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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 forms strategic partnership with South Korea's POSCO for Maricunga development

9th May 2011, 7:16 pm by Deborah Sterescu

Li3 Energy (OTC:LIEG) said Monday it has signed an agreement with one of the world's largest steel manufacturers, South Korea-based POSCO (NYSE:PKX), to jointly explore and evaluate the development of its Maricunga lithium brine project, including the establishment of a commerical plant.

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.

Li3 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.

Under the strategic partnership between Li3 and POSCO, the two companies will explore a broad range of interactions, including the establishment of a pilot and commercial plant to produce lithium carbonate products, and future off-take agreements.

POSCO said it may invest capital in the two plants in exchange for equity in Li3.

"Being evaluated and chosen as a potential strategic lithium and other minerals project as well as having the opportunity to explore financial, technical, and commercial opportunities with a global strategic partner of this magnitude speaks to the strength of our plans as we move towards commercializing Maricunga," said Li3 CEO Luis Saenz.

In addition, until June 30th, POSCO has the option to purchase up to $25 million of Li3 units at $0.27 each. Each unit will consist of one Li3 share of common stock and a three-year warrant to purchase one half of one common share.

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