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News
27.03.2012
Rock Tech Enters Into Option Agreement to Purchase 100% of Two Argentine Lithium Brine Projects
Rock Tech Enters Into Option Agreement to Purchase 100% of Two Argentine Lithium Brine Projects
Vancouver, British Columbia, Canada, March 26, 2012 – Rock Tech Lithium Inc. (TSX-Venture: RCK; Frankfurt: RJIA; Pink Sheets: RCKTF) (the “Company” or “Rock Tech”) is pleased to announce that it has entered into an Option Agreement to purchase a 100% interest in two lithium brine projects located in the Salar de Incahuasi and the Salar de Pular (the “Option Properties”) in northwest Argentina. Combined, these two properties encompass 3,346 hectares in an area that is referred to as the “Lithium Triangle” in South America that covers portions of Argentina, Chile and Bolivia. The Company has entered into the Option Agreement with Lithea Inc. and its wholly-owned subsidiary, Lithea Argentina SA (the “Vendor” or “Lithea”).
The tenements (leases) of the Salar de Incahuasi, Mina Sisifo, are comprised of 2,000 hectares and the Salar de Pular, Mina Patilla, are comprised of 1,346 hectares. The Option Properties are accessible from the city of Salta, Argentina via all-season roads. The property at Salar de Incahuasi is some 230 kilometres due west of Salta and 55 kilometres east of the Argentina-Chile border while the property at Salar de Pular is some 275 kilometres due west of Salta along the Argentina-Chile border.
Under the terms of the Option Agreement, Rock Tech has been granted, for a period of 60 days, the exclusive rights to conduct due diligence and fairness opinion that would value the properties at a minimum of $3.5 million USD. Subject to its due diligence and fairness opinion, Rock Tech will enter into a Purchase Agreement with the Vendor. In consideration for the exclusive rights to conduct due diligence and negotiate the potential purchase of the Option Properties, Rock Tech has agreed to place in escrow a CAD$100,000 deposit. Should the Company decide to purchase the Option Properties the acquisition will be subject to the approval of the TSX Venture Exchange.
The Company’s President and CEO, Eunho Lee, commented “The potential addition of these lithium brine projects provides valuable diversification for our shareholders. Should the Company decide to enter into a Purchase Agreement upon completion of our due diligence and fairness opinion, our plan is to aggressively develop these assets to bankable feasibility and, ultimately, to production.”
On behalf of the Board of Directors,
“Eunho Lee”
Eunho Lee
Director, President and CEO
For more information, please contact:
Eunho Lee
President and CEO
Rock Tech Lithium Inc.
789 West Pender Street, Suite 1205
Vancouver, B.C., V6C 1H2
Telephone: (604) 688-1140 begin_of_the_skype_highlighting (604) 688-1140 end_of_the_skype_highlighting
Facsimile: (604) 688-1173
Email: info@rocktechlithium.com
Disclaimer and Cautionary Statement Regarding Forward-Looking Information
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 press release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.
All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management’s estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.
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Vancouver, British Columbia, Canada, March 26, 2012 – Rock Tech Lithium Inc. (TSX-Venture: RCK; Frankfurt: RJIA; Pink Sheets: RCKTF) (the “Company” or “Rock Tech”) is pleased to announce that it has entered into an Option Agreement to purchase a 100% interest in two lithium brine projects located in the Salar de Incahuasi and the Salar de Pular (the “Option Properties”) in northwest Argentina. Combined, these two properties encompass 3,346 hectares in an area that is referred to as the “Lithium Triangle” in South America that covers portions of Argentina, Chile and Bolivia. The Company has entered into the Option Agreement with Lithea Inc. and its wholly-owned subsidiary, Lithea Argentina SA (the “Vendor” or “Lithea”).
The tenements (leases) of the Salar de Incahuasi, Mina Sisifo, are comprised of 2,000 hectares and the Salar de Pular, Mina Patilla, are comprised of 1,346 hectares. The Option Properties are accessible from the city of Salta, Argentina via all-season roads. The property at Salar de Incahuasi is some 230 kilometres due west of Salta and 55 kilometres east of the Argentina-Chile border while the property at Salar de Pular is some 275 kilometres due west of Salta along the Argentina-Chile border.
Under the terms of the Option Agreement, Rock Tech has been granted, for a period of 60 days, the exclusive rights to conduct due diligence and fairness opinion that would value the properties at a minimum of $3.5 million USD. Subject to its due diligence and fairness opinion, Rock Tech will enter into a Purchase Agreement with the Vendor. In consideration for the exclusive rights to conduct due diligence and negotiate the potential purchase of the Option Properties, Rock Tech has agreed to place in escrow a CAD$100,000 deposit. Should the Company decide to purchase the Option Properties the acquisition will be subject to the approval of the TSX Venture Exchange.
The Company’s President and CEO, Eunho Lee, commented “The potential addition of these lithium brine projects provides valuable diversification for our shareholders. Should the Company decide to enter into a Purchase Agreement upon completion of our due diligence and fairness opinion, our plan is to aggressively develop these assets to bankable feasibility and, ultimately, to production.”
On behalf of the Board of Directors,
“Eunho Lee”
Eunho Lee
Director, President and CEO
For more information, please contact:
Eunho Lee
President and CEO
Rock Tech Lithium Inc.
789 West Pender Street, Suite 1205
Vancouver, B.C., V6C 1H2
Telephone: (604) 688-1140 begin_of_the_skype_highlighting (604) 688-1140 end_of_the_skype_highlighting
Facsimile: (604) 688-1173
Email: info@rocktechlithium.com
Disclaimer and Cautionary Statement Regarding Forward-Looking Information
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 press release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.
All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management’s estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA77273P1027">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA77273P1027</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.