Vancouver, British Columbia – Bearing Lithium Corp. (“Bearing Lithium” or the “Company“) (TSX Venture: BRZ) (OTCQB: BRGRF) (FRANKFURT: B6K1) is pleased to announce that it’s joint-venture partner, Lithium Power International (LPI), will accelerate its outstanding payments of US$7.53 million by March 1st, 2018 to satisfy its earn-in of the Maricunga project. The Maricunga project, which is held by joint-venture company, Minera Salar Blanco (MSB), is owned by Bearing Lithium (17.7%), Minera Salar Blanco SpA (32.3%) and LPI (50%).
Including the US$7.53 million pre-payment by LPI, the joint-venture operating company (MSB) will have a treasury of approximately US$9.7 million. Based on current budgets and development timelines, the project is fully-funded without any required contribution from Bearing Lithium or MSB for the 2018 development program which includes the delivery of the Definitive Feasibility Study (DFS), completion of environmental studies and submission of permits. Any expenditures in excess of the current treasury would require approval from at least five out of the six board members of the joint-venture company and contributions would be pro-rated based on ownership interests.
Jeremy Poirier, President and CEO of Bearing Lithium, commented: “We are encouraged by LPI’s acceleration of the payment schedule which was part of their earn-in requirement, which totalled over US$27 million. The joint-venture is well funded with almost US$10 million to deliver on a number of significant milestones in 2018 including the Definitive Feasibility Study. Following the delivery of the DFS, the Maricunga project will have had over US$50 million dollars invested in its advancement, which we believe makes it one of the most advanced lithium brine development projects in the world.”