Business
Aberdeen Closes Agreement to Sell 50% of the Sal De Los Angeles Lithium Project for 8 Million Lithium X Shares
TORONTO, ONTARIO--(Marketwired - April 21, 2016) - ABERDEEN INTERNATIONAL INC. ("Aberdeen", or the "Company") (TSX:AAB) announces that it has closed on the agre
About this update from Aberdeen International Inc.
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - April 21, 2016) - ABERDEEN INTERNATIONAL INC. (\"Aberdeen\", or the \"Company\") (TSX:AAB) announces that it has closed on the agreement to sell 50% of Potasio y Litio de Argentina SA (\"PLASA\") to Lithium X (TSX VENTURE:LIX). PLASA owns 100% of the Sal de los Angeles lithium brine project (\"Sal de los Angeles Project\", or the \"Project\", formerly known as the Diablillos Project) in Argentina. Lithium X has an option to acquire up to 80% of PLASA by fulfilling certain conditions described below. All dollar figures are quoted in Canadian dollars. David Stein, President and CEO of Aberdeen, commented: \"The Aberdeen and Lithium X teams have worked hard over the past few months to finalize and close this new partnership arrangement and we are now excited to get started. We are very pleased to see the market recognize the growth potential in Lithium X and note that as we close this deal, our holdings in Lithium X are worth more than $15 million or approximately $0.16 per Aberdeen share. This is almost equal to Aberdeen's total market capitalization and we still have the potential to earn an additional $5 million in Lithium X stock under the option agreement. With our remaining stake in the Sal de los Angeles Project, our large stake in African Thunder Platinum as well as our other assets, we see excellent potential for our company going forward.\" The Sal De Los Angeles Project The Sal de Los Angeles Project covers more than 95% of the Salar de Diablillos property located in Salta province at an average elevation of approximately 4,050 metres above sea level. The Project includes 32 mining claims covering approximately 8,156 hectares and is located near FMC Corp.'s Salar de Hombre Muerto lithium deposit, one of the world's largest lithium operations. Approximately $19 million has been invested in the property by previous operators, including $16.2 million in work completed at Sal de los Angeles between 2010 to 2015. Work included extensive exploration and definition drilling, pump tests, seismic & gravity geophysical surveys, basin and solute transport models, evaporation and metallurgical testing, and running a continuous pilot ponding plant on-site. Lithium X Agreement with Aberdeen Lithium X will issue 8,000,000 common shares to Aberdeen International for a 50% interest in the Project and ...