Updated Maricunga Feasibility Study
Vancouver, December 20, 2021 - Bearing Lithium Corp. ("Bearing" or the "Company") (TSXV:BRZ) (OTC:BLILF) announces that the release of the updated Definitive Feasibility Study (DFS) for the Maricunga Project Stage One development previously announced for mid-December 2021 has been moved to mid-January 2022. The dynamics and positive performance of the lithium market during the last 12 months have had a positive impact on expected market conditions. Wood Mackenzie (previously Roskill), MSB's market advisor, has recommended updating the market chapter in the DFS to correctly reflect new perspectives that have emerged during the last six months. The report is now undergoing an internal approval process within Worley Parsons (DFS Author), for its signature, before it can be released. When coupled with the Christmas/New Year break and the requirement for a NI 43-101 sign-off, the release of the updated DFS should be no later than the end of January 2022.
Minera Salar Blanco ("MSB") of the Maricunga Project CEO Cristobal Garcia - Huidobro commented:
"We understand that the market expected the DFS to be released in mid-December 2021. However, the impact of new perspectives for the lithium market, and the effect they have on the supply/demand balance included on the financial model, led us to delay the release of the report. Notwithstanding this minor delay, we expect that the market will be satisfied with its technical quality and the project economics."
About Bearing Lithium Corp.
Bearing Lithium Corp. is a lithium-focused mineral exploration and development company. Its primary asset is a 17.14% interest in the Maricunga Lithium Brine Project in Chile. The Maricunga Project represents one of the highest-grade lithium brine salars globally and the only pre-production project in Chile. Over $US 67 million has been invested in the Maricunga Project to date.
ON BEHALF OF THE BOARD
Signed "Gil Playford"
Gil Playford, Chairman
gplayford@bearinglithium.com
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Cautionary Statements Regarding Forward Looking Information
This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operating or financial performance of the Company, are forward-looking statements.
Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
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