Salares Lithium Inc.

Salares Lithium Inc.
Talison Lithium Limited

Talison Lithium Limited

September 22, 2010 17:12 ET

Salares Lithium and Talison Lithium Complete Merger

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 22, 2010) - Salares Lithium Inc. (TSX VENTURE:LIT) ("Salares") and Talison Lithium Limited ("Talison") are pleased to announce the completion of the previously announced plan of arrangement (the "Arrangement") for the merger of Salares and Talison. Effective immediately, Salares and Talison have now merged.

Talison ordinary shares will commence trading on the TSX under the symbol "TLH" at the market open tomorrow, September 23, 2010.

Salares' CEO Todd Hilditch said today: "It was very clear to our management team that from the day we engaged in discussions on a potential merger with Talison, we shared the same long-term vision of the lithium sector and its growth potential. We are excited to now work with, and become part of, the Talison team and feel very strongly that our shareholders will prosper in the long-term from the new merged company and its aggressive growth strategy."

Talison CEO Peter Oliver stated: "Talison is excited to have completed the merger and looks forward to accelerating the development of the highly prospective 'Salares 7' project. Talison is already the largest lithium producer in the world and the largest supplier of lithium concentrates into the growing Chinese market. The merged company offers shareholders exposure to the current production of lithium concentrate and the upside growth of future lithium carbonate production from both the hard-rock and brine projects to satisfy the demand for lithium products destined for the global electric vehicle market."

Shares of Salares are now delisted from the TSX Venture Exchange. Under the terms of the Arrangement, Salares' shareholders received 0.35587 of a Talison ordinary share (or the equivalent in Talison exchangeable shares if they elected to prior to September 14, 2010 4:30 PST) in exchange for each Salares common share held.

Further details regarding Talison or Salares and the details of the Arrangement can be obtained through Full details of the merger of Salares and Talison are disclosed in the July 15, 2010 press release also available on SEDAR. A presentation of the transaction highlights can be accessed at the Salares and Talison websites.

About Talison Lithium Limited

Talison is the leading global producer of lithium. Talison mines and processes the lithium bearing mineral spodumene at the Greenbushes Lithium Operations in Western Australia. Talison has an extensive, well established global customer network and a leading position in the growing Chinese market. In addition, upon completion of the Arrangement, Talison now has an extensive lithium brine exploration project in Region III, Chile. Talison's 'Salares 7' lithium project is made up of seven salars (brine lakes, and the surrounding concessions) that are prospective for sub-surface lithium and potassium. Five of the seven salars are clustered within 155 kilometres and are 100% owned by Talison and its Chilean partner.

No securities regulatory authority has either approved or disapproved of the contents of this news release. This press release is for information purposes only.

Forward-Looking Statements

This release contains "forward-looking statements" which reflect the current expectations of the companies. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant known and unknown risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this release. Although the forward-looking statements contained in this release are based upon what the companies believe to be reasonable assumptions, the companies can not assure investors that actual results, performance or achievements will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this release and the companies do not assume any obligation to update or revise them to reflect new events or circumstances.

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 release.

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