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Alpha Lithium receives deed for Tolillar

2022-12-05 11:48 ET - News Release

Mr. Brad Nichol reports

ALPHA LITHIUM FINALIZES UNCONDITIONAL DEED FOR TOLILLAR SALAR, ARGENTINA

The Energy and Mining Resources of Salta (REMSA), one of the original vendors of the Tolillar salar, has audited and approved all of Alpha Lithium Corp.'s Alpha Lithium Argentina SA's (Alpha SA) investment expenditures to date and has released Alpha SA of any further obligations under the REMSA agreement, originally dated Jan. 23, 2019.

The fulfilment of these obligations means that Alpha SA has completed all earning commitments on the areas it originally acquired from REMSA.

The REMSA agreement, which has now terminated, outlined the requirements of the company, which included capital expenditures of $1-million (U.S.) and certain payments totalling $210,000 (U.S.). REMSA is satisfied that these expenditures were properly performed and has signed an unconditional deed, thus releasing Alpha SA of any further obligations to the REMSA agreement and allowing the court to award title of the properties to Alpha SA.

Brad Nichol, president and chief executive officer of Alpha, commented: "We are pleased that REMSA recognized the disciplined and rigorous work we have carried out, to the benefit of local stakeholders, the company and to the local economy in Salta province. We applaud REMSA's unique structural requirement to undertake work commitments to earn property rights in Salta, as it legitimizes the entire process, employs hundreds of local people and benefits the companies that responsibly progress towards the production of minerals that belong to the Argentine people."

Since initiating the first steps of an exploration program in 2020, Alpha SA has drilled more than one dozen wellbores, constructed an in-house brine chemistry research laboratory, developed a proprietary lithium carbonate production process that works in Tolillar with unprecedented success, started construction of a pilot plant, and employed dozens of highly skilled Argentinian technologists, engineers, geologists, geophysicists and chemists, in addition to several students, accounting, managerial and HR (human resource) professionals. The company is grateful for, and reliant upon, the significantly large Argentinian team that continues to help our small number of Canadian employees generate value for shareholders.

The company continues to manage a large number of unsolicited, inbound inquiries regarding one or more of Alpha SA's assets in Argentina. Given the scarcity of projects at a similar stage of development, and with 100-per-cent ownership and a large uncontested fresh water source, the company will continue to assess potential opportunities to create shareholder value.

About Alpha Lithium Corp.

Alpha Lithium is a team of industry professionals and experienced stakeholders focused on the development of the Tolillar and Hombre Muerto salars.

We seek Safe Harbor.

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