International Battery Metals Ltd. Provides Update on North American Lithium, Inc. Binding Letter of Intent
International Battery Metals Inc. (CSE:IBAT) (“IBAT” or the “Company”) is pleased to announce that pursuant to the binding letter of intent (“LOI”) with North American Lithium, Inc.
International Battery Metals Inc. (CSE:IBAT) (“IBAT” or the “Company”) is pleased to announce that pursuant to the binding letter of intent (“LOI”) with North American Lithium, Inc. (“NAL”) dated September 28, 2017 and announced on October 3, 2017, that it has received the following:
1) Brine Identification Report pursuant to the agreement with North American Lithium Inc. (a U.S. Company) as announced on October 3, 2017. The report is not a NI 43-101 report and is for internal use of the Company. The report identifies the preferred oil and gas brine areas in the United States for lithium extraction that the Company should focus on.
The report is being utilized to continue the Company’s strategic move to focus on lithium in oil and gas brines in North America where it can utilize the latest lithium specific expertise and technologies to be acquired under the LOI with NAL and,
2) The Block Flow Diagram and the related Work Breakdown Structure of the lithium extraction process developed by NAL for oil field brines.
NAL is a California corporation that has developed unique technology that allows direct extraction of lithium from complex brines such as those found in oil fields. The technology involves processes that are highly selective for lithium and an extraction system that allows lithium extraction from complex brines with only minimal pretreatment. There is no need to pretreat the brine to remove divalent cations such as calcium or magnesium. The process also inherently rejects troublesome anions such as sulfate and borate as brine flows into the process. Lithium chloride is removed and the brine is injected back into the ground through an environmentally permitted disposal well.
Dr. John Burba, CEO of NAL, has highlighted the key attributes of this intellectual property as the rapid implementation of lithium extraction from oilfield brines; high lithium extraction efficiency; environmental superiority and; exceptional product purity.
The Company and NAL are in the final stages of negotiating the definitive agreement. IBAT continues to be very excited about the shareholder value that this opportunity provides.
ON BEHALF OF THE BOARD
Logan Anderson, CEO and Director
This release contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Company and certain proposed plans and objectives of the Company with respect to same, all of which which are subject to due diligence assessment by the Company and approval of the Canadian Securities Exchange. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
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