VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 8, 2010) - Salares
Lithium Inc. (TSX VENTURE:LIT) (the "Company") is
pleased to report the results of the first phase of a transient electromagnetic
survey ("TEM") completed on the northern portion of the Salar de la
Isla. This salar is part of the Company's Salares 7 project in
Region III, Chile (the "Project"). The
TEM survey was carried out by Geodatos SAIC ("Geodatos") of Santiago,
Chile, and was designed to define the size and
extent of the brine pool within the salar. The majority of the world's lithium
production comes from salars, or salt lakes, where prospective lithium
mineralization is generally hosted in brine horizons.
Salar de la Isla, which
encompasses a total of 16,500 hectares, is approximately 15 kilometres ("km")
long and 6 km wide on average. The northern area surveyed and studied
comprises approximately 10,750 hectares, which is approximately 65% of the
areal extent of the salar. Using the results obtained from the 38.5 line km
survey, Geodatos has constructed a three dimensional model of the distribution
of the interpreted brine bearing horizon. Using a resistivity cut-off of 1
ohm/metre (interpreted by Geodatos as definite brine), Geodatos has calculated
the brine bearing horizon within the northern portion of the salar to have a
volume of 2.459 billion kilolitres (kilolitres are equivalent to cubic
metres). Using a resistivity cut-off of 2 ohm/metres (interpreted by Geodatos
as possible brines) the calculated volume of this horizon increases to 5.393
A gravity survey is
being initiated on Salar de la Isla as the TEM survey was unable to penetrate
to the base of the salar which indicates that the salar has a depth in excess
of 200 metres. There is potential for additional brine bearing horizons beyond
where the TEM was able to penetrate to.
"We are excited about
the volume calculation identified by Geodatos and the fact that it only
accounts for the northern portion of one of the Company's seven salars. The
experience Geodatos represents regarding the TEM survey and the relationship of
the correlation of 1 ohm/metre as definite brine with potential of brine up to
2 ohm/metre, is encouraging. The Company will now be required to drill/sample
the extensive interpreted brine horizons before a porosity value and a resource
calculation can be established," commented Todd Hilditch, CEO of the Company.
The Company intends
to complete an additional 13 kms of TEM survey lines on the southern portion of
the salar to enable the entire salar to be modelled in a similar fashion. Further, some of the existing lines will be extended to completely investigate
the lateral extent of the interpreted brine bearing horizon. In order to
fast track the exploration program on the remaining six salars, the
Company has instructed Geodatos to double the size of the geophysical crew.
Management is very
encouraged by these initial geophysical results and intends to commence the
brine sampling program as soon as the relevant equipment can be secured and
moved on-site. Results from additional TEM and gravity surveys will be
released as interpreted and received from Geodatos.
The TEM geophysics programs
are being carried out by Geodatos, a well known Chilean geophysics company with
broad international experience. Pertinent to the Company's needs is that
Geodatos has experience and has conducted surveys at the lithium rich Salar de
Atacama, located approximately 200 kms north of the Company's Project.
TEM uses electromagnetic impulse excitation to investigate the
subsurface. It is a variation of the electromagnetic method in which electric
and magnetic fields are induced by transient pulses of electrical current in
coils or antennas instead of by continuous current. TEM surveys have become
the most popular surface EM technique used in exploration for minerals and
groundwater and for environmental mapping. Ohm is the unit of measurement of electrical resistance in a material. One ohm
is the resistance in a circuit when one volt maintains a current of one amp.
The Company would
like to report that its management team in Chile has advised that none of its
management, employees or their family members were injured as a result of last
week's earthquake and subsequent aftershocks. We are deeply saddened by the
effect that this event has had on the Chilean people as well as those others
affected by this earthquake. The Salares 7 Project is located over 1,000 kms
north of the epicenter of Saturday's earthquake and, although the Project
itself is not affected by the earthquake, our biggest concern is for the
Chilean people themselves.
The Company would
also like to announce a change in chief financial officer ("CFO"). Mr. Bryan
McKenzie, CA, will assume the role of CFO effective immediately, replacing Mr.
Rajwant Kang. We sincerely thank Mr. Kang for his efforts in the CFO position
over the past 10 months of the Company's transition into a lithium explorer in
Chile. The Company has granted a total of 100,000 incentive stock options to
Mr. McKenzie pursuant to its Stock Option Plan. The Company has also granted
35,000 incentive stock options to a consultant of the Company pursuant to its
Stock Option Plan. These options will be exercisable at a price of $0.66 per
share and will expire on March 7, 2015. An 18-month vesting provision will be
included. The grant of the stock options is subject to regulatory approval.
information in this release has been reviewed and approved by Luis Ignacio Silva P.
(Ph.D and CEng.), Exploration and General Manager for Chile, as a 'qualified
person', as defined by NI 43-101, Standards for Disclosure of Mineral Projects.
Lithium Inc. is a lithium explorer in Chile that controls the 'Salares 7'
lithium project made up of seven salares (brine lakes that are prospective
for sub-surface lithium and potassium) and the
surrounding concessions in Region III, Chile. Five of the seven salares are
clustered within 155 kilometres and are 100% owned by the Company and its
Certain of the statements made and information contained
herein are "forward-looking statements" within the meaning of Canadian
securities legislation or "forward-looking information" within the meaning of the
Ontario Securities Act and the Alberta Securities Act. This includes
statements concerning the Company's plans at its mineral properties, which
involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company, or
industry results, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements or forward-looking information. Forward-looking statements and
forward-looking information are subject to a variety of risks and uncertainties
which could cause actual events or results to differ from those reflected in
the forward-looking statements or forward-looking information, including,
without limitation, the availability of financing for activities, risks and
uncertainties relating to the interpretation of drill results and the
estimation of mineral resources and reserves, the geology, grade and continuity
of mineral deposits, the possibility that future exploration, development or
mining results will not be consistent with the Company's expectations, metal
price fluctuations, environmental and regulatory requirements, availability of
permits, escalating costs of remediation and mitigation, risk of title loss,
the effects of accidents, equipment breakdowns, labour disputes or other
unanticipated difficulties with or interruptions in exploration or development,
the potential for delays in exploration or development activities, the inherent
uncertainty of production and cost estimates and the potential for unexpected
costs and expenses, commodity price fluctuations, currency fluctuations,
expectations and beliefs of management and other risks and uncertainties. In
addition, forward-looking statements and forward-looking information is based
on various assumptions. Should one or more of these risks and uncertainties
materialize, or should underlying assumptions prove incorrect, actual results
may vary materially from those described in forward-looking information or
forward-looking statements. Accordingly, readers are advised not to place
undue reliance on forward-looking statements or forward-looking information. Except as required under applicable securities legislation, the Company
undertakes no obligation to publicly update or revise forward-looking
statements or forward-looking information, whether as a result of new
information, future events or otherwise.
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.