feasibility stage.

The deal remains subject to due diligence, financing and other customary conditions.

Li3 is focused on acquiring lithium opportunities in Peru, Argentina and Chile to support clean energy and green energy initiatives.  The company was down more than 17% on Wednesday, trading at $0.27 as of 12:15pm EST.