TORONTO, July 25, 2017 /CNW/ - LSC Lithium Corporation
("LSC" or together with its subsidiaries, the "Company") (TSXV:LSC)
announced today that it has accepted the resignation of
Wayne Richardson, as the Company's
Chief Executive Officer ("CEO"). Mr. Richardson was instrumental in
establishing a strong footing for LSC to operate in Argentina and has been a strategic asset
during the growth stage of the Company. Mr. Richardson has
resigned to focus on the continued growth and advancement of Enirgi
Group Corporation ("Enirgi Group") and it's portfolio of global
projects and technologies, including Enirgi Group's proprietary
Direct Xtraction Processing Technology, which has successfully been
deployed at Enirgi Group's DXP Plant on their wholly-owned Salar
del Rincón in Salta, Argentina.
Enirgi Group's technology is a key element of the strategic
relationship agreement between LSC and Enirgi Group. LSC will
continue to benefit from Mr. Richardson's leadership as the
Chairman of LSC.
![LSC Lithium Corporation (CNW Group/LSC Lithium Corporation) LSC Lithium Corporation (CNW Group/LSC Lithium Corporation)](https://mma.prnewswire.com/media/539066/LSC_Lithium_Corporation_LSC_Lithium_Announces_CEO_Resignation_an.jpg)
The Board of Directors is pleased to announce that Mr.
Carlos Galli, LSC's Chief Operating
Officer, will act as the interim CEO until a new Chief Executive
Officer is appointed. The appointment of Mr. Galli as CEO is
subject to certain conditions. Mr. Galli has been working with ADY
since 2010, first as Industrial Manager and then as General Manager
of Operations. Mr. Galli has participated in the construction and
management of a lithium carbonate plant operation in the Puna
plateau of Argentina, which
delivered product to 5 countries. Among his past work experiences,
he was an Industrial Segments Manager in SKF Latin America, and a
Process Technology Business Manager in Alfa Laval.
The Board of LSC is very pleased to have Mr. Galli in this new
role. With an Argentinian exploration focus, Carlos' professional
knowledge, exploration experience and enthusiasm is a key to
driving the accelerated and expanded exploration program. This
change also benefits LSC as Enirgi Group will be focused on
delivery of QP sign-off of their DXP Plant and funding for the
final 50,000 tonne per year lithium carbonate commercial plant,
which once successfully delivered, will be of demonstrable benefit
to LSC.
Exploration Update
LSC has recently initiated a major exploration program on its
Salar de Pozuelos property
("Pozuelos"), following up on the success of its initial
exploration (see LSC press release dated April 10, 2017) and the closing of the
acquisition of LitheA which owned 100% of Pozuelos.
The current program incorporates 15 holes to test all depths of
Pozuelos and collect brine and relative Brine Release Capacity
(RBRC) samples. Drilling for the current program commenced the week
of July 14 in the south end of
Pozuelos. The first hole drilled, SP-2017-15, intersected highly
fractured halite to 35 m depth, followed by fractured halite with
intercalated clays and very coarse gravels to 81.5 m. The hole was
stopped at 81.5 m, cased with filters and brine samples obtained by
air-lift tests. The brine density exceeded 1.2 kg/L. Brine assays
are expected within the next two weeks. The second hole,
SP-2017-11, had advanced to 45 m as of July
20. It encountered an initial 5 m interval of organic
material followed by 35 m of highly fractured halite intercalated
with some clay and significant coarse gravel. The hole is planned
to advance to 60 m with the collection of brine samples at selected
intervals. LSC is encouraged by the drilling results to date, which
indicate the potential for high porosity formations.
A drilling program on LSC's tenements on nearby Salar Pastos
Grandes is scheduled to start as soon as permits are received,
which are expected by the beginning of August. This program will
complement the work on Pozuelos. Other exploration programs are
scheduled to start in early August on LSC's projects at Salar Rio
Grande and Salar Jama. In addition,
LSC anticipates receiving permits to undertake initial exploration
work on its Salar Salinas Grandes
tenements in Salta Province in late
Q3/17 following a successful community relations engagement
program.
Qualified Person/Data Verification
The scientific and technical information included in this press
release is based upon information prepared and approved by
Donald H. Hains, P.Geo. Donald H. Hains is a qualified person, as
defined in NI 43-101 and is independent of LSC and Lithea.
ABOUT LSC LITHIUM CORPORATION:
LSC Lithium has amassed a large portfolio of prospective lithium
rich salars and is focused on developing its tenements located in
five salars: Pozuelos, Pastos Grandes, Rio Grande, Salinas Grandes
and Jama. All LSC tenements are located in the "Lithium
Triangle," an area at the intersection of Argentina, Bolivia, and Chile where the world's most abundant lithium
brine deposits are found. LSC Lithium has a land package portfolio
totaling approximately 300,000 hectares, which represents extensive
lithium prospective salar holdings in Argentina.
Forward-Looking Statements
Certain statements contained in this news release constitute
forward-looking information. These statements relate to future
events or future performance, including statements as to the
following: LSC's intentions regarding its exploration
programs, funding to undertake intended activities and the
timing and ability to advance the Pozuelos Property to feasibility
study level. The use of any of the words "could", "intend",
"expect", "believe", "will", "projected", "estimated" and similar
expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on LSC's current belief or assumptions as
to the outcome and timing of such future events. Whether actual
results and developments will conform with LSC's expectations is
subject to a number of risks and uncertainties including factors
underlying management's assumptions, such as risks related to
availability of funding on acceptable terms, exploration and the
establishment of resources and reserves on the Pozuelos Property or
other LSC properties; the application and future licensing of new
technologies; the risks around timing, permitting, funding and
construction of a regional processing facility at the Salar del
Rincón by Enirgi Group and the ability of LSC to fast-track
production from its own properties by supplying brine to such a
facility; risks relating to proposed acquisitions; volatility in
lithium prices and the market for lithium; exchange rate
fluctuations; volatility in LSC's share price; the requirement for
significant additional funds for development that may not be
available; changes in national and local government legislation,
including permitting and licensing regimes and taxation policies
and the enforcement thereof; regulatory, political or economic
developments in Argentina or
elsewhere; litigation; title, permit or license disputes related to
interests on any of the properties in which the Company holds an
interest; excessive cost escalation as well as development,
permitting, infrastructure, operating or technical difficulties on
any of the Company's properties; risks and hazards associated with
the business of development and mining on any of the Company's
properties. Actual future results may differ materially. The
forward-looking information contained in this release is made as of
the date hereof and LSC is not obligated to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws. Because of the risks, uncertainties and
assumptions contained herein, investors should not place undue
reliance on forward-looking information. The foregoing statements
expressly qualify any forward-looking information contained herein.
For more information see the Company's filing statement on SEDAR
at www.sedar.com.
Neither the TSX Venture Exchange Inc. 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 neither approved nor
disapproved the contents of this press release.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or
any state securities laws and may not be offered or sold within
the United States unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
SOURCE LSC Lithium Corporation