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RECENT NEWS

September 2, 2014
Li3 Energy to Present at the Mining & Investment Latin America Summit
 
June 12, 2014
Chile Establishes National Lithium Commission
 
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Li3 to Present at the 6th Lithium Supply & Markets Conference
 

MARICUNGA OVERVIEW

Projects : Maricunga Overview

Chile - Maricunga Project

 

Location:

 

The Maricunga project consists of approximately 1,888 hectares, and is located in the northeast section of the Salar de Maricunga in Chile, the second largest lithium-bearing salt brine deposit in Chile. It consists of our 60% controlling interest in SLM Litio 1-6 (1,438 hectares - highlighted in blue on the map below) and the recently acquired Cocina Mining Concessions (450 hectares - highlighted in green on the map below).

The Salar de Maricunga is located in Region III (Atacama region) of northern Chile at an elevation of approximately 3,750m. It is classified as a mixed type of salar of the Na-Cl-Ca/SO4 system. It is located about 180km to the north-east of Copiapo, the capital of the Atacama region, via “Carreteradel Inca” highway.

 

Location of the Salar de Maricunga

 

 

 

Maricunga Project within the Salar

 

 


SLM Litio 1-6 Concessions

 

On May 20, 2011, we acquired 60% of Sociedades Legales Mineras Litio 1 a 6 de la Sierra Hoyada de Maricunga (“SLM Litio 1-6”, comprising six exploitation mining concessions granted by the Chilean government, each held by one of the “Maricunga Companies”) through our Chilean subsidiary, Minera Li Energy SPA (“Minera Li”). The purchase price was $6,370,000 in cash, including amounts paid to agents, and 127,500,000 restricted shares of our common stock. Each mining concession grants the owner the right to explore and develop commercially, mineral deposits at the SLM Litio 1-6 property, except for lithium. The SLM Litio 1-6 Concessions were constituted post to the 1979 Lithium Exploitation Restrictions, meaning that, from a mining law point of view, their holder is not authorized to exploit lithium in the area covered by those concessions. These mining properties are not subject to royalties or other agreements. However, we must pay annual licenses in March of each year, aggregating approximately $15,000 per year for exploration and exploitation concessions.

 

In December 2011, we completed on schedule, the $8 million Phase One of the Exploration and Development Program established in August 2011 on our SLM Litio 1-6 concessions.

 

In May 2012, we reported the completion of the NI 43-101 of the Canadian Securities Administrators (NI 43-101) that summarized and validated the results of our $8 million Phase One Exploration and Development Program on our Maricunga Project in Chile which was completed in December 2011. The Technical Report was prepared by Donald H. Hains, Principal of Hains Technology and Associates, who is a “Qualified Person” as defined by NI 43-101. The NI 43-101 Compliant Measured Resource Report on SLM Litio 1-6 proves our SLM Litio 1-6 mining concessions have attractive lithium and potassium grades and recommended the project to advance to the Feasibility Study stage. The Company applied for a permit for the extraction of lithium from SLM Litio 1-6, however the Chilean ministry of mining has since suspended its process of awarding such permits. The Company intends to continue to seek a permit for the exploitation of lithium in the future. Presently, the Company is developing its plan to develop the SLM Litio 1-6 for potash production in conjunction with its development of its lithium prospect, Cocina, which is contiguous to SLM Litio 1-6.

 

The report also included the following conclusions and recommendations:

 

  • Results of airlift testing and pumping tests on test trenches indicate that future brine production can be achieved through a combination of production wells and open trenches.
  • The analyses of brine chemistry indicate that the brine is amenable to lithium and potash recovery through conventional technology.
  • It is believed that through the application of proprietary technology developed by Li3’s strategic partners, lithium recovery from the brine can be significantly enhanced and may range from 45 percent to more than 70 percent.
  • It is the recommendation of the authors that a full feasibility study be completed for the Project. To date, we have not pursued a feasibility study as we do not have a permit to exploit lithium from SLM Litio 1-6. We plan to prepare a feasibility study for SLM Litio 1-6 as a potash producer and for Cocina Mining Concessions as lithium producer, both within a combined project.

In October 2012, the Company filed a request for approval of the Environmental Impact Declaration for the SLM Litio 1-6 concessions with the Chilean Environmental Authority. This approval was required to enable us to commence a feasibility study for the exploitation of potassium and production of potash, and was received in March 2013. Due to a lack of funds following the acquisition of our Cocina Mining Concessions in April, we have been unable to progress to the feasibility study stage on SLM Litio 1-6.

 

Cocina Mining Concessions

 

On April 16, 2013, Minera Li entered into a purchase agreement (the “Purchase Agreement”) with Jose Resk Nara and Carlos Alfonso Iribarren (the “Sellers”) whereby it purchased all of the outstanding shares of SLM Cocina Diecinueve de la Hoyada de Maricunga, a Chilean legal mining company (the “Cocina Company”). Cocina Company was the sole owner of a group of exploitation mining concessions named Cocina 19 through 27 (the “Cocina Mining Concessions”).

 

The Cocina Mining Concessions were constituted prior to the 1979 Lithium Exploitation Restrictions, meaning that, from a mining law point of view, their holder is authorized (having a constitutionally protected ownership right) to exploit lithium in the area covered by those concessions. As with any mineral exploitation in Chile, all other permits are required.

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