Sydney, Australia -
Lithium Power International Ltd. (ASX:LPI) (FRA:24L) (OTCMKTS:LTHHF) today announced it had completed a transaction with Carnaby Resources Ltd (ASX:CNB) (Carnaby) covering the Strelley tenement, E45/4638, in the north of Western Australia.
The transaction provides LPI some realisation of value for its asset, which to date had not provided any significant potential for lithium in the exploration and development work undertaken.
The basic details of the transaction are:
- The Company to be issued 1,250,000 fully paid ordinary shares in Carnaby.
- a 1% Net Smelter Return royalty for any gold produced from the tenement by Carnaby: and
- the Company to retain all mineral rights for lithium, caesium, tantalum and tin contained within the tenement.
Lithium Power International's Chief Executive Officer, Cristobal Garcia-Huidobro, commented:
"This transaction with Carnaby provides LPI with some immediate value for Strelley, while retaining the lithium and other mineral rights over the tenement. The Company also retains its interest in WA, with our Greenbushes and Tabba Tabba tenements in particular continuing to show promise. We intend to continue exploration work on these tenements in the future."
About Lithium Power International Ltd:
Lithium Power International Ltd. (ASX:LPI) is a pure-play lithium explorer and developer, focusing on developing and fast-tracking to production the high-grade Maricunga lithium brine project in Chile.
LPI has a well-known performing technical team with the experience to take the Maricunga project all the way through the development stages to production.
The regions that LPI is currently focused on are:
1. Maricunga JV (Chile) – Located within the "Lithium Triangle", Maricunga is Chile's highest grade and most advanced lithium project outside the Salar de Atacama. The project lies 170 km northeast of Copiapo and 250 km from the port of Caldera.
2. Pilbara (Western Australia) – LPI has three granted exploration tenements covering 203 km2 in the Pilbara region of northern Western Australia. The largest granted exploration tenement is the Pilgangoora tenement which is 2-3 km west of the Pilbara Minerals (ASX:PLS) and Altura Mining (ASX:AJM) lithium deposits.
3. Greenbushes (Western Australia) – LPI has two granted exploration tenements covering 400 km2 in the Greenbushes area of southern Western Australia. The tenements are adjacent to the world's largest hard rock lithium mine owned and operated by Tianqi/Talison.
4. Centenario (Argentina) – Through its Argentinian subsidiary, Lithium Power holds a total of seven granted tenements in the Centenario lithium brine salar within the Salta province of the Puna Plateau. In total, the seven granted tenements cover an area of 68.46 km2.
With the exception of the Maricunga JV, all tenements are 100% owned by LPI or LPSA (including rights to the Centenario tenements).
Source:
Lithium Power International Ltd.
Contact:
Cristobal Garcia-Huidobro - CEO; or Andrew Phillips - CFO Lithium Power International E: info@lithiumpowerinternational.com Ph: +61 2 9089 8723 www.lithiumpowerinternational.com @LithiumPowerLPI
