TORONTO, Feb. 11, 2020 /CNW/ - Neo Lithium Corp. ("Neo Lithium" or the "Company") (TSXV:NLC; OTCQX:NTTHF; FSE:NE2) is pleased to announce that the strategic process to incorporate a partner for its wholly-owned Tres Quebradas lithium project ("3Q Project") in Catamarca Province, Argentina (the "Process") continues to move forward in a positive way and it has now entered the final stages of decision making.
Throughout the better part of 2018 and 2019, the Company, has been intently focused on developing the 3Q Project towards future production. Neo Lithium is looking for a partner that can add value to the Company and its stakeholders through a combination of financial, technical, operating and marketing capabilities. The Company has engaged BofA Securities as its financial advisor in connection with the Process.
As a result of the Process, Neo Lithium has received a number of proposals, which are currently under evaluation. The potential partners on the short list have passed into the final stages of the Process and current proposals are being evaluated in detail and negotiations continue to progress. The Board of Directors has made every effort to ensure proper consideration of all proposals based on strategic merits, proposed terms and structure of each offer.
"We are extremely encouraged with the level of interest and initial indicative terms of the proposals received to date," noted Waldo Perez, President and CEO of Neo Lithium. "We will be diligently reviewing the terms proposed by the different parties in the coming weeks and look forward to further updating the market."
While the Company remains optimistic on a favourable outcome, there can be no assurance that the Company's efforts will be successful or that this Process will result in any transaction. The Company does not intend to disclose further developments with respect to this Process unless and until the Board of Directors reviews and approves the outcome together with recommendations.
About Neo Lithium Corp.
Neo Lithium Corp. has quickly become a prominent new name in lithium brine exploration by virtue of its high quality 3Q Project and experienced team. Already well capitalized, Neo Lithium is rapidly advancing its recently discovered 3Q Project - a unique high-grade lithium brine lake and salar complex in Latin America's "Lithium Triangle".
The 3Q Project is in Catamarca Province, the largest lithium producing area in Argentina. The project covers approximately 35,000 ha and the salar complex within this area is approximately 16,000 ha.
The technical team that has discovered the 3Q Project characterized this unique salar as one of the most experienced in lithium salars. For example, this team discovered and led the technical work, including resource definition and full feasibility study that established the Cauchari lithium salar as one of the largest lithium brine resources in the world.
Additional information regarding Neo Lithium Corp. is available on SEDAR at www.sedar.com under the Company's profile and at its website at www.neolithium.ca, including various pictures of ongoing work at the project.
Neither 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 release. The TSX Venture Exchange Inc. has in no way approved nor disapproved the contents of this press release.
Cautionary Note Regarding Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements. Such statements include but are not limited to, statements as to lithium brine grades at depth being consistent with surface results, the potential for resource expansion at depth, the potential of the northern salar sediments, and deeper sediments, for hosting brine, the ability to proceed to scoping studies quickly, proceeding with continued work for additional economic studies the potential for production expansion in the Company's assessment of the economic potential of the 3Q Project, that test results are indicative of future results, and the additional of additional independent directors. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "is expected", "scheduled", "estimates" "intends", "anticipates", "believes", or variations of such words and phrases, or statements that certain actions, events or results "can", "may", "could", "would", "should", "might" or "will", occur or be achieved, or the negative connotations thereof. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, which could cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such statements. These risks include, without limitation, risks related to failure to obtain adequate financing on a timely basis and on acceptable terms, political and regulatory risks associated with mining and exploration activities, including environmental regulation, risks and uncertainties relating to the interpretation of drill and sample results, risks related to the uncertainty of cost and time estimation and the potential for unexpected delays, costs and expenses, risks related to metal price fluctuations, the market for lithium products, competition for experienced directors in the junior mineral exploration and development sector, and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended and undue reliance should not be placed on forward-looking statements.
SOURCE Neo Lithium Corp.
