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Millennial Lithium Corp
Symbol ML
Shares Issued 83,256,400
Close 2020-01-13 C$ 1.30
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Millennial receives four licences on REMSA properties

2020-01-13 08:04 ET - News Release

Mr. Farhad Abasov reports


The Mining Court of Salta has granted Millennial Lithium Corp.'s Argentine subsidiary, Proyecto Pastos Grandes SA, four of the five mining licences that comprised the original REMSA properties.

Farhad Abasov, president and chief executive officer, commented: "Millennial is pleased to have received four of the mining licences which comprise approximately 97 per cent of the REMSA properties area of our Pastos Grandes project. The licences granted total approximately 6,447 hectares. Millennial expects the fifth licence to be granted in the near future. The company continues to advance its three-tonne-per-month lithium carbonate plant and pilot evaporation ponds in addition to completion of the community water well construction and sustainable business development and indoor recreation centre in Pastos Grandes. On corporate matters, Millennial continues to advance financing, offtake and other strategic talks with large industry players."

Late in 2019 the Mining Court of Salta granted Millennial's Argentine subsidiary, Proyecto Pastos Grandes SA, four mining licences (Ignacio, Ignacio IV, Daniel Ramon and Aguamarga 10), which comprise 6,447 hectares and the majority of the REMSA properties. This area is a significant increase from the original REMSA property (2,492 hectares) as Millennial was granted the full areas of vacant licences to which Millennial had the right to claim within and extending beyond the original REMSA investigation area. Millennial previously was granted the right to earn 100 per cent of the REMSA properties by making cash payments to REMSA and meeting a work commitment (see news release dated Aug. 24, 2017). REMSA has reviewed and approved these expenditures and subsequently the Mining Court approved the transfer of the mining licences to Millennial's wholly owned subsidiary in Argentina, Proyecto Pastos Grandes SA. A fifth licence, Nueva Sijesyta, at 204 hectares, is located at the far eastern limit of the company's land position at Pastos Grandes. Approval for this licence is expected in the near future.

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

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