Thursday, November 03, 2016 9:00:46 AM
VANCOUVER, BRITISH COLUMBIA, Nov 03, 2016 (Marketwired via COMTEX) -- VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 3, 2016) - Lithium Americas Corp. (the "Company" or "LAC") (LAC)(otcqx:LACDF) is pleased to provide an update on the Cauchari-Olaroz Lithium Project (the "Project") joint venture with Sociedad Química y Minera de Chile S.A. ("SQM") in Jujuy Province, Argentina.
Further to the Company's news release dated August 26, 2016, the Board of the joint venture company, Minera Exar S.A. ("Minera Exar"), has been authorized to proceed with development planning for the Project based on the following parameters: (i) a two stage development consisting of an initial phase at 25,000 tpa LCE capacity, followed by a second stage at 25,000 tpa LCE capacity; and (ii) an accelerated path to production, with a target for commencement of construction in early 2017 and stage one production in 2019. Detailed engineering is advanced on the layout of ponds and the chemical plant flow sheet process has been defined by SQM and Hatch Canada. The Company has been advised that an update of the NI 43-101 compliant feasibility study for stage one is anticipated to be completed by year end.
The exploration program is rapidly advancing the Project to the pre-construction phase. Testing of liner materials and trials of earth moving equipment is on-going and is scheduled for completion by the end of November. Various combinations of different materials and liner configurations are being tested in ten ponds to optimize the technical and economic design and performance. Earth moving trials are underway to finalize the optimal construction methodology. Final topographical reports have been completed defining materials characteristics in different areas of the project. A second series of tests in soil mechanics are underway to determine the most efficient area to build. Construction of the project roads and 14 drill platforms is expected to be completed by the end of November. The Project campsite is being expanded with the addition of modular accommodations for 52 people.
–– ADVERTISEMENT ––
The Company is also advancing the discussions to raise the project capital with both financial institutions and potential industry offtake partners for long-term supply contracts.
Tom Hodgson, Chief Executive Officer of LAC, commented, "We wanted to provide this update to our stakeholders and make them aware of our significant progress in developing the Project. This progress demonstrates the strong confidence of the Company's management and our 50/50 joint venture partner SQM, as well as a high level of cooperation between our management teams. The Minera Exar joint venture is committed to advancing the Cauchari-Olaroz Project to bring new lithium supply to the market in a timely manner to meet the increasing demand."
http://www.marketwatch.com/story/lithium-americas-provides-an-update-on-the-cauchari-olaroz-joint-venture-project-in-argentina-2016-11-03-7160313
Recent LAAC News
- Lithium Argentina to Release First Quarter 2024 Results on May 13, 2024 • GlobeNewswire Inc. • 04/22/2024 08:43:00 PM
- Lithium Argentina Reports Fourth Quarter and Full Year 2023 Results • GlobeNewswire Inc. • 03/21/2024 12:01:08 AM
- U.S. Index Futures Trade Sideways Amid Anticipation of Fed’s Policy Update; Oil Prices Dip • IH Market News • 03/20/2024 11:17:32 AM
- Lithium Argentina Announces Appointment of Two New Board Members • GlobeNewswire Inc. • 03/19/2024 09:42:58 PM
- Lithium Argentina Announces Ganfeng Lithium Agrees to Acquire Interest in Pastos Grandes for $70M • GlobeNewswire Inc. • 03/05/2024 02:26:41 PM
- Lithium Argentina Announces Appointment of new President and CEO • GlobeNewswire Inc. • 02/26/2024 09:15:00 PM
- Lithium Argentina Announces 2023 Production Results for Caucharí-Olaroz • GlobeNewswire Inc. • 01/10/2024 09:02:47 PM
- Lithium Americas Provides Thacker Pass Update with Q3 2023 Carve-Out Financials and MD&A • GlobeNewswire Inc. • 11/09/2023 09:58:16 PM
- Lithium Argentina Reports Third Quarter 2023 Results • GlobeNewswire Inc. • 11/07/2023 10:24:10 PM
- Lithium Americas Closes Separation to Create Two Leading Lithium Companies • GlobeNewswire Inc. • 10/03/2023 08:00:59 PM
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM