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International Lithium Corp. Completes Payments on Mariana Lithium Brine Project, Argentina
(via Thenewswire.ca) Vancouver, B.C. / TNW-ACCESSWIRE / August 05, 2014 / Internationa...
About this update from Ilc Critical Minerals Limited
[{"type":"text","content":"International Lithium Corp. Completes Payments on Mariana Lithium Brine Project, Argentina(via Thenewswire.ca)\n\n \nVancouver, B.C. / TNW-ACCESSWIRE / August 05, 2014 / International Lithium Corp. (the \"Company\" or \"ILC\") (TSX VENTURE: ILC.V) is pleased to announce that pursuant to Company news releases issued on May 10, 2013 and March 19, 2014 the final payments required to secure 100% interest in the mineral rights that comprise the Mariana property have been received by the vendors and title to the mineral rights is successfully transferred to Litio Minera Argentina S.A., a wholly owned subsidiary of ILC.\n\n \n \nILC and strategic partner Ganfeng Lithium International Co., Ltd. (\"Ganfeng Lithium\" or \"GFL\") are finalizing a joint venture agreement to govern the advancement of the Mariana lithium brine project in Salta, Argentina. The Company has begun a detailed budget and plan to advance the project to pilot scale testing. \n\n \n \nUnder the terms of the Loan Conversion and Investment Agreement announced on March 19, 2014 (the \"Agreement\"), GFL now holds an 80% interest in the Mariana project (see March 19, 2014 news release). Further to the Agreement, GFL will make available to ILC a loan of up to US$2,000,000 to cover a portion of, or the entirety of, ILC's required contribution to the joint venture. The loan will carry 10% annual interest. ILC may repay the loan and accrued interest from ILC's proportionate share of the proceeds of the joint venture or the NSR, if such are payable to ILC at the relevant time. ILC will not receive proceeds or the NSR until the loan and accrued interest are repaid to GFL.\n\n \n \nIn addition ILC will have the right to elect to \"buy back\" a 10% Participating Interest in the Mariana Property by paying to GFL 10% of the total exploration costs incurred by GFL from the date of the Loan Conversion and Investment Agreement to the time of ILC's election to exercise the Back-in Right.\n\n \n \nMr. Kirill Klip, President, International Lithium Corp. comments, \"The recent acquisition of the Taca Taca copper deposit by First Quantum Minerals confirms our strategic view that mining investment in Argentina will increase. Both Taca Taca and Mariana are located in Salta, Argentina, a mining friendly province and heart of the South American Lithium Triangle. Both Taca Taca and Mariana have ...