International Lithium Corp. (TSXV:ILC) announced that it has made the final payments required to secure a 100-percent interest in the mineral rights that make up the Mariana property.

International Lithium Corp. (TSXV:ILC) announced that it has made the final payments required to secure a 100-percent interest in the mineral rights that make up the Mariana property. As such, the title to those rights has been transferred to Litio Minera Argentina SA, a subsidiary of International Lithium.

As quoted in the press release:

ILC and strategic partner Ganfeng Lithium International Co., Ltd. (‘Ganfeng Lithium’ or ‘GFL’) are finalizing a joint venture agreement to govern the advancement of the Mariana lithium brine project in Salta, Argentina. The Company has begun a detailed budget and plan to advance the project to pilot scale testing.
Under the terms of the Loan Conversion and Investment Agreement announced on March 19, 2014 (the ‘Agreement’), GFL now holds an 80% interest in the Mariana project (see March 19, 2014 news release). Further to the Agreement, GFL will make available to ILC a loan of up to US$2,000,000 to cover a portion of, or the entirety of, ILC’s required contribution to the joint venture. The loan will carry 10% annual interest. ILC may repay the loan and accrued interest from ILC’s proportionate share of the proceeds of the joint venture or the NSR, if such are payable to ILC at the relevant time. ILC will not receive proceeds or the NSR until the loan and accrued interest are repaid to GFL.
In addition ILC will have the right to elect to ‘buy back’ a 10% Participating Interest in the Mariana Property by paying to GFL 10% of the total exploration costs incurred by GFL from the date of the Loan Conversion and Investment Agreement to the time of ILC’s election to exercise the Back-in Right.

Kirill Klip, president of International Lithium, commented:

Now that we have secured 100% of the mineral rights to the project for our J/V with Ganfeng Lithium, an accelerated program to develop a pilot plant can commence. Subsequent feasibility studies will allow us to use Ganfeng Lithium’s technological expertise and research facilities that we anticipate will reduce costs and improve efficiencies. The recently signed trade agreement between China and Argentina provides state-level support for our joint venture. Together we strive to become a primary source of lithium to meet the increasing demand of our strategic partner Ganfeng Lithium.

Click here to read the full International Lithium Corp. (TSXV:ILC) press release.