LIMA, Peru, Feb. 7, 2011 /PRNewswire/ -- Li3 Energy, Inc. (OTC Bulletin Board: LIEG) ("Li3 Energy" or the "Company") is pleased to announce it has engaged SignumBOX in order to complete a project evaluation report for the Maricunga lithium project in Chile. The purpose of the report is to have an independent analysis on the Maricunga project that the Company has signed a letter of intent to acquire.
SignumBOX has previously issued several reports regarding the use of lithium in batteries and vehicles and its prospects and trends. SignumBOX is a Chilean based company with extensive experience in the lithium industry and has developed the SignumBOX index ranking more than 70 lithium projects using a quantitative and objective method.
The report to be generated by SigumBOX will be completed over five weeks and will include a review of Maricunga's geological characteristics and a comparison between the Maricunga salar and other salars that are currently being developed by other companies. Further important aspects that will be covered in this report are: i) review of the Li3 Energy position in terms of its ability to develop the project; ii) development of a position analysis of Li3's Maricunga project with other lithium brine projects; iii) identification of the principal strengths and weaknesses of the Maricunga project; and iv) Maricunga's potential synergies with Li3's Alfredo project and its strategy to become a diversified, low-cost minerals producer Luis Saenz, Li3 Energy CEO, commented: "We are pleased to have a firm with the prestige of SignumBOX reviewing our project. Independent analysis is always very important at this critical stage of development, and we are confident it will demonstrate the robust nature of an asset we believe to have world-class potential and help us in taking the correct steps going forward."
Closing of the Maricunga acquisition is subject to satisfactory completion of due diligence, financing of the cash purchase price and work commitment by Li3, and other customary conditions.
About Li3 Energy, Inc.
Li3 Energy, Inc. is an early stage, U.S. public company currently pursuing a business strategy in the lithium mining and energy sector in the Americas, with an initial focus on identifying and acquiring opportunities in Peru, Argentina and Chile and the United States. Li3 Energy aims to acquire a significant portfolio of lithium brine deposits in the Americas for the purpose of development and production in order to meet growing market demand and to support the clean energy and green energy initiatives being implemented globally.
http://www.li3energy.com/ Forward-Looking Statements
All statements other than statements of historical facts included in this news release including, without limitation, statements preceded by, followed by or that otherwise include the words "believes," "expects," "anticipates," "intends," "estimates," "projects," "potential," "target," "goal," "plans," "objective," "should" or similar expressions or variations on such expressions are forward-looking statements. The Company can give no assurances that the assumptions upon which the forward-looking statements are based will prove to be correct. Because forward-looking statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by the forward-looking statements. There are a number of risks, uncertainties and other important factors that could cause the Company's actual results to differ materially from the forward-looking statements, including, but not limited to, the Company's ability to identify appropriate corporate acquisition and/or joint venture opportunities in the lithium mining sector and to establish the technical and managerial infrastructure, and to raise the required capital, to take advantage of, and successfully participate in such opportunities; future economic conditions; political stability; and lithium prices. For further information about certain risks faced by the Company, see "Risk Factors" in Part I, Item 1A of Amendment No. 1 to our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on November 5, 2010.
The Company disclaims any obligations or undertaking to publicly release any updates or revisions to any forward-looking statement contained in this news release to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Li3 Energy, Inc.
CONTACT: Luis Saenz, CEO, Li3 Energy, Inc., Av. Pardo y Aliaga 699 Of.
802, San Isidro, Lima 27, Peru, +011-511-212-1880
Web Site: http://www.li3energy.com/
