Standard Lithium Signs LOI for Development of Continuously-Operating Demonstration Pilot Plant
VANCOUVER, British Columbia, Jan. 17, 2018 (GLOBE NEWSWIRE) -- Standard Lithium Ltd. ("Standard Lithium" or the "Company") (TSXV:SLL) (OTCQX:STLHF) (FRA:S5L) is pleased to announce that the Company has signed a non-binding Letter of Intent with a non-affiliated NYSE-listed company whereby, subject to the execution of a definitive agreement on terms acceptable to both parties (the "Definitive Agreement") and obtaining necessary consents and permits, the Company will design, build and operate a continuous demonstration scale pilot plant (the "Pilot Plant"), adjacent to certain existing chemical production facilities located in southern Arkansas.
The Letter of Intent provides for a ninety-day period within which the Company and the other party will negotiate a Definitive Agreement in respect of the proposed Pilot Plant. Under the proposed Definitive Agreement, Standard Lithium would be permitted to build an in-place, continuously operating, pilot plant to explore and demonstrate a modern, selective extraction and purification process to produce battery-grade lithium products from a variety of brine streams, including tail brines from the Smackover Formation, which is one of the world's largest brine deposits,.
In addition, Standard Lithium seeks to expand its lithium brine footprint through the evaluation of opportunities to obtain additional brine leases or sources located in southern Arkansas, which may allow for the transport and testing of multiple sources of Smackover brine in the Company's proposed Pilot Plant.
Standard Lithium's Chief Executive Officer, Mr. Robert Mintak commented, "The facilities in southern Arkansas where we may build the Pilot Plant are fed by a network of brine production wells in southern Arkansas that access underground brine from the Smackover Formation and transport it via an extensive system of pipelines and related infrastructure. Our relationship with this other party is expected to provide Standard Lithium with access to 'tail' brines to test for the viability of lithium extraction. In signing this letter of intent and negotiating quickly an agreement for pilot scale testing, Standard Lithium expects to de-risk and expedite the initial phases of resource assessment and project development while realizing significant reductions in both the capital and time associated with permitting and drilling test wells."
President and Chief Operating Officer, Dr. Andy Robinson also commented, "When the definitive agreement with the other party is signed, it will allow us to move very quickly from the process testing work that we are currently performing at several locations, towards the design and fabrication of the continuous Pilot Plant. The location of the Pilot Plant could not be more favourable, as we will have direct access to the tail brine feed into the site, all necessary utilities, and the access to the services of an existing workforce of skilled and trained brine handling and processing technicians and engineers, all within an existing permitted and fenced brine processing site. This relationship aligns fully with Standard Lithium's goal to demonstrate the efficient and effective use of modern processing techniques to produce battery-grade lithium products from large and previously overlooked brine resources".
Proposed Transaction Terms
Pursuant to the terms of the Letter of Intent, completion of the Definitive Agreement will be subject to a number of conditions, including completion of satisfactory due diligence investigation in support of the feasibility of the Pilot Plant and obtaining all necessary consents and permits. In consideration for the right to conduct a due diligence investigation Standard Lithium has made a non-refundable deposit of US$100,000, and will make a further cash payment of US$100,000 upon signing of the Definitive Agreement. The Company will pay certain recurring fees if the Pilot Plant is constructed. No partnership is created by any of these agreements with the other party, and the other party has no obligation to fund any of the capital costs of the Company's lithium-related activities.
Raymond Spanjers, Certified Professional Geologist (SME No. 3041730), is a qualified person as defined by NI 43-101, and has supervised the preparation of the scientific and technical information that forms the basis for this news release. Mr. Spanjers is not independent of the Company as he is an officer in his role as Vice President, Exploration and Development.
About Standard Lithium Ltd.
Standard's value creation strategy encompasses acquiring a diverse and highly prospective portfolio of large-scale domestic brine resources, led by an innovative and results-oriented management team with a strong focus on technical skills. The Company is currently focused on the immediate exploration and development of the Bristol Dry Lake Lithium Project located in the Mojave region of San Bernardino County, California; the location has significant infrastructure in-place, with easy road and rail access, abundant electricity and water sources, and is already permitted for extensive brine extraction and processing activities. The Company is also commencing resource evaluation on up to approximately 33,000 acres of brine leases located in the Smackover Formation.
Standard Lithium is listed on the TSX Venture under the trading symbol "SLL"; quoted on the OTCQX under the symbol "STLHF"; and on the Frankfurt Stock Exchange under the symbol "S5L". Please visit the Company's website at www.standardlithium.com.
For further information, contact Anthony Alvaro at (604) 240 4793.
On behalf of the Board,
Standard Lithium Ltd.
Robert Mintak, CEO & Director
Neither 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.
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. Such statements represent the Company's current views with respect to future events and are necessarily 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 risks, contingencies and uncertainties. Many factors, both known and unknown, could cause 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. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
Neither the Company, nor any other party makes any representations as to the value of any rights associated with the letter of intent announced hereby, the availability of any particular resource or minerals that might be used for lithium extraction, or the merits of any proposed technology to extract the lithium. Readers are cautioned that a "Qualified Person" (as that term is defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects) has not done sufficient work to specify any mineral resource or reserves on any of the properties associated with this project.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Standard Lithium Ltd. via Globenewswire
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