VANCOUVER, British Columbia, Aug. 02, 2017 (GLOBE NEWSWIRE) -- Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV:SLL) (FRA: S5L) (OTCQX: STLHF) is pleased to announce that the Company has entered into a Memorandum of Understanding (MoU) with a non-affiliated NYSE-listed company with regard to an option to acquire certain rights to conduct brine exploration and production and lithium extraction activities on approximately 30,000 net brine acres in exchange for a cash payment of US$500,000, with additional fees and payment obligations in the future if the option is executed and exercised, and subject to certain conditions. The brine leases overlie the Smackover Formation in a region with a long history of commercial scale brine processing.
Review of historical published brine data from within and adjacent to the lease area leads the Company to believe that lithium-bearing brines are likely present, though further work will be conducted during the due-diligence period to confirm this.
Closing of the transaction contemplated by the MoU is contingent on the completion of satisfactory due diligence work and studies as well as the finalization of a definitive agreement between the two parties. The Company will provide further information on the transaction as it becomes available.
On behalf of the Board,
Standard Lithium Ltd.
Robert Mintak, Director & CEO
About Standard Lithium
Standard’s value creation strategy encompasses acquiring a diverse and highly prospective portfolio of large-scale domestic brine resources, led by an innovation & results oriented management team with a strong focus on technical skills. The Company is currently focused on the immediate exploration and development of its 16,000+ acre Bristol Lake, Brine 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.
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.
For further information, contact Anthony Alvaro at 604.260.4793 STANDARD LITHIUM LTD. Suite 888, 1100 Melville Street Vancouver, British Columbia V6E 4A6
Source:Standard Lithium Ltd.