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Pure Energy Minerals Closes Purchase Option Agreement on Terra Cotta Project, Argentina
VANCOUVER, British Columbia, March 09, 2017 (GLOBE NEWSWIRE) -- Pure Energy Minerals Limited (TSX-V:PE) (FRANKFURT:A111EG) (OTCQB:PEMIF) (the “Company” or “Pure
About this update from Pure Energy Minerals Ltd.
[{"type":"text","content":"VANCOUVER, British Columbia, March 09, 2017 (GLOBE NEWSWIRE) -- Pure Energy Minerals Limited (TSX-V:PE) (FRANKFURT:A111EG) (OTCQB:PEMIF) (the “Company” or “Pure Energy”) is pleased to announce that it has closed its acquisition of a purchase option on lithium brine mining concessions in Salta, Argentina that was announced on January 10, 2017. The Company has executed a definitive property purchase agreement under Argentine law (the “Agreement”) with the private owners of more than 13,000 hectares (32,000 acres) on the Pocitos Salar in Salta, Argentina (the “Properties”). Designated as the Terra Cotta Project, the Company has commenced the technical evaluation and design of its exploration program for the first half of 2017. The new project is located in the heart of Argentina’s lithium-rich Puna Region. Significant proven deposits of lithium in brine occur approximately 32 km (20 miles) north at Rincon Salar and approximately 90km (56 miles) south at Salar del Hombre Muerto. The Pocitos Salar is directly accessible by Salta Provincial Highway 17 and enjoys excellent infrastructure, including a gas pipeline and rail line on the eastern edge of the salar and a high voltage power line only 30km to the north. The Fraser Institute Annual Survey of Mining Companies 2016 has just identified Salta province as the third most attractive jurisdiction in South America for investment. Ranking first in Argentina and 43rd in the world overall for investment attractiveness, the province has moved up substantially from 2015. Having operated in Salta while managing Lithium One’s discovery and development program at the Sal de Vida Lithium Project until 2012, Pure Energy’s Chief Executive Officer is keen to re-launch lithium exploration activities at the Terra Cotta Project. Patrick Highsmith commented on the next steps at the Terra Cotta Project, “Our partners in Argentina moved quickly to close our agreement on the terms to which we all agreed. This is typical of mining industry players in Salta, and it sets the stage for us to move quickly on our surface exploration program and expected drilling program before mid-year. Our independent QP is well underway with the preparation of the 43-101 Technical Report, and our work has already enhanced our knowledge of the geology and geophysics of the Pocitos Basin. We see attractive targets f...