Piedmont Lithium shares up on record production at NAL operation in Quebec
During Q3 2024, NAL produced approximately 52,100 dmt of spodumene concentrate.
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Jan. 25, 2012) –
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
New World Resource Corp. (“New World” or the “Company”) (TSX VENTURE:NW)(FRANKFURT:NWU) wishes to announce that it has entered into a letter of intent with Li3 Energy, Inc. (OTCBB:LIEG) (“Li3”) relating to the sale of New World’s lithium assets to Li3. Under the terms of the proposed transaction, New World will transfer its lithium assets, consisting of its interests in Pastos Grandes lithium brine project located in Bolivia as well as its 19% interest in Perfect Lithium Corp., a developmental stage company formed to fund novel research technology and development of lithium powders used in all lithium ion batteries, to Li3 in exchange for such number of common shares as is equal to 22.5% of the issued and outstanding shares of Li3 (the “Consideration Shares”).
Company President & CEO, John Lando, commented: “This transaction will deliver value to our shareholders and provides exposure to an excellent lithium brine project located in Chile that is ranked amongst the top five undeveloped lithium salar projects in the world, according to the SignumBOX’s Performance Index (SPI) ranking. Li3 management has a solid understanding of the lithium opportunities within Bolivia and a strong partnership with POSCO Canada Ltd., a wholly-owned subsidiary of POSCO, a Republic of South Korea company that is one of the world’s largest steel producers.”
About Li3 Energy, Inc.
Li3 Energy, Inc. is an exploration and developmental stage public company in the lithium mining and energy sector. Li3 aims to acquire, develop and commercialize a significant portfolio of lithium brine deposits in the Americas. With its controlling interest in its Maricunga Project, Li3’s goals are to: a) support the global implementation of clean and green energy initiatives; b) meet growing lithium market demand; and c) become a mid-tier, low cost supplier of lithium, potassium nitrate, iodine and other strategic minerals, serving global clients in the energy, fertilizer and specialty chemical industries. POSCO, one of the largest steel manufacturers in the world, is a strategic partner of Li3. Additional information regarding Li3 can be found in their recent filings with the Securities and Exchange Commission (“SEC”) as well as the information maintained on their website www.li3energy.com.
Transaction Terms
The parties have agreed to a 45-day exclusivity period to negotiate the terms of a definitive agreement. It is expected that the definitive agreement will contain provisions customary for a transaction of this nature and contemplate the following provisions:
As part of the proposed transaction, New World intends to distribute the Consideration Shares to its shareholders on a pro rata basis.
The proposed transaction will be subject to certain conditions including the completion of due diligence, the approval of the shareholders of Li3 and regulatory approval, including the approval of the TSX Venture Exchange.
About New World
New World Resource Corp. is a Canadian based mining exploration company focused on building a strong, diversified project portfolio within the Americas. The Company’s projects include the Lipeña/Bonete copper-gold project and the Pastos Grandes lithium brine project in Bolivia. The Company currently has C$1.3 million in the treasury.
NEW WORLD RESOURCE CORP.
John Lando, President
This news release includes “forward-looking information”, as such term is defined in applicable securities laws. The forward-looking information includes, without limitation, statements regarding the completion of the proposed transaction. This forward-looking information is given as of the date of this news release. Users of forward-looking information are cautioned that actual results may vary from the forward-looking information contained herein. While the Company has based this forward-looking information on its expectations about future events as at the date that such information was prepared, the information is not a guarantee of the Company’s future performance and is subject to risks, uncertainties, assumptions and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking information. Such factors and assumptions include, amongst others, the effects of general economic conditions, the price of lithium, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations and misjudgments in the course of preparing forward-looking information. In addition, there are also known and unknown risk factors which could cause the Company’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Known risk factors include, among others, risks relating to exploration and development; the ability of the Company to obtain additional financing; the Company’s limited operating history; the need to comply with environmental and governmental regulations; political and economic instability and general civil unrest in Bolivia; potential defects in title to the properties; fluctuations in currency exchange rates; fluctuating prices of commodities; operating hazards and risks; competition; and other risks and uncertainties. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company is under no obligation to update or alter any forward-looking information except as required under applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
