Neo Lithium Provides Year-End Review and 2018 Outlook
TORONTO, ON--(Marketwired - January 16, 2018) - Neo Lithium Corp. ("Neo Lithium" or the "Company") (TSX VENTURE: NLC) (OTCQX: NTTHF) provides a recap of the main milestones achieved in 2017 that have rapidly advanced the 3Q Project:
- Over US$15M invested in the 3Q Project
- Completion of initial drilling and pumping season
- Calculation of a large high grade maiden resource with lowest combined magnesium and sulphate impurities of any known salar
- Strong net cash position of over C$60M
- Completion of Preliminary Economic Assessment with an after-tax NPV8% US$1.2B
"We are very pleased with the important milestones that our team has been able to accomplish this past year, as we quickly move the project from exploration to the development stage," said Waldo Perez, CEO.
Looking forward, the Company is focused on important milestones for 2018, including:
- Further strengthening the technical team, including hiring of a COO and more engineering talent
- Environmental Impact Assessment and Construction Permits
- Second drilling and pumping season
- Updated resource calculation
- Pilot plant construction
- Continuing feasibility study precursor work
- Project financing strategy
Grant of Annual Awards
Pursuant to its shareholder approved stock option plan, the Company made its annual option awards to senior management, key employees and directors. Senior management and directors, in the aggregate, received 2.6 million stock options exercisable at C$2.42 per share.
About Neo Lithium Corp.
Neo Lithium is quickly advancing its wholly-owned, high quality 3Q Project located in Latin America's Lithium Triangle in the Province of Catamarca, Argentina, given the rapidly growing lithium battery market that is driven largely by the growth of the electric vehicle market, and other consumer electronic products as the world moves towards cleaner and more efficient sources of energy.
The Company is well capitalized to continue the rapid development of its 3Q Project, a unique high-grade and low impurity lithium brine lake and salar complex, which encompasses approximately 35,000 hectares.
Neo Lithium recently completed a preliminary economic assessment of the 3Q Project that indicates very robust economics for a 35,000 tonne per year lithium carbonate mine.
The technical team that discovered this unique salar complex is one of the most experienced in the industry, having discovered and led the technical work, including resource definition and full feasibility study that established the Cauchari lithium salar as the third largest lithium brine resource in the world.
Additional information regarding Neo Lithium Corp. is available on SEDAR at www.sedar.com under the Company's profile and at its website at www.neolithium.ca, including various pictures of ongoing work at the 3Q Project.
Waldo Perez, Ph.D, P.Geo., the CEO and President of Neo Lithium Corp. is the Qualified Person who approved the scientific and technical disclosure in the news release.
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. The TSX Venture Exchange Inc. has in no way approved nor disapproved the contents of this press release.
Cautionary Note Regarding Forward Looking Statements -- This news release contains forward-looking information regarding Neo Lithium, its business and the 3Q Project within the meaning of that term under Canadian securities laws. Such forward-looking information includes statements with respect to the economic results of the PEA and the Company's ability to achieve such results (including lower capital costs associated with pond construction as a result of optimization), the Company's continued advancement of the 3Q Project, the Company's ability to be a low-cost lithium carbonate producer, the growth rate of the lithium and technology metals industries and the demand for the Company's products, the ability to finance the 3Q Project, future lithium prices, and the permitting status of the Company to construction. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "is expected", "scheduled", "estimates" "intends", "anticipates", "believes", "indicates" or variations of such words and phrases, or statements that certain actions, events or results "can", "may", "could", "would", "should", "might" or "will", occur or be achieved, or the negative connotations thereof. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, which could cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such statements. These risks include, without limitation, risks related to failure to obtain adequate financing on a timely basis and on acceptable terms, political and regulatory risks associated with mining and exploration activities, including environmental regulation, risks and uncertainties relating to the interpretation of drill and sample results and relating to resource estimations, risks related to the uncertainty of cost and time estimation and the potential for unexpected delays, costs and expenses, risks related to lithium and potash price fluctuations, the market for lithium products, and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended and undue reliance should not be placed on forward-looking statements.
Contact
For further information, please contact:
Neo Lithium Corp.
Carlos Vicens
cvicens@neolithium.ca