Bearing Lithium Corp. ("
Bearing" or the
"
Company") (TSX Venture: BRZ) (OTCQB: BLILF)
(FRANKFURT: B6K2) is pleased to announce its joint venture company,
Minera Salar Blanco S.A. (“
MSB”), has today
received environmental approval for the Maricunga project in the
Atacama Region of northern Chile. Bearing holds an 18% interest in
MSB, along with Lithium Power International (LPI-ASX) at 51% and a
private Chilean company at 31%.
The Chilean Government’s Central Environmental
Committee has voted to approve the project’s Environmental Impact
Assessment (“EIA”). This is one of the few
EIAs approved in Chile during recent years and it will enable MSB
to become the third significant lithium operation in the country
with an anticipated 20,000 tonnes annual production for an
estimated capital investment of US$563 million.
Focus will now be on finalising the financial
structuring for the construction of the project, including possible
off-take agreements. Assuming all necessary funding is obtained,
construction is expected to commence by the end of Q3 2020.
The EIA was submitted by MSB to the Chilean
Environmental Authority, Servicio de Evaluación Ambiental (SEA), in
September 2018 and was the culmination of more than two years of
field and desk work.
The process involved in-depth data gathering, a
variety of environmental and engineering studies and monitoring
campaigns carried out by experienced company management and
consulting experts.
The resulting EIA was a comprehensive
11,400-page document, which included complete environmental
baseline studies, hydrological and hydrogeological modelling,
human, archaeological and fauna and flora characterisation, and
impact evaluation.
The EIA also included a lengthy process of
social engagement with the Colla indigenous communities in the
area. In addition, significant consultation took place with
regional authorities and local organisations, which are all
interested parties in the EIA process.
Since the initial submission of the EIA, a
15-month review process was undertaken by the Chilean environmental
authorities, during which time three rounds of observations,
clarifications and further assessments were resubmitted.
MSB provided responses to the third and final
review of the EIA by the environmental authorities in late November
2019, with the Environmental Evaluation Service recommending
approval of the EIA on January 27, 2020. The Central Environmental
Committee resolved to approve the project’s EIA today. Further
information may be provided following a complete analysis of the
details of the Chilean environmental authorities’ approval.
MSB’s Chief Executive Officer, Cristobal
Garcia-Huidobro, commented:
“Receiving this regulatory approval is the final
milestone in advancing our Maricunga project and reinforces our
continued strong relationships with the Chilean Government. We are
confident that the subsequent commencement of the construction will
generate a positive impact both for the local communities and the
country. Discussions with a number of international financial
institutions and potential off-takers are underway and will now be
sped up to acquire the necessary funding for the construction.”
About Bearing Lithium Corp.
Bearing Lithium Corp. is a lithium-focused
mineral exploration and development company. Its primary asset is
an 18% interest in the Maricunga Lithium Brine Project in Chile.
The Maricunga Project represents one of the highest-grade lithium
brine salars globally and the only pre-production project in Chile.
Over US$50 million has been invested in the Maricunga Project to
date and all expenditures through to the delivery of a Definitive
Feasibility Study have been fully-funded by the earn-in
joint-venture partner.
ON BEHALF OF THE BOARD
Signed "Gil Playford” Gil Playford, Interim CEO and Board Chair
gplayford@bearinglithium.com
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.
Cautionary Statements Regarding Forward Looking Information
This press release includes certain
"forward-looking information” and "forward-looking statements”
(collectively "forward-looking statements”) within the meaning of
applicable Canadian and United States securities legislation
including the United States Private Securities Litigation Reform
Act of 1995. All statements, other than statements of historical
fact, included herein, without limitation, statements relating the
future operating or financial performance of the Company, are
forward-looking statements.
Forward-looking statements are frequently, but
not always, identified by words such as "expects”, "anticipates”,
"believes”, "intends”, "estimates”, "potential”, "possible”, and
similar expressions, or statements that events, conditions, or
results "will”, "may”, "could”, or "should” occur or be achieved.
Forward-looking statements in this press release relate to, among
other things, obtaining funding for the Maricunga Project, the
timing of commencement and completion of the construction of the
Maricunga Project and anticipated production results. Actual future
results may differ materially. There can be no assurance that such
statements will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such
statements. Forward-looking statements reflect the beliefs,
opinions and projections on the date the statements are made and
are based upon a number of assumptions and estimates that, while
considered reasonable by the Company, are inherently subject to
significant business, economic, competitive, political and social
uncertainties and contingencies. Many factors, both known and
unknown, could cause actual results, performance or achievements to
be materially different from the results, performance or
achievements that are or may be expressed or implied by such
forward-looking statements and the parties have made assumptions
and estimates based on or related to many of these factors. Such
factors include, without limitation, conditions attached to the
Chilean environmental authorities’ approval of the Maricunga
Project, the availability of funding for the Maricunga Project,
completion of the construction of the Maricunga Project, various
risks and uncertainties inherent to mining projects, and other risk
factors set out in the Company’s most recent Management Discussion
and Analysis. Readers should not place undue reliance on the
forward-looking statements and information contained in this news
release concerning these times. Except as required by law, the
Company does not assume any obligation to update the
forward-looking statements of beliefs, opinions, projections, or
other factors, should they change, except as required by law.
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SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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