Experienced Clayton Valley operator GeoXplor
named Exploration Manager
Lithium X Land Position Increased by over
180%
Minerals and Environmental Engineer
Timothy Oliver appointed VP
Project Development
VANCOUVER, Nov. 30, 2015 /CNW/ - Lithium X Energy Corp.
(TSX-V: LIX) ("Lithium X", or the
"Company") Executive Chairman Paul
Matysek and Chief Executive Officer Brian Paes-Braga today announced the
commencement of trading on the TSXV under the ticker symbol
"LIX."
"I would like to thank everybody at the TSXV, our financial and
legal advisors, and our shareholders for contributing to a
successful launch," commented Mr. Matysek.
Lithium X is also pleased to announce the appointment of
GeoXplor Corp. ("GeoXplor") as Exploration Manager for its upcoming
work program in Clayton Valley North, Nevada. Lithium X has increased its Clayton
Valley land position by over 180% through staking completed on its
behalf by GeoXplor. Lithium X now holds approximately 4,360
acres (1,765 hectares) in the Clayton Valley.
"This is just the beginning for Lithium X," said Mr. Paes-Braga.
"In a few short months we have secured a key land position adjacent
to North America's only lithium
producer, built a tremendous team, financed the Company with
exceptional shareholders and listed on the TSXV. We are very
excited about what we can accomplish in 2016."
The Lithium X claims are contiguous to private lands and placer
claims belonging to Albemarle Corp. (NYSE: ALB), which operates
North America's only lithium
production facility, in operation since 1967. Historic drill
information and a geophysical survey show the Lithium X properties
cover basin-fill sediments similar to those currently producing
lithium brines for Albemarle.
GeoXplor is managed by prospectors Clive
Ashworth and John Rud, who
have been active in the Clayton Valley for the past 8 years.
GeoXplor operates Pure Energy Minerals' Clayton Valley South project, where they were
instrumental in helping discover and identify an Inferred Resource
of 816,000 tonnes of Lithium Carbonate equivalent (July 2015 NI 43-101).
Mr. Rud and Mr. Ashworth also control Clayton Valley Lithium
Inc., which optioned the initial Clayton Valley North lithium
claims group to Lithium X.
"We view the Clayton Valley North project as equally prospective
to anything else in the valley," commented Mr. Rud. "We are pleased
to be working with such a capable and energetic team in Lithium X
to advance the development of the project."
Lithium X has also appointed Tucson-based mining executive
Timothy Oliver, P. Eng, as the
Company's Vice-President, Project Development. Mr. Oliver's
role includes project management and oversight of all work
programs, development studies and community relations
activities.
"Tim joins us at a formative time for our Company as we aim to
rapidly advance our Clayton Valley lithium project, which has the
potential to fuel future supply for the battery industry,"
commented Mr. Matysek. "His 38 years of experience as a
specialist in mine project development engineering and
environmental permitting is a tremendous asset to Lithium X."
Mr. Oliver's experience spans all stages of mine development,
from exploration to closure. He holds a BS in Environmental
Engineering from the New Mexico Institute of
Mining and Technology (1976) and is a registered
professional engineer in four U.S. states and in Alberta, Canada. Mr. Oliver spent over 15
years with producing companies including Magma Copper Company,
Exxon Minerals and Phelps Dodge.
Before joining the Lithium X team, Mr. Oliver practiced
engineering both independently and with firms such as M3
Engineering and Technology and Tetra Tech. Mr. Oliver is an NI
43-101 Qualified Person (QP) and has lead or contributed to dozens
of NI 43-101 studies for mine projects in North and South America.
Mr. Matysek is a mining entrepreneur, professional geochemist
and geologist with over 30 years of experience in the mining
industry. Mr. Matysek was President and CEO of Lithium One Inc.,
which developed a high quality lithium project in northern
Argentina. In July 2012, Lithium One merged with Galaxy
Resources of Australia in a
$112 million plan of arrangement to
create an integrated lithium company. Prior to Lithium One, Mr.
Matysek was the President and CEO of Potash One Inc. where he was
the architect of the $434 million
friendly takeover of Potash One by K+S Ag, which closed in early
2011. Prior to founding Potash One, Mr. Matysek was the Founder,
President and CEO of Energy Metals Corporation ("EMC"), a uranium
company traded on the New York and
Toronto Stock Exchanges. Mr. Matysek led EMC as one of the fastest
growing Canadian companies in recent years, increasing its market
capitalization from $10 million in
2004 to approximately $1.8 billion
when acquired by a larger uranium producer in 2007. Mr.
Matysek is currently CEO of Goldrock Mines Corp.
Mr. Paes-Braga commented, "When we entered the lithium business
we thought of who would be the best executive to join our
management team. Paul Matysek's
track record as a mining company builder and shareholder wealth
creator put him at the top of our list. I am excited to learn from
him and work closely with him in growing this venture. Lithium X
co-founder Frank Giustra and I are
incredibly pleased he has agreed to join the founding team."
Lithium X is finalizing plans for its 2016 first quarter
exploration program at the Clayton Valley North project, and is
actively evaluating potential technology and processing
partners.
The Company has 28,125,732 common shares issued and outstanding
and 2,805,000 options with exercises prices ranging from
$0.11 to $0.15. Lithium X has
approximately $2,473,250 in working
capital.
The technical content of this news release has been reviewed and
approved by Timothy Oliver, P. Eng,
a qualified person as defined by NI 43-101.
For additional information about Lithium X Energy Corp., please
visit the Company's website at www.lithium-x.com or review the
Company's documents filed on www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Paul Matysek"
Paul
Matysek
Executive Chairman
Neither the 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 news release.
This news release contains certain forward-looking information
and forward-looking statements within the meaning of applicable
securities legislation (collectively "forward-looking statements").
Certain information contained herein constitutes "forward-looking
information" under Canadian securities legislation. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as "expects", "believes", "aims
to", "plans to" or "intends to" or variations of such words and
phrases or statements that certain actions, events or results
"will" occur. Forward-looking statements are based on the opinions
and estimates of management as of the date such statements are made
and they are subject to known and unknown risks, uncertainties and
other factors that may cause the actual results, level of activity,
performance or achievements of the Company to be materially
different from those expressed by such forward-looking statements
or forward-looking information, including the business of the
Company and the commencement of trading in the Company's shares.
Although management of the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking statements or
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements and forward
looking information. The Company does not undertake to update any
forward-looking statements or forward-looking information that are
incorporated by reference herein, except as required by applicable
securities laws.
SOURCE Lithium X Energy Corp.