Millennial Lithium Corp. Granted Final REMSA License at its Pastos Grandes Project, Salta, Argentina
Vancouver, June 2, 2020 - Millennial Lithium Corp. (TSXV: ML) (FSE: A3N2) (OTCQX: MLNLF) ("Millennial" or the "Company") is pleased to announce that the Mining Court of Salta has granted Millennial's Argentine subsidiary, Proyecto Pastos Grandes S.A., the remaining mining license, Nueva Sijesyta 01, that comprised the original REMSA Properties. The REMSA Properties are comprised of 5 mining licenses totaling 6557 ha which are contiguous with Millennial's core licenses covering the Salar de Pastos Grandes. The Company has implemented operational procedures to protect the health of its office staff, field crews and contractors during the COVID-19 global pandemic. Where possible, office staff, field crews and contractors have been working from home per local government advisories. Plans for field and other work for 2020 will be evaluated on an ongoing basis but at this time, Millennial does not anticipate a significant or material impact upon its operations. Millennial's operations in Salta Province are classified as essential and are exempted from some many local and federal COVID-19 restrictions in Argentina.
Farhad Abasov, President and CEO commented, "Millennial is pleased to have been granted the final mining license in the REMSA Properties area of our Pastos Grandes Project. The license granted totals approximately 109 hectares (ha) and is contiguous with the main REMSA Properties transferred to Millennial earlier this year. Despite the recent slowdown in Argentina due to the COVID-19 restrictions mandated by the government, the Company continues to advance its pilot evaporation ponds and 3 tonne-per-month pilot lithium carbonate plant. In addition, in the village of Pastos Grandes community water well construction has been completed and the sustainable business development and indoor recreation centre building is approaching completion. The demand for electric vehicles in Europe was very robust before the COVID-19 restrictions and it is expected to recover faster than demand for other vehicles after the restrictions are lifted. On corporate matters, with a strong balance sheet Millennial continues to advance offtake and strategic talks with large industry players and financial groups."
In May 2020, the Mining Court of Salta granted to Millennial's Argentine subsidiary, Proyecto Pastos Grandes S.A., the Nueva Sijesyta 01 mining license which comprises 109 ha and forms part of the REMSA Properties. Millennial has now been granted by the Mining Court all of the mining licenses within the REMSA investigation area. As the underlying licenses extend beyond the investigation area boundaries, the final official properties review by the Provincial Mining office confirms the total project area controlled by the Company has expanded to 12,730 ha. Millennial previously was granted the right to earn 100% of the REMSA Properties by making cash payments to REMSA and meeting a work commitment (see News Release dated August 24, 2017). REMSA has reviewed and approved these expenditures and subsequently the Mining Court approved the transfer of the mining licenses to Millennial's wholly-owned subsidiary in Argentina, Proyecto Pastos Grandes S.A.
This news release has been reviewed by Iain Scarr, AIPG CPG., Chief Operating Officer of the Company and a Qualified Person as that term is defined in National Instrument 43-101.
To find out more about Millennial Lithium Corp. please contact Investor Relations at (604) 662-8184 or email info@millenniallithium.com.
"Farhad Abasov"
President, CEO and Director
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This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals including approvals of title and mining rights or licenses, the reliability of third party information, continued access to mineral properties or infrastructure, changes in laws, rules and regulations in Argentina which may impact upon the Company or its properties or the commercial exploitation of those properties, currency risks including the exchange rate of USD$ for Cdn$, fluctuations in the market for lithium, changes in exploration costs and government royalties, export policies or taxes in Argentina and other factors or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
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