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Li3 Energy says Maricunga acquisition is near close

May 16, 2011 11:04 AM ET
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Li3 Energy (OTCBB:LIEG) said Friday that it is in the process of finalizing its acquisition for a 60% stake in the six companies that collectively own the Maricunga lithium project in northern Chile.

"We have been diligently working with the sellers to complete this transaction and we will be making an announcement regarding the matter in the forthcoming days," said CEO Luis Saenz in a statement.

The company said the process has taken longer than expected, but it is in the final steps of closing the deal.

Under the terms of the agreement, Li3 will purchase 60% of the project for US$6 million in cash and 30% of its shares. Li3 has also agreed to pay consideration dependent on the project achieving certain goals.

In early February, the company announced it hired Chilean-based SignumBOX to complete an evaluation report on Maricunga, with results indicating that the property has the potential to become "the leading lithium project based in salar brine-bearing deposits".

Maricunga covers an area of approximately 1,438 hectares, comprising six concessions, and is located in the northeast section of the Salar de Maricunga in Region III of Atacama.

Li3 is focused on identifying and acquiring lithium brine opportunities in Peru, Argentina and Chile and the US.

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