Rodinia Lithium Inc. (TSX-V:RM)(OTCQX:RDNAF) has commenced work to has commenced work to aggressively accelerate completion of a Preliminary Economic Assessment (“PEA”) of its Salar de Diablillos property in Argentina following its recent announcement of an inferred recoverable resource.
Mr. Farhad Abasov, Chairman of Rodinia & CEO of Allana Potash Corp. (TSX VENTURE:AAA), said the results are a major advance for the Company, commenting, “The updated inferred resource estimate provides a sufficiently large lithium and potash recoverable resource foundation for a preliminary economic assessment study. The PEA is anticipated to be based on a projected production rate of 10,000 to 15,000 tonnes lithium carbonate equivalent (“LCE”) per year.”
William Randall, CEO of Rodinia, added, “The announcement of such a large recoverable resource lends viability to the Project, as we can now make the decision to advance the project to the PEA stage with confidence. Our objective is to complete the work required to conduct an economic assessment of the project before year end. In order to do so, in addition to the recently estimated inferred recoverable resource, we shall determine the metallurgical recovery and economics of the project to complete the picture. These are exciting times in the Company’s development as we are only at the beginning of the process of unlocking the Salar’s value.”
The company intends to complete a PEA within the calendar year by contracting several groups to complete the various components. Consistent with having a leading engineering firm like AMEC International prepare our initial resource estimate, the company plans to engage leading consulting groups with significant peer review and project support to complete the following items:
The recent inferred resource estimate refers to the quantity of lithium carbonate that has reasonable prospects for economic extraction, and is therefore representative of the brine resource that could be extracted by conventional pumping techniques. Accordingly, this represents a positive step towards determining the productive capacity of the Salar. For details regarding the resource estimate please refer to the press release dated 1 April 2011.
The project was supervised by Ray Spanjers, Rodinia’s Manager of Exploration. Mr. Spanjers is considered a Qualified Person, as defined by National Instrument 43‐101.
