Li3 Energy to Acquire Puna Lithium Corporation

Dec 2 2009 | 8:48am ET

U.S. startup Li3 Energy, Inc. has signed a letter of intent to acquire Puna Lithium Corporation. Under the deal, Li3 will acquire up to an aggregate 80% interest in 123,000 acres of Chilean salar ground, including the producing Salar de Atacama which currently contains the highest economic lithium concentrations in the world.

Puna also has an option to acquire up to 85% of 90,000 acres of salar property in Argentina, in the Centenario, Rincon, Pocitos and Cauchari salars.

The transaction is expected to be finalized within the next 90 days.

Luis Saenz, Li3 Energy CEO, said in a statement, “We are extremely excited by the addition of these two substantial land packages complementing our acquisition in Big Smoky Valley, Nevada announced last week. This transaction now positions Li3 as a major strategic landholder in the Puna Plateau, which contains the largest concentrations of lithium brines in the world and is the host to over 70% of the world’s lithium reserves and production.”

Li3 Energy, Inc. is currently pursuing a business strategy in the lithium mining and energy sector in the Americas, with an initial focus on identifying and acquiring opportunities in Peru, Argentina and Chile.

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