- Morales was formerly President and CEO of Rockwood Lithium Latin America, which was acquired by Albemarle in 2014 for $6.2 billion USD
- Andres Barrientos named Project General Manager of South American operations
- Experienced operators will lead development of Sal de los Angeles deposit and assess new business opportunities
Lithium X Energy Corp. ("Lithium X", or the "Company") (TSX-V: LIX) (OTCQB: LIXXF) is pleased to announce that Mr. Eduardo Morales has been appointed Chief Operating Officer of the Company, effective June 28, 2016.
Mr. Morales is a chemical engineer with 36 years of experience who formerly built and operated one of the world's largest lithium brine operations. As President of Rockwood Lithium Latin America, he successfully led the development, commissioning and operation of Rockwood's Salar de Atacama project. His tenure with Rockwood Lithium ended with the company's sale to Albemarle Corporation for US$6.2 billion in 2014.
Mr. Morales previously served as General Manager overseeing construction and operations of both the ponding facilities at Salar de Atacama and lithium carbonate and lithium chloride plants in Antofagasta, Chile. He holds a Chemical Engineering degree from the University of Santiago, Chile.
"We are extremely pleased to welcome Mr. Morales as Chief Operating Officer," commented Brian Paes-Braga, Lithium X CEO. "His proven track record in building and successfully operating large scale lithium brine operations is a tremendous asset to our Company as we grow towards our goal of becoming a leading lithium producer."
"I am excited about the challenge of joining Lithium X and leading development of the Sal de los Angeles project at a time when lithium has emerged as such a crucial element for electricity storage," stated Mr. Morales. "The high quality of the brines found at Sal de los Angeles means Lithium X has the opportunity to bring this important battery-grade product to market quickly and at competitive costs."
The Company is also pleased to announce Andres Barrientos has been appointed Project General Manager of South American operations. Mr. Barrientos, a chemical engineer, was the Engineering & Research Superintendent of Rockwood Lithium in Chile until 2012 when he moved to BHP's Escondida, the world's largest copper mine. He also helped develop expansion and improvement projects including operational plants for lithium carbonate, lithium chloride and the study of new technologies for the production of lithium hydroxide.
"Eduardo and Andres join us at a pivotal time in the evolution of our principal project, with a clear focus on developing Sal de los Angeles into a world-class lithium brine operation," said Paul Matysek, Lithium X Executive Chairman. "Eduardo's decades of experience building and managing lithium operations dovetail admirably with our company-building mission."
Mr. Morales and Mr. Barrientos will also help Lithium X evaluate other new business opportunities as the company moves towards its goal of becoming a leading global lithium producer.
The technical information contained in this news release has been reviewed and approved by Lithium X's Vice-President of Project Development, William Randall, P.Geo, who is a Qualified Person as defined under NI 43-101.
Lithium X granted a total of 1,570,000 options at an exercise price of $1.62 for a period of five years to Mr. Morales and other directors, officers and consultants of the Company.
The Company further reports that by mutual consent, the Binding Letter of Intent entered into between Lithium X and North South Petroleum Corp. ("North South") dated May 12, 2016 relating to the acquisition by North South of the CVL South Property from Lithium X has been terminated. Lithium X received $100,000 USD in this transaction.
About Lithium X Energy Corp.
Lithium X Energy Corp. is a lithium exploration and development company with a goal of becoming a low-cost supplier for the burgeoning lithium battery industry. Lithium X owns 50%, and has the option to acquire up to 80% of the Sal de los Angeles lithium brine project in the prolific "Lithium Triangle" in mining-friendly Salta province, Argentina. Sal de los Angeles is a well-known salar with positive historical economics, grade and size. Lithium X is also exploring a large land package in Nevada's Clayton Valley, contiguous to the only producing lithium operation in North America – Silver Peak, owned and operated by Albemarle, the world's largest lithium producer. Lithium X is listed on the TSXV under the trading symbol LIX.
For additional information about Lithium X Energy Corp., please visit the Company's website at http://www.lithium-x.com/ or review the Company's documents filed on http://www.sedar.com/ Join the Company's email list at http://http//lithium-x.com/subscribe.
ON BEHALF OF THE BOARD OF DIRECTORS
"Paul Matysek"
Paul Matysek
Executive Chairman
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects", "believes", "aims to", "plans to" or "intends to" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed by such forward-looking statements or forward-looking information, including the business of the Company and the commencement of trading in the Company's shares. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE Lithium X Energy Corp.
Brian Paes-Braga, President and CEO, Director, Tel: 604-609-5137, Email: [email protected]; Investor Relations: Mario Vetro, Tel: 604-687-7130 ext. 105, [email protected]
