BRISBANE, Australia,
Oct. 4, 2017 /CNW/ -- Orocobre
Limited (ORE: ASX, ORL: TSX) (Orocobre) is pleased to announce the
execution of agreements with Lithium X Energy Corp. (TSXV:
LIX) (OTCQX: LIXXF) ("Lithium X") in respect of tenure
held by Orocobre subsidiaries, Borax Argentina S.A. ("Borax") and
South American Salars S.A. ("SAS") at the Salar de Diablillos.
Lithium X through its wholly-owned subsidiary, Potasio Lithio de
Argentina S.A. (PLASA) will acquire
2,700 hectares of tenements from Borax over which Lithium-X
currently holds usufruct rights for the extraction of lithium
brines. Lithium-X will also acquire a further 700 hectares
owned by SAS which had been excluded from the Advantage Lithium
transaction (ASX release 28 March 2017). These tenements will
be consolidated into the PLASA project, Sal
de los Angeles (SDLA) in Salta
Province, Argentina.
Under the agreement:
- PLASA acquires mineral title to the Borax and SAS
tenements
- PLASA grants a usufruct right in favour of Borax over the Borax
tenements in relation to the extraction of surface ulexite
mineralisation
- PLASA agrees to pay to Borax US$250,000 and to issue 650,000 common shares of
Lithium X to Borax or its nominee
- PLASA acquires the SAS tenements for consideration of
US$750,000 payable to Orocobre upon
certain conditions being met by SAS
- PLASA and Borax agree to cancel the existing 1.5% Mine Mouth
Royalty1 on the Borax held tenements, in consideration
of a 1% Net Revenue Royalty over the entire SDLA project, and
- Orocobre and PLASA mutually release each other from any
potential or existing claims due to past activities by either
party.
Managing Director Richard Seville
commented, "This transaction further clarifies the focus on our
world class Olaroz lithium facility and simplifies the current
tenement position at Diablillos. The royalty we have retained
also provides for a potential income stream in the future."
For more
information please contact:
|
Richard
Seville
|
Andrew
Barber
|
Managing
Director
|
Investor Relations
Manager
|
T: +61 7 3871
3985
|
T: +61 7 3871
3985
|
M:+61 419 916
338
|
M: +61 418 783
701
|
E:
rseville@orocobre.com
|
E:
abarber@orocobre.com
|
About Orocobre Limited
Orocobre Limited (Orocobre) is
a dynamic global lithium carbonate supplier and an established
producer of boron.
Orocobre is dual listed on the Australia and Toronto Stock Exchanges (ASX:
ORE), (TSE: ORL). Orocobre's operations include its Olaroz Lithium
Facility in Northern Argentina,
Borax Argentina, an established Argentine boron minerals and
refined chemicals producer and a 35% interest in Advantage
Lithium.
For further information, please visit www.orocobre.com.
______________________________
1 Mine Mouth Royalty is calculated as revenue less
all costs incurred from the point of brine extraction.
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SOURCE Orocobre Limited