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Market: OTCBB
Sector: General Mining - Uranium & Lithium
EPIC: LIEG
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Li3 Energy
www.li3energy.com

Li3 Energy, Inc. is a growing, expertly managed lithium exploration company focused on the acquisition and development of highly prospective lithium brine properties in the Americas. The company is led by a proven management team and board of directors with extensive resource sector, corporate development and finance expertise. Li3 Energy’s technical team has direct experience successfully exploring and producing lithium resources.

Full Li3 Energy profile here
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Li3 close to acquiring 60% of Maricunga, among top 10 lithium projects globally

12th Apr 2011, 4:07 pm by Deborah Sterescu

Li3 Energy (OTCBB:LIEG) said Monday that it is in the final stages of acquiring a 60% interest in the Maricunga property in northern Chile, independently ranked as one of the top 10 lithium projects in the world.

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.

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