VANCOUVER, British Columbia, April 18, 2017 (GLOBE NEWSWIRE) — Southern Lithium Corp. (TSX-V:SNL) (FSE:SL5) (“Southern” or “the Company”) is pleased to welcome Miguel Ángel Tobar Corriales to its recently created advisory board. Southern Lithium and the management view the creation of this advisory board as another tool to advance the company’s business agenda in Latin America
Mr. Tobar is a Chilean mining lawyer and engineer with over 36 years’ experience in the mining industry in Latin America. Currently he is a partner and the general manager of Luthe & Tobar Consultores Asociados Limitada, a private company that provides legal and geological consulting services to natural resource companies in Latin America in the areas of geology, property acquisitions, environmental and drill permitting. Through this work he has developed a strong network of industry professionals and contacts in Brazil, Bolivia, Peru and Argentina, where he has worked for the past 15 years.
He held the position of topographical engineer with Chevron Corporation of Chile from 1980 to 1988. From 1988 to 1992, Miguel worked at LAC Minerals in mining operations as a topographical engineer as well and was consulting engineer for Empresa Nacional de Minería (ENAMI), Chilean National Mining Corporation, Placer Dome Plc., and Magma Copper Chile from 1992 to 1994. In 1994, he joined Magma Copper Chile as a topographical engineer in 1996 when it became part of BHP Billiton Copper Group where he also worked as a topographical engineer and land manager until 2004. From 2004 to 2009, Miguel was the land and new business manager of Minera Lejano Oeste, a subsidiary of Far West Mining Ltd. which was eventually acquired by Capstone Mining Corp. in a $725 million deal. In 2010 to 2015, again Miguel became a topographical engineer and in-house counsel in the land department of Minera Mandalay Limitada, a subsidiary of Mandalay Resources Corp.
Miguel has participated on commissions for modifying the mining codes in Chile, as well as the implementation of the National Mining Cadastre using GPS technology for mining concessions in Peru. As both a lawyer and engineer, Miguel is familiar with mining legislation in numerous jurisdictions including Ecuador, Mexico and Canada.
Miguel graduated in 1980 from Universidad Técnica del Estado, UTE in Civil Topographic Engineering and in 2006 from La Universidad La República (ULARE) Facultad de Derecho.
The Company also announces that pursuant to the Company’s Stock Option Plan it has granted 1,100,000 stock options at a price of $0.25 per common share to Management, Directors and Consultants of the Company. The option grant will vest immediately. As per the Company’s Stock Option Plan, the options granted are exercisable until March 6, 2018. Grant of the options is subject to the approval of the TSX Venture Exchange.
About the Cruz Property
Through its partner Millennial Lithium Corp. (TSX.V:ML) (FSE:A3N2) (OTCQB:MLNLF), the Company has executed a formal option agreement with Proyecto Pastos Grandes S.A. (“PPG SA”), a wholly owned subsidiary of Millennial, for the right to earn up to an eighty percent (80%) interest in the PPG SA’s Cruz Property in the Pocitos Salar Basin in Salta Province, Argentina.
The Cruz Property is located in the heart of South America’s Lithium Triangle (northern Chile, northwestern Argentina and southwest Bolivia). The property encompasses 2,500 hectares in the Pocitos Salar Basin in Salta Province, Argentina, and lies 11 kilometres south of ADY Resources Limited’s lithium brine resource in the Salar del Rincón Basin.
The Cruz property is adjacent to the Rincon volcanic center that defines the southern limit of the Rincon Salar Basin, where ADY Resources Limited is extracting lithium brine, and the northern limit of the Pocitos Salar Basin, where the Cruz property is located. Both properties lie along the structural belt that hosts the important lithium resources of the region, and at the junction of a large north-south fault system and the northwest-southeast megastructure along which lies the Rincon volcano, the possible source of the lithium brine in both salar basins.
The 60-kilometre long Pocitos salar basin has previously only been drill tested with a shallow 12-hole program in the 1970s, by an Argentinean government agency “Direccion General de Fabricaciones Militares”. To date, this is the only confirmed exploration drilling conducted in the Pocitos basin. The hole that produced the best results is near the southeast edge of the Cruz property boundary, and averaged 417 parts per million lithium; note that these results are considered historical and have not been verified by the Company’s QP, however the Company considers these results relevant to the future exploration of the property.
About Southern Lithium Corp (TSX-V: SNL FSE: SL5)
Southern Lithium Corp. is a resource exploration company engaged in the business of acquiring and exploring minerals properties. Southern Lithium Corp. has assembled an experienced management team with a growth strategy to develop portfolio of Lithium projects. The Company’s main objective is to add shareholder value through exploration and development of high quality resources through strategic acquisitions, joint ventures, and marketing while maintaining a lower risk profile through project diversification and sound, cost-effective financial management. With the potential acquisition of the Cruz property, Southern Lithium intends to establish its presence in the Pocitos basin and further deliver on its mission to secure technically superior lithium projects. The Company is only focusing on projects of the highest technical merit in favorable geopolitical jurisdictions.
The scientific and technical information contained in this news release has been reviewed and approved by Larry Segerstrom, M.Sc. (Geology), P.Geo., a Director of the Company, who is a “Qualified Person” as such term is defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
ON BEHALF OF THE BOARD OF DIRECTORS
“Clive H. Massey”
Chief Executive Officer
For further information, please contact:
Southern Lithium Corp.
Further information about the Company is available on our website at www.southernlithiumcorp.com or under our profile on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within it, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements, other than as required pursuant to applicable securities laws.
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