SOURCE: Li3 Energy, Inc.

Li3 Energy, Inc.

February 24, 2010 06:00 ET

Li3 Energy Acquires Lithium Assets in Peru

LIMA, PERU--(Marketwire - February 24, 2010) - Li3 Energy, Inc. (OTCBB: LIEG) ("Li3 Energy" or the "Company") is pleased to announce it has recently executed a definitive agreement thereby acquiring 100% of the assets of the Loriscota, Suches, and Vizcachas Projects (the "Projects") located respectively in the Provinces of Puno, Tacna and Moquegua, Peru.

The projects are prospective for lithium and potassium and comprise 9 claims that cover a total area of 19,500 acres (approximately 7,900 hectares) at an elevation of 14,000 feet (approximately 4,300 meters) above sea level. The Projects are in recently reinterpreted areas previously studied by the Peruvian Mining Ministry in 1981, whose survey concluded that the Projects contain high lithium and potassium values. Subsequent to the Mining Ministry's survey, preliminary sampling was conducted on the Projects and found to contain similar values to other more advanced South American operations that are currently under development for commercial production. The mineralization is similar to salt deposits in evaporitic lakes that are recognized producers of lithium.

The Projects offer a typical potential production scenario based on evaporative brine techniques, which are recognized as the lowest-cost source of extraction and as the most environmentally friendly and energy efficient production process.

As previously announced, Li3 Energy has signed a definitive agreement to acquire options on a 100% interest in up to 170,000 acres of a strategically located lithium brine mineral property located in Big Smoky Valley near Tonopah, Nevada, and has signed a letter of intent to acquire options on up to an 80% interest in 123,000 acres of prime salar (salt flat) prospects located across nine Chilean salars, including the producing Salar de Atacama, and an option to acquire up to 85% of 90,000 acres of salar property in Argentina, in the Centenario, Rincon, Pocitos and Cauchari salars.

The completion of the Peruvian agreements, together with the company's ongoing acquisition efforts in Argentina, Chile and the U.S.A., position Li3 Energy as one of the largest option holders of prospective lithium acreages in the world.

Luis Saenz, CEO of Li3, commented, "We are very pleased to have this opportunity in Peru. The diligent efforts by our dedicated geological assessment team have paid off once again in identifying these significant holdings. We believe our growing portfolio of lithium landholdings and options clearly positions us as an important player in this sector, and we look forward to leveraging that status as we close the options on those properties which we believe truly define and offer the best opportunities for successful development and advancement for our company."

About Li3 Energy, Inc. (OTCBB: LIEG)
Li3 Energy, Inc. is an early stage, U.S. public company currently pursuing a business strategy in the lithium brine mining and energy sector in the Americas, with an initial focus on identifying and acquiring opportunities in Peru, Argentina, Chile and the United States. Li3 Energy aims to acquire a significant portfolio of lithium brine deposits in the Americas for the purpose of development and production in order to meet growing market demand and to support the clean energy and green energy initiatives being implemented globally. For more information visit: www.li3energy.com.

Forward-Looking Statements
Certain statements in this news release are forward-looking statements. These statements are subject to risks and uncertainties. Words such as "expects", "intends", "plans", "proposes", "hopes," "may", "could", "should", "anticipates", "likely", "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information and assumptions of management. Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of Li3 Energy, including, but not limited to, Li3 Energy 's ability to identify appropriate corporate acquisition and/or joint venture opportunities in the lithium mining sector and to establish the technical and managerial infrastructure, and to raise the required capital, to take advantage of, and successfully participate in such opportunities; future economic condition; political stability; and lithium prices. Additional information on risks and other factors that may affect the business and financial results of Li3 Energy can be found in Li3 Energy's annual, quarterly and current reports and other documents filed with the U.S. Securities and Exchange Commission and available at www.sec.gov.

Per: Luis Saenz, CEO

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