Lithium One and Korea Resources Corporation Announce Development of Joint Venture for Argentina Project

Toronto-based Lithium One Inc., an explorer and developer of mineral properties, announced that it has executed an evaluation option and joint venture company agreement establishing an earn-in joint venture with Korea Resource Corporation (KORES) of South Korea to develop the company’s Sal de Vida Lithium Brine Project in Argentina. Lithium One will operate the joint venture. KORES will fund 100% of the budget for exploration, prefeasibility and feasibility studies up to US $15 million. The earn-in period spans the forecast budget timeline of approximately 15 months required to deliver the feasibility study. Upon delivery of the Definitive Feasibility Study, the parties will form a joint venture through an Argentina company with equity interests of 70% Lithium One, 30% KORES. The JV Company will develop and operate a new lithium and potash mine at the Sal de Vida. The operation of the JV Company will be governed by the terms of a shareholder agreement that has been negotiated between the parties.