Business
Pure Energy Minerals Options Large Lithium Brine Project at Pocitos Salar, Salta Province, Argentina
Vancouver, British Columbia--(Newsfile Corp. - January 10, 2017) - Pure Energy Minerals Limi...
About this update from Pure Energy Minerals Ltd.
[{"type":"text","content":"\nPure Energy Minerals Options Large Lithium Brine Project at Pocitos Salar, Salta Province, ArgentinaVancouver, British Columbia--(Newsfile Corp. - January 10, 2017) - Pure Energy Minerals Limited (TSXV: PE) (FRANKFURT: A111EG) (OTCQB: PEMIF) (the \"Company\" or \"Pure Energy\") announces that it has acquired an option (the \"Option\") to purchase 100% interest in more than 13,000 hectares (32,000 acres) of prospective lithium brine exploitation concessions on the Pocitos Salar in Salta Province, Argentina (the \"Properties\"). The Properties are located in the heart of Argentina's lithium-rich Puna Region. Significant 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 it 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. Pure Energy has executed a binding letter of intent (\"LOI\") that defines the material terms and conditions of the Option. The full execution of the Option over the course of two years from the initial closing will entail payment of US $4 million and issuance of up to 6 million common shares in the stock of the Company, upon which 100% interest in the Properties will be conveyed to Pure Energy. In conjunction with the receipt of a satisfactory title opinion on the Properties, the Company has made an initial payment in the amount of US $25,000. Upon execution of the definitive agreement (the \"Agreement\"), the Company will make an additional payment of US $175,000. No further payments in cash or shares are due for 90 days from the date of closing.Previous exploration on the Properties yielded high lithium and potassium values in brine collected from surface pits, but the Company is not aware of any historical exploration drilling on the concessions. Another lithium explorer reported results from surface pit sampling on the Properties in 2010. The Company is not treating the historical sample results as its own, but for purposes of providing historical context, the historical reports are briefly summarized below.Pure Energy is commencing immediately with due diligence and a technical evaluation of the Properties. The Company's...