Lithium South Development Corporation Announces Property Payment Completed on 3287 Hectare Hombre Muerto North Lithium Project
New OTCQB Symbol LISMF
Vancouver, BC – March 25, 2021 – Lithium South Development Corporation (the “Company”) (TSX-V: LIS) (OTCQB: LISMF) (Frankfurt OGPQ) announces that it has completed the second to last property payment for the acquisition of the 3,287-hectare Hombre Muerto North Lithium Project located in Salata Province, Argentina. The company issued 2,250,000 common shares and made a payment of US$1,000,000 to Jorge E. Moreno and Alba Silvia Sala (the “Vendors”) pursuant to a mining exploration agreement with option to purchase dated May 17, 2017, as amended on October 31, 2017 and April 22, 2018, entered into with the Vendors regarding the Hombre Muerto North Lithium project.
Company President Adrian F.C. Hobkirk is quoted, “we are pleased to have completed this important milestone for the acquisition of this advanced lithium asset. We look forward to working with the vendor and the mining jurisdiction of Salta Province to further develop Direct Lithium Extraction at the project.”
The Hombre Muerto salar has three lithium projects under development including the companies, and projects by POSCO and Galaxy Resources.
The Company also announces it has changed its US ticker symbol to “LISMF” on the OTCQB, effective March 18, 2021.
About Lithium South
Lithium South is focused on developing the Hombre Muerto North Lithium Project (HMN Li Project), located on the Hombre Muerto Salar, the premier lithium-producing salar in Argentina. The project is adjacent to land under development by the Korean multinational corporation POSCO, which acquired the ground from Galaxy Resources Ltd. for U.S. $ 280 million. The Company completed a Preliminary Economic Assessment of the HMN Li Project in 2019, utilizing conventional evaporation extraction. The Company is focused on evaluating alternative extraction methods for the HMN Li Project and plans to become a leader in the application of Direct Lithium Extraction technology at the project level.
Investors / Shareholders:
On behalf of the board of directors of Lithium South Development Corporation
Adrian F. C. Hobkirk
President and Chief Executive Officer
Direct line: 954-684-8040
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The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.
This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
SOURCE: Lithium South Development Corporation