International Lithium Crp (ILHMF)

[BullMeetsBear]

International Lithium and Ganfeng Lithium Approve $17M Budget for Mariana JV, Argentina

Vancouver, British Columbia--(Newsfile Corp. - January 8, 2018) - International Lithium Corp. (TSXV: ILC) (the "Company" or "ILC") is pleased to announce, together with joint venture partner Mariana Lithium Co. Ltd. (("MLC"), a subsidiary of Jiangxi Ganfeng Lithium Co. Ltd. ("Ganfeng Lithium")) the adoption of a 2018 budget for continued work at the Mariana lithium brine project ("Mariana JV") in Salta, Argentina, a joint venture between the two companies. Current ownership of the project is through a joint venture company, Litio Minera Argentina S. A., a private company registered in Argentina, ownership of which will be 82.754% by Ganfeng Lithium and 17.246% by ILC. In addition, ILC has an option to acquire 10% in the Mariana project through a back-in right.

Highlights of the US $17 million budget for 2018 include:

continued natural evaporation studies;

membrane separation studies;

aquifer characterization studies;

preliminary economic assessment ("PEA"); and

pre-feasibility studies ("PFS").

On December 27, 2017, ILC and MLC unanimously approved the budget for the 2018 calendar year for the Mariana JV. The budget calls for US $14,044,000 (US $17,343,517 including contingencies and administrative fees) to be invested in ongoing exploration and evaluation work including continuing studies that will be used to formulate a basis for a PEA, which is expected to be completed in the first half of 2018. The results of the PEA will be used to determine the course of action for pre-feasibility studies expected to be conducted throughout the remainder of the year.

https://finance.yahoo.com/news/international-lithium-ganfeng-lithium-approve-151300263.html