Maricunga Project Update

Rhea-AI Summary

Bearing Lithium Corp. (OTCQB:BLILF) has provided an update on its Maricunga Lithium Brine Project. Minera Salar Blanco (MSB) is working with Mitsui & Co. on due diligence, with a binding agreement expected by Q1 2022. An updated Resource Report is set for mid-September, and a Definitive Feasibility Study will be released in early November. MSB is in discussions for additional financial partnerships. Bearing Lithium holds a 17.14% stake in this high-grade lithium project, having invested over $67 million to date.

Positive

• Binding agreement with MSB expected in Q1 2022.
• Updated Resource Report due mid-September 2021.
• Definitive Feasibility Study to be released in early November 2021.
• MSB actively seeking financial partners for project development.

Negative

• None.

VANCOUVER, British Columbia, Aug. 24, 2021 (GLOBE NEWSWIRE) -- Bearing Lithium Corp. (“Bearing” or the “Company”) (TSX Venture:BRZ) (OTCQB:BLILF) the Company is pleased to provide a Maricunga project update.

• Minera Salar Blanco (“MSB”) continues to work with Mitsui & Co. Ltd. on its due diligence, along with process testing of samples of Maricunga brine in its Japanese facility.
  
  
• It is expected that the existing non-binding MOU with “MSB”, announced to the TSX/ASX on 11 May 2021, will progress to be binding in Q1 2022.
  
  
• An updated JORC/43-101 Resource Report is due for finalization and release mid-September 2021.
  
  
• An updated Definitive Feasibility Study (DFS) is due for release in early November 2021.
  
  
• “MSB” is also pleased to advise that it is in discussions with several other potential international partners to take a financial position, with both debt and/or equity, in the development of the project.
  

Lithium Power International Limited (ASX:LPI) 50.6% majority owner of Minera Salar Blanco (“MSB”) announced today the completion of a placement gross proceeds of $AUD 12.4 million. Funds raised from the Placement will be used for ongoing funding for Minera Salar Blanco (“MSB”) in the development of the Maricunga Lithium Brine Project (“Maricunga”) and for renewed exploration programs in Western Australia.

Bearing Lithium’s Chairman Gil Playford commented:

“On July 19, 2021 Bearing announced a private placement of $CAD 1.6 million. Bearing invested $US 1.2 million in “MSB” on August 3, 2021 for its share of equity requirements in “MSB” for 2021, prior to a final investment decision in Maricunga for 2022.”

About Bearing Lithium Corp.

Bearing Lithium Corp. is a lithium-focused mineral exploration and development company. Its primary asset is a 17.14% interest in the Maricunga Lithium Brine Project in Chile. The Maricunga Project represents one of the highest-grade lithium brine salars globally and the only pre-production project in Chile. Over $US 67 million has been invested in the Maricunga Project to date.

ON BEHALF OF THE BOARD

Signed "Gil Playford”
Gil Playford, Chairman
gplayford@bearinglithium.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements Regarding Forward Looking Information

This press release includes certain "forward-looking information” and "forward-looking statements” (collectively "forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operating or financial performance of the Company, are forward-looking statements.

Forward-looking statements are frequently, but not always, identified by words such as "expects”, "anticipates”, "believes”, "intends”, "estimates”, "potential”, "possible”, and similar expressions, or statements that events, conditions, or results "will”, "may”, "could”, or "should” occur or be achieved. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are 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 uncertainties and contingencies. Many factors, both known and unknown, could cause actual 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 and the parties have made assumptions and estimates based on or related to many of these factors. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

FAQ

What is the latest update on Bearing Lithium's Maricunga project?

Bearing Lithium announced that MSB is working with Mitsui & Co. on due diligence and expects to finalize a binding agreement by Q1 2022.

When will the updated Resource Report for the Maricunga project be released?

The updated JORC/43-101 Resource Report is expected to be completed and released by mid-September 2021.

What are the upcoming plans for the Maricunga project?

An updated Definitive Feasibility Study (DFS) is scheduled for release in early November 2021.

How much has Bearing Lithium invested in the Maricunga project?

Bearing Lithium has invested over $67 million in the Maricunga Lithium Brine Project.