Mr. Farhad Abasov reports

EXPLORATION DRILLING CONTINUES TO OUTLINE EXTENSIVE BRINE HORIZONS AND INCREASED LITHIUM GRADES AT PASTOS GRANDES

Millennial Lithium Corp. has released positive analytical results from the latest exploration well at its wholly owned Pastos Grandes project in Salta, Argentina. Exploration hole PGMW17-04b was drilled to a depth of 564 metres and terminated in a brine-bearing formation. This hole, coupled with the results of holes PGMW16-01 and PGMW16-02 (see news release dated Jan. 25, 2017), confirm the salar's brine carrying capacity extends to much greater depths than encountered in previous exploration wells. Hole PGMW17-04b intersected a robust brine horizon averaging a lithium grade of 535 milligrams per litre from 93.5 m to 475 m.

Millennial chief executive officer Farhad Abasov commented: "We are very pleased to see that drilling in the Pastos Grandes salar continues to encounter very thick lithium brine-bearing sequences. The average lithium content of hole PGMW17-04b is 535 mg per litre over an impressive 381.5 m, which is significantly higher than the values encountered in previous drilling. Millennial currently has two drills turning and another arriving this week to further define the lithium-bearing brine in this region as it works toward a maiden resource estimate."

Exploration well PGMW17-04b, drilled to a final depth of 564 m, was sampled using a double packer system which is designed to isolate sample intervals. Twenty-seven brine samples were collected from depths of 93.5 m to 475 m, and yielded an average lithium grade of 535 mg per litre with an average magnesium to lithium ratio of 5.6. Individual lithium grades from the hole range from a low of 463 mg per litre to a high of 623 mg per litre. Potassium values range from 4,906 mg per litre to 6,148 mg per litre and average 5,610 mg per litre over the 381.5-metre intersection. Similar to magnesium, the sulphate to lithium ratio is also lower in this region, averaging 17.4 compared with an average of approximately 22.1 in holes PGMW16-01 and 02. Clastic sediments, primarily loose sand and increasingly gravel, form the majority of the lithium-bearing units and continue to the bottom of the hole. The company anticipates the zone below 475 m (the depth limit of pneumatic packer testing) to be consistent with the rest of the hole, and it is undertaking bailer sampling to confirm.

The completion of well PGMW17-04b to a depth of 564 m in a brine-bearing formation is encouraging for the delineation of a potential resource in the salar. Past drilling at Pastos Grandes confirmed the presence of lithium-rich brine to a depth of approximately 400 m. The results of well PGMW17-04b suggest significant potential to expand the lithium resource below the 400-metre depth. Drilling continues throughout the property in preparation for the modelling of a maiden resource due late third quarter or early fourth quarter of 2017. Two holes are currently in progress and expected to be completed by the end of the month.

Sampling was conducted in accordance with CIM (Canadian Institute of Mining, Metallurgy and Petroleum) guidelines for brine resource evaluation, with an appropriate quality assurance/quality control program in place for ensuring accuracy and repeatability of the analytical results.

Alex Stewart Laboratories of Mendoza, Argentina, and partner laboratory, Norlab SRL of Palpala, Jujuy, are the primary analytical providers. The laboratories have extensive experience with lithium brine analyses and are certified under ISO 17025 and, in Alex Stewart's case, specifically for determination of lithium and potassium in liquid brines by use of ICP-OES.

This news release has been reviewed by Iain Scarr, chief operating officer of the company and a qualified person as that term is defined in National Instrument 43-101.

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