- Engagement of ARA WorleyParsons, a professional services engineering firm with direct experience in designing and building lithium brine processing facilities, to assist the Company in developing its lithium brine project
- Hiring of a highly experienced engineer, previously employed by the world's largest producer of lithium, to oversee the Company's process engineering activities
- Near completion of a 39 hole exploration drilling program, with an updated resource estimate expected by year end
TORONTO, ONTARIO--(Marketwire - July 28, 2010) - Lithium Americas Corp. (TSX:LAC) ("Lithium Americas" or the "Company"), is pleased to announce that it has engaged ARA WorleyParsons to perform engineering services on the Company's Cauchari salt lake lithium project in Argentina. ARA WorleyParsons is a professional services engineering firm with extensive mineral, metals, and infrastructure experience in South America. The company has direct experience in designing and building lithium brine processing facilities.
"The fact that ARA WorleyParsons was engaged in developing the technology, process engineering, equipment selection, and construction of the world's largest lithium brine processing facility in Chile is a significant benefit to us, and a major reason why they were the desired candidate for this important role," said Waldo Perez, President and CEO of Lithium Americas Corp.
Lithium Americas has identified a significant lithium brine deposit (based on an NI 43-101 compliant technical report filed February 2010), and is nearing completion of a 39 hole exploration drilling program designed to further define the scope and scale of the resource. The Company expects to update its resource estimate by the end of the year. As the Company's engineering partner, ARA WorleyParsons will assist Lithium Americas as the Company transitions its significant lithium property from the exploration stage, to the development stage.
"ARA WorleyParsons is looking forward to working on this exciting new lithium project in Argentina," said Elias Arze Cyr, CEO of ARA WorleyParsons.
Lithium Americas is also pleased to announce that Mr. Hugo Barrientos has joined the Company as its Project Engineer Manager, with the responsibility of overseeing the Company's process engineering activities. Mr. Barrientos is an experienced engineer with over 20 years of experience working for major multinational companies. He 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.
"Obtaining the unique and extensive lithium production knowledge of both ARA WorleyParsons and Hugo Barrientos is a tremendous accomplishment for our Company. Their combined experience will be of great value in the continued development of our lithium project," said Mr. Perez.
About the Company
Lithium Americas Corp. (TSX:LAC) is an exploration company focused on the exploration of lithium, potassium, borax and other minerals in South America. The Company's principal and most advanced property comprises a significant portion of two adjacent Argentinean salt lakes, Cauchari and Olaroz, covering 43,451 hectares located in the Puna Plateau. The Puna Plateau is the most prolific brine reserve region globally, hosting approximately 84 percent of the world's lithium brine reserves. 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. The Company believes the Cauchari and Olaroz property has the potential of becoming a world-class lithium deposit in both size and quality.
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.com
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