Vancouver, British Columbia–(Newsfile Corp. – March 21, 2018) – Millennial Lithium Corp. (TSXV: ML) (FSE: A3N2) (OTCQB: MLNLF) (“Millennial” or the “Company”) is pleased to provide an update on its activities at its flagship lithium project, Pastos Grandes, and its Cauchari East project in Argentina.
Farhad Abasov, President and CEO of Millennial commented, “Millennial is now well funded with approximately CDN $65,000,000 in its treasury allowing us to fast track our pilot studies and the exploration work on the Remsa ground. Millennial has a strong technical team in Argentina which is expected to expand in the coming months to undertake pond construction and pilot plant construction and commissioning. A Feasibility Study will commence in Q2 2018 and we look forward to continuing to develop and advance the Pastos Grandes Project.”
Upon completion of its most recent financing (see press release dated March 13, 2018) Millennial has focused on fast tracking work at Pastos Grandes including process test work being undertaken by SGS Lakefield, alongside on-site pilot pond and pilot plant engineering studies. Requests for Quotations (RFQ) for pond construction have been circulated to qualified firms in Argentina. Receipt of proposals from interested parties is expected in 7-10 days. RFQs for a project Feasibility Study will also be circulated to leading international and Argentine engineering firms in the next several weeks in anticipation of a Q2 start up to this work.
Additional exploration work is also planned for the 2,492 hectares of Remsa claims the Company entered into an agreement to acquire late in 2017. Geophysical studies as well as exploration drilling in support of resource expansion and well-field modeling is planned for April, once final environmental permitting is received. Millennial has completed a second pumping well in the southern portion of the main claim block, where early indications suggest flow rates at this location are similar to the nominal average of 16L/sec used for the planned production wells outlined in the Preliminary Economic Assessment (PEA) dated February 23, 2018 and filed on SEDAR March 5, 2018 and titled, “Preliminary Economic Assessment of the Pastos Grandes Project”. Sustainability testing and systematic sampling will commence by early May on completion of the first phase of the pilot ponds. Millennial has engaged Montgomery & Asociados to compile a block model and hydrogeological model for the Company’s lithium resource at Pastos Grandes.
In support of the increased activities at the Pastos Grande Project additional infrastructure is in process of being completed. A new camp capable of accommodating 50 people is planned and due to be permitted and installed in the coming weeks. Community relations work is ongoing and once drilling resumes at the project a new fresh water well will be developed for the village of Santa Rosa de Pastos Grandes.
At the Company’s Cauchari East Project, permitting continues and has progressed to the final approval stages. The permit is expected to be granted in Q2 2018 with exploration drilling to commence shortly thereafter.
This news release has also been reviewed by Iain Scarr, AIPG CPG., Chief Operating Officer of Millennial and a Qualified Person as that term is defined in National Instrument 43-101.
To find out more about Millennial Lithium Corp. please contact Investor Relations at (604) 662-8184 or email [email protected].
MILLENNIAL LITHIUM CORP.
President, CEO and Director
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This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals including approvals of title and mining rights or licenses, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of USD$ for Cdn$, fluctuations in the market for lithium, changes in exploration costs and government royalties or taxes in Argentina and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.