VANCOUVER, April 3, 2017 /CNW/ - LiCo Energy Metals Inc. "The Company" or "LiCo" TSV-V: LIC OTCQB: WCTXF announces that further to its news releases dated January 3, 3017 and January 18, 2017 and the conditional acceptance from the TSX Venture Exchange (the "Exchange") dated March 30, 2017 whereby LiCo entered into a Definitive Mining Option Agreement dated January 17, 2017 (the "Option Agreement") with Durus Copper Chile SPA of Santiago, Chile, LiCo can earn up to a 60% interest in the Purickuta Lithium Exploitation Concession (the "Purickuta" Project) located within Chile's Salar de Atacama, the world's largest and purest active source of lithium. The Option Agreement requires LiCo to make certain cash payments totaling $USD 8.4 million, issuing 5 million shares and making certain work and development commitments during the term of the Option Agreement, the transaction has now closed, subject to final acceptance from the Exchange.
Finder's fees in the amount of 1,320,000 shares and $10,000 cash will be paid in connection with the transaction.
The Company is pleased to report that it has filed on SEDAR a technical report on the Purickuta Project (the "Report") pursuant to National Instrument 43-101 "Standards of Disclosure for Mineral Projects" ("NI 43-101"), which Report has an effective date of January 20, 2017 and is compliant with Exchange Mining Standards Guidelines which incorporate NI 43-101.
About the Purickuta Project: https://licoenergymetals.com/purickuta/
The Purickuta Project consists of 160 hectares and is one of a few "exploitation concessions" granted within the Salar de Atacama, home to approximately 37% of the worlds Lithium production. The property is contained within an existing exploitation concession owned by Sociedad Quimica y Minera ("SQM"), and lies approximately 3 km north of the exploitation concession of CORFO (the Chilean Economic Development Agency). About 22 km south-east from the Purickuta Concession, both SQM and Albemarle Corp. have large-scale production facilities within the CORFO concession mentioned above. These two facilities collectively produce over 62,000 tonnes of Lithium Carbonate Equivalent annually and account for 100% of Chile's current lithium output.
Qualified Person: The technical content of this news release has been reviewed and approved by Alan Morris CPG and Eduardo Alvarez senior geologist and QP.
About LiCo Energy Metals: https://licoenergymetals.com/
LiCo Energy Metals Inc. is a well funded Canadian based exploration company who's primary listing is on the TSX Venture Exchange. The Company's focus is directed towards exploration for high value metals integral to the manufacture of lithium ion batteries.
