VANCOUVER, B.C., Jan. 11,
2024 /CNW/ -- Lithium South Development
Corporation (the "Company") (TSX-V: LIS) (OTCQB: LISMF)
(Frankfurt: OGPQ) is pleased to announce a landmark agreement with
POSCO Argentina SAU, a wholly owned subsidiary of South Korean
industry giant, Pohang Iron and Steel Company (POSCO). The
newly signed Cooperative Development Agreement marks a significant
milestone in the Company's progression towards lithium production,
setting the stage for an innovative collaboration in the
development of the Hombre North Lithium Project (HMN Li Project),
located in Salta Province,
Argentina.
Spanning 3,287 hectares, the HMN Li Project is comprised of
five key claim blocks: Alba Sabrina (2089 hectares), Natalia Maria (115 hectares), Viamonte/Norma
Edith (595 contiguous hectares), Gaston
Enrique (55 hectares), and Tramo (383 hectares).
The Viamonte and Norma Edith contiguous claim blocks are located
in an area of dual jurisdiction whereby both POSCO (Catamarca
Province) and Lithium South (Salta
Province) hold claims to the same ground but in different
provinces. Preliminary data suggest that the Norma Edith and
Viamonte area holds significant potential to bolster the scope of
the HMN Li Project.
In the spirit of finding a solution, to enable both companies to
access the potential brine in this area, and to avoid a lengthy,
costly, and uncertain legal undertaking, Lithium South and POSCO
have agreed to collectively develop the Norma Edith and Viamonte
claim blocks and share the brine produced on a 50/50 basis.
This agreement represents a pivotal solution to the
historical provincial title issue, showcasing a spirit of
partnership and pragmatism. The agreement will be subject to
other legal undertakings and regulatory approvals as required.
Company President and CEO, Adrian F. C.
Hobkirk is quoted, "We are immensely pleased to join forces
with POSCO, a leader in lithium and steel production. This
partnership is a step forward for both companies.
Together, we're paving the way for rapid advancement in lithium
extraction and sustainable energy solutions."
Further details are available at the Company website at
www.lithiumsouth.com.
About POSCO
POSCO, formerly Pohang Iron and Steel Company, is a South Korean
steel-making company headquartered in Pohang, South Korea. It is the world's sixth largest
steel maker and is becoming a world leader in the production of
lithium. POSCO is undertaking a multi-billion-dollar lithium
development on ground at the Hombre Muerto salar contiguous to the
HMN Li Project.
About Lithium South
Lithium South (LIS) owns 100% of the Hombre Muerto North Lithium
Project (HMN Li Project) located in Salta and Catamarca Provinces,
Argentina, the heart of the
lithium triangle. The HMN Li Project is surrounded by a
US$4 billion lithium development
under construction by POSCO (Korea) and the Sal de Vida Project
under development by Arcadium Lithium. LIS has delineated a
NI 43-101 compliant 1,583,100 tonne Lithium Carbonate Equivalent
(LCE) resource on the Alba Sabrina, Natalia
Maria, and Tramo claim blocks, three of five non-contiguous
blocks that make up the HMN Li Project. A pumping/production well
drilling campaign is underway. A Preliminary Economic Assessment
(PEA) based on the Tramo, Alba Sabrina and Natalia Maria claim blocks is expected in
January 2024. LIS is
transitioning from being a lithium explorer to becoming a lithium
developer.
Mr. William Feyerabend, CPG, a
Consulting Geologist and Qualified Person under NI 43-101
contributed to the production of this press release and approves of
the technical and scientific information contained herein.
On behalf of the Board of Directors
Adrian F. C. Hobkirk
President and Chief Executive Officer
Investors / Shareholders call 1-855-415-8100 / website:
www.lithiumsouth.com
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release. The TSX Venture Exchange has not reviewed the content
of this news release and therefore does not accept responsibility
or liability for the adequacy or accuracy of the contents of this
news release.
This news release contains certain "forward-looking statements"
within the meaning of Section 21E of the United States Securities
and Exchange Act of 1934, as amended. Except for statements of
historical fact relating to the Company, certain information
contained herein constitute forward-looking statements.
Forward-looking statements are based upon opinions and estimates of
management at the date the statements are made and are subject to a
variety of risks and uncertainties and other factors which could
cause actual results to differ materially from those projected in
the forward-looking statements. The reader is cautioned not to
place undue reliance on forward- looking statements. We seek safe
harbor.
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SOURCE Lithium South Development Corporation
