Ed Note: Lithium Americas (LAC-TSE) was spun off by Latin American Minerals (TSE-LAT) which still owns almost 30% of LAC.
TORONTO,
Canada, December 12, 2012 - Lithium Americas Corp. (TSX: LAC) (OTCQX: LHMAF)
(“Lithium Americas” or the “Company”) is pleased to announce that it has
received final project approval for the construction of its Cauchari-Olaroz
lithium/potash
project.
Upon
the recommendation of the Committee of Experts, the Jujuy Government has
executed the final decree, through the joint resolution of the Production
Minister and Secretary to the Government, which approved the development of
Lithium Americas’ Cauchari-Olaroz project.
Such approval includes water use permitting, confirmation of mining
licences in good standing, environmental approval for lithium and potash
production, and all other permits required to start project
construction.
“Lithium Americas is very proud of advancing
the Cauchari-Olaroz project from discovery and exploration, through development,
to fully permitted in just short of 4 years,”
stated Dr. Waldo Perez,
President and CEO of Lithium Americas. "We continue to receive an enormous level
of support from multiple constituencies in Argentina. We have worked extremely
hard to garner this support, which has served to accelerate the permitting and
development of Cauchari-Olaroz, as well as further de-risk the project. With the
permitting process concluded, our next milestone is securing project financing
and off take agreements, which will allow us to initiate project construction in
2013.”
About
the
Company
Lithium
Americas is developing one of the world’s largest and lowest cost lithium
operations.
The Company has defined the world’s third largest lithium brine resource, and a
completed definitive Feasibility Study identified that Lithium Americas’
operating cost per tonne of lithium carbonate is expected to be one of the
lowest in the industry. Mitsubishi
Corporation and Magna International are shareholders in the Company, in addition
to both companies having off-take arrangements with Lithium Americas.
For more information please contact:
Mike
Cosic, Chief Financial Officer
mcosic@lithiumamericas.com
416-360-1921
or
visit www.lithiumamericas.com
Cautionary
Note and Forward-Looking Statements
This
press release contains forward looking statements, which can be identified by
the use of statements that include
words
such as "plan", “developing”, “estimate”, "could", "potential", "believe",
"expect", "anticipate", "intend", "likely", "will" or other similar
words
or phrases. Forward-looking statements express, as at the date of this press
release, the Company's plans, estimates, forecasts, projections, expectations,
or beliefs as to future events or results. Forward-looking statements are based
on certain assumptions, including the key assumptions and parameters on which
such estimates are based, involve risks and uncertainties and there can be no
assurance that such statements will prove to be accurate. Therefore, actual
results and future events could differ materially from those anticipated in such
statements. Factors that could cause results or events to differ materially from
current expectations expressed or implied by the forward-looking statements,
include, but are not limited to, possible variations in mineral resource and
reserve estimates, grade/concentration or recovery rates, lithium or potash
prices, operating or capital costs; availability of sufficient financing to fund
planned or further required work in a timely manner and on acceptable terms;
changes in project parameters as plans continue to be refined; failure of
equipment or processes to operate as anticipated or other unanticipated
difficulties or interruptions; political, community relations, regulatory,
environmental and other risks of the mining industry and other risks more fully
described in the Company’s Annual Information Form dated May 28, 2012 and its most recent management’s discussion and analysis
available on SEDAR. The Cauchari-Olaroz project has no operating
history upon which to base estimates of future cash flow. The capital
expenditures and time required to develop any new project is considerable and
changes in capital and/or operating costs or construction schedules can affect
project economics. It is possible that actual capital and/or operating costs may
increase significantly and economic returns may differ materially from the
Company’s estimates or that prices of lithium and/or potash may decrease
significantly or that the Company could fail to obtain or maintain governmental
approvals necessary for the operation of its project or obtain project financing
on acceptable terms and conditions or at all, in which case, the project may not
proceed either on its original timing or at all. It is not unusual in the mining
industry for new mining operations to experience unexpected problems during the
start-up phase, resulting in delays and requiring more capital than anticipated.
Although
the Company has attempted to identify important factors that could cause actual
results to differ materially from those contained in forward looking statements,
there may be other factors that cause results to be materially different from
those planned, estimated, forecasted, projected or expected. The Company does
not intend, and does not assume any obligations, to update
forward-looking statements,
whether as a result of new information, future events or otherwise, unless
otherwise required by applicable securities laws. Readers should not place undue
reliance on forward looking statements.
Lithium Americas
357 Bay Street, Suite 602
Toronto Ontario M5H2T7
Canada
