Quarterly Activities Report
Sydney, Oct 29, 2018 AEST (ABN Newswire) - Lithium Power International Limited (
ASX:LPI) (LTHHF:OTCMKTS) (LPI or the Company) is pleased to submit its quarterly Activity Report for the period ended 30 September 2018.
HIGHLIGHTS
- The Chilean Joint Venture Company, Minera Salar Blanco S.A. (MSB), submitted the Maricunga lithium brine project's (the Project) Environmental Impact Assessment (EIA) to the Chilean Environmental Authority, Servicio de Evaluación Ambiental (SEA) to be reviewed for approval. This is the culmination of in-depth work during more than two years by MSB employees and consultants and was completed to the highest possible standard. An update on the extensive EIA approval process will be provided as information is received from SEA.
- The Project's Definitive Feasibility Study (DFS) is expected to be finalised and released by the end of December 2018.
- Results from the Preliminary Economic Assessment (PEA) which was released in December 2017, including CAPEX, OPEX, price forecasts and revenues, will be updated in the DFS.
Full reserve calculations will also be included for the first time.
- Work by process consultants GEA in Germany, fine tuning the flow circuit and equipment requirements are progressing extremely well.
- MSB is nearing the completion of contractually securing all key infrastructure needed to support the Project with water supply secured for the Project through a long-term lease for the next 20 years.
- The Chilean electricity regulator authorised MSB to use its existing transmission infrastructure for the Project. Negotiations regarding final conditions are ongoing with the owner of the power lines.
- Permits for drilling has been obtained and plans are underway to drill several holes at the Centenario lithium project in Salta province, Argentina. This program will evaluate the potential for significant volumes of brine within LPI's properties indicated by a recent electrical geophysical survey.
- In Western Australia, the Company is undertaking an extensive soil sampling program over its Tabba Tabba property. This covers a greenstone belt, which has known tantalum and lithium mineralisation along strike from the property. Areas of elevated geochemistry will be followed up with rock chip sampling and drilling.
- LPI increased its ownership in MSB by 1% after paying AU$1.5 million from existing cash reserves.
The Company now owns 51% of MSB.
- On 3 September 2018, the Company appointed Mr Cristobal Garcia-Huidobro and Mr Martin Borda as Non-Executive Directors to further enhance its relationship with MSB. As part of this change, Dr Luis Ignacio Silva resigned from the Board on the same date.
- Mr Cristobal Garcia-Huidobro was subsequently promoted to Chief Executive Officer and Managing Director of LPI on 16 October 2018.
- To further strengthen its Board, Mr Richard Crookes will be appointed Executive Director - Corporate Finance on 1 November 2018.
To view the full report, please visit:
http://abnnewswire.net/lnk/48H7119J
About Lithium Power International Ltd
Lithium Power International Limited (ASX:LPI) is a pure play lithium company with three distinct project regions to provide diversification. One is located in South America's brine region and three are in Australia's spodumene hard rock areas of Western Australia.
The primary focus is to develop of Chile's next high-grade lithium mine on the Maricunga Salar in an area known as the Lithium Triangle. The Company has also expanded its tenement holdings of lithium exploration prospects in Western Australia.
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