TORONTO, ONTARIO--(Marketwire - Sept. 8, 2010) - Lithium Americas Corp. (TSX:LAC) ("Lithium Americas" or the "Company"), today provided a timeline and key milestones leading to the completion of the feasibility study for its Cauchari lithium/potassium resource in Argentina. The Company has recently announced that it has successfully completed a 53-hole exploration drilling program, which will provide the required data to upgrade its NI 43-101 technical report from inferred to measured and indicated resources. In addition, the Company has also completed the construction of an on-site laboratory and pilot scale evaporation facility, and has initiated drilling of a production well to test the productive capacity of the salar (salt lake). Working with ARA WorleyParsons, who Lithium Americas recently appointed as its engineering firm, the Company is now positioned to begin the next phase in the development of its world-class resource and has identified several key milestones over the coming quarters that will drive the commercialization of the project.
Upgraded NI 43-101 Technical Report and Resource Estimate (Q4 2010). The Company expects that the upgrade of its 43-101 technical report, filed in February 2010, will be completed by the fourth quarter of 2010 and will provide measured, indicated and inferred resources that will be the basis for the Preliminary Economic Assessment and final feasibility studies that will convert those resources into reserves.
Completion of the Production Drilling Program (Q4 2010). The program, which began mid-August, is expected to be completed at the end of 2010 and includes three 17 inch production wells and fifteen 5 ¼ inch piezometric wells used to monitor the production wells as they drain down the aquifers. At the conclusion of the program, the Company will have the necessary data to establish the fundamental economic and operational parameters of the project such as pumping rates in the aquifers, number of holes required to enter into production, and estimated production rates. This data will be used to calculate the "extractable reserves" and convert the resource estimation into a reserve estimation by adding economic parameters in the Preliminary Economic Assessment.
Processing Route and Large Test Pond Construction (Q4 2010) The Company has already identified the processing path for the brine at laboratory scale. Now utilizing its own on-site facilities, the Company will re-create the process in order to fine tune the mineral processing parameters at the elevation of the project with the exact climate conditions of the area. The Company has also completed soil studies and will start large test pond construction in the fourth quarter of 2010. The first set of ponds will encompass six ponds measuring 100mx100m each and will be used to upscale the current pilot plant pan tests. The ponds will be filled with the brine from the production wells.
Preliminary Economic Assessment (Q1 2011). Utilizing the large amount of data obtained through the aforementioned programs, ARA WorleyParsons is expected to deliver a preliminary economic assessment in the first quarter of 2011. ARA WorleyParsons was previously engaged to develop the technology, process engineering, equipment selection, and construction of the world's largest lithium brine processing facility in Chile. The Company recently appointed Hugo Barrientos as its Project Engineer Manager, with the responsibility of overseeing the Company's process engineering activities. Mr. Barrientos was previously a Chief Project Engineer at Sociedad Quimica y Minera de Chile S.A. ("SQM"), the world's largest producer of lithium, leading the construction and engineering of SQM's lithium carbonate and lithium hydroxide facilities.
Final Feasibility (Q4 2011). The Company expects to complete final feasibility by the end of 2011. With final feasibility in place, the Company will have all the necessary financial and production parameters verified to make a production construction decision.
"We are taking an aggressive but prudent approach to the development and commercialization of our Cauchari resource," said Waldo Perez, President and CEO of Lithium Americas. "We are fully funded through final feasibility and anticipate that our timing for proposed commercial production will meet the demand estimation provided by numerous third party industry experts, and establish Lithium Americas as an important participant in the global lithium market. We will continue to work closely with our strategic investors, Mitsubishi Corporation and Magna International, to build a facility capable of meeting their needs, as well as the needs of future customers."
About the Company
Lithium Americas Corp. is a company focused on the development of lithium and potassium projects in South America. The Company's principal and most advanced property comprises a significant portion of two adjacent Argentinean salt lakes (salares), Cauchari and Olaroz, covering 43,627 hectares located in the Puna Plateau. Based on an NI 43-101 compliant inferred in situ resource estimate of 1.58 x 1012 litres with average grade of 584 mg/L lithium and 4,860 mg/L potassium (equivalent to 4.9 million tonnes of lithium carbonate and 7.7 million tonnes of potassium), Lithium Americas' principal property is one of the largest known lithium brine deposits in the world. Mitsubishi Corporation and Magna International are shareholders in the Company, in addition to both companies having off-take arrangements with Lithium Americas.
Certain information contained in this news release is based on the Company's NI 43-101 compliant technical report titled "Amended Inferred Resource Estimation Of Lithium and Potassium at the Cauchari and Olaroz Salars, Jujuy Province, Argentina" dated February 15, 2010, prepared for Lithium Americas Corp. by Mark King, a "qualified person" pursuant to NI 43-101, which can be viewed on the Company's website or at www.sedar.com, under the Company's profile. Inferred resources have a great amount of uncertainty as to their existence, and great uncertainty as to their economic feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or prefeasibility studies, except in rare cases. Investors are cautioned not to assume that part or all of an inferred resource can be upgraded to an indicated or measured resource, or is economically mineable.
This press release contains forward-looking statements, which can be identified by the use of statements that include words such as "could", "potential", "believe", "expect", "anticipate", "intend", "plan", "likely", "will" or other similar words or phrases. The Company does not intend, and does not assume any obligations, to update forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by applicable securities laws. Readers should not place undue reliance on forward-looking statements. Readers should review the Company's prospectus dated May 6, 2010 for a list of risks associated with the Company and its business.
For more information, please contact
Lithium Americas Corp.
Mike Cosic
VP Corporate Development
(416) 360-1921
mcosic@lithiumamericas.com
www.lithiumamericas.comUpgraded NI 43-101 Technical Report and Resource Estimate (Q4 2010). The Company expects that the upgrade of its 43-101 technical report, filed in February 2010, will be completed by the fourth quarter of 2010 and will provide measured, indicated and inferred resources that will be the basis for the Preliminary Economic Assessment and final feasibility studies that will convert those resources into reserves.
Completion of the Production Drilling Program (Q4 2010). The program, which began mid-August, is expected to be completed at the end of 2010 and includes three 17 inch production wells and fifteen 5 ¼ inch piezometric wells used to monitor the production wells as they drain down the aquifers. At the conclusion of the program, the Company will have the necessary data to establish the fundamental economic and operational parameters of the project such as pumping rates in the aquifers, number of holes required to enter into production, and estimated production rates. This data will be used to calculate the "extractable reserves" and convert the resource estimation into a reserve estimation by adding economic parameters in the Preliminary Economic Assessment.
Processing Route and Large Test Pond Construction (Q4 2010) The Company has already identified the processing path for the brine at laboratory scale. Now utilizing its own on-site facilities, the Company will re-create the process in order to fine tune the mineral processing parameters at the elevation of the project with the exact climate conditions of the area. The Company has also completed soil studies and will start large test pond construction in the fourth quarter of 2010. The first set of ponds will encompass six ponds measuring 100mx100m each and will be used to upscale the current pilot plant pan tests. The ponds will be filled with the brine from the production wells.
Preliminary Economic Assessment (Q1 2011). Utilizing the large amount of data obtained through the aforementioned programs, ARA WorleyParsons is expected to deliver a preliminary economic assessment in the first quarter of 2011. ARA WorleyParsons was previously engaged to develop the technology, process engineering, equipment selection, and construction of the world's largest lithium brine processing facility in Chile. The Company recently appointed Hugo Barrientos as its Project Engineer Manager, with the responsibility of overseeing the Company's process engineering activities. Mr. Barrientos was previously a Chief Project Engineer at Sociedad Quimica y Minera de Chile S.A. ("SQM"), the world's largest producer of lithium, leading the construction and engineering of SQM's lithium carbonate and lithium hydroxide facilities.
Final Feasibility (Q4 2011). The Company expects to complete final feasibility by the end of 2011. With final feasibility in place, the Company will have all the necessary financial and production parameters verified to make a production construction decision.
"We are taking an aggressive but prudent approach to the development and commercialization of our Cauchari resource," said Waldo Perez, President and CEO of Lithium Americas. "We are fully funded through final feasibility and anticipate that our timing for proposed commercial production will meet the demand estimation provided by numerous third party industry experts, and establish Lithium Americas as an important participant in the global lithium market. We will continue to work closely with our strategic investors, Mitsubishi Corporation and Magna International, to build a facility capable of meeting their needs, as well as the needs of future customers."
About the Company
Lithium Americas Corp. is a company focused on the development of lithium and potassium projects in South America. The Company's principal and most advanced property comprises a significant portion of two adjacent Argentinean salt lakes (salares), Cauchari and Olaroz, covering 43,627 hectares located in the Puna Plateau. Based on an NI 43-101 compliant inferred in situ resource estimate of 1.58 x 1012 litres with average grade of 584 mg/L lithium and 4,860 mg/L potassium (equivalent to 4.9 million tonnes of lithium carbonate and 7.7 million tonnes of potassium), Lithium Americas' principal property is one of the largest known lithium brine deposits in the world. Mitsubishi Corporation and Magna International are shareholders in the Company, in addition to both companies having off-take arrangements with Lithium Americas.
Certain information contained in this news release is based on the Company's NI 43-101 compliant technical report titled "Amended Inferred Resource Estimation Of Lithium and Potassium at the Cauchari and Olaroz Salars, Jujuy Province, Argentina" dated February 15, 2010, prepared for Lithium Americas Corp. by Mark King, a "qualified person" pursuant to NI 43-101, which can be viewed on the Company's website or at www.sedar.com, under the Company's profile. Inferred resources have a great amount of uncertainty as to their existence, and great uncertainty as to their economic feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or prefeasibility studies, except in rare cases. Investors are cautioned not to assume that part or all of an inferred resource can be upgraded to an indicated or measured resource, or is economically mineable.
This press release contains forward-looking statements, which can be identified by the use of statements that include words such as "could", "potential", "believe", "expect", "anticipate", "intend", "plan", "likely", "will" or other similar words or phrases. The Company does not intend, and does not assume any obligations, to update forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by applicable securities laws. Readers should not place undue reliance on forward-looking statements. Readers should review the Company's prospectus dated May 6, 2010 for a list of risks associated with the Company and its business.
For more information, please contact
Lithium Americas Corp.
Mike Cosic
VP Corporate Development
(416) 360-1921
mcosic@lithiumamericas.com
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