- Maricunga Project
- Maricunga (DFS)
Vancouver, British Columbia - Bearing Lithium Corp. ("Bearing" or the "Company") (TSX Venture: BRZ) (OTCQB: BRGRF) (FRANKFURT: B6K1) is pleased to announce the appointment of Dr. Lee Sungwon, a nominee of POSCO, to the Board of Directors. POSCO holds 3.6 million shares in Bearing or 6.7% of outstanding.
Dr. Lee is metallurgical engineer with over 25 years of experience. Dr. Lee is the Director of the Lithium Project Department at POSCO (PosLX) and has been with the company for over 17 years holding various senior roles. Dr. Sungwon holds a Ph.D. in Materials Science and Engineering from the University of Southern California, a M.Sc. in Metallurgical Engineering from the Yonsei University in Korea.
Jeremy Poirier, Bearing's president and Chief Executive Officer, commented: "We welcome Dr. Lee Sungwon, a representative of POSCO, to the company’s Board of Directors. POSCO has been a continued strong supporter of the Maricunga project and our predecessor, Li3 Energy, where they invested directly into the project and demonstrated their proprietary lithium extraction technology with brine from the project.”
In connection with his appointment, Dr. Lee has been granted 150,000 incentive stock options (“Options”).Each Option allows him to acquire one common share of the Company at an exercise price of $0.76 for a period of four years.
About POSCO & PosLX
POSCO (NYSE:PKX) is a multinational steel-making company headquartered in Pohang, South Korea. POSCO’s shares are traded on a number of global stock exchanges including South Korea, New York, Tokyo, and London with a market capitalization of US$24.1 billion.
POSCO has developed a proprietary technology, PosLX, which has the potential deliver lithium recoveries of over 80% in as little as eight hours with
a high purity of 99.9%. This compares to the conventional lithium evaporation process which takes between twelve and eighteen months with recoveries
of 50% to 70%. POSCO commissioned a 2,500 ton per year lithium carbonate plant early this year at its Gwangyang Works plant in Korea and is anticipated
to help supply its battery making partners LG Chem and Samsung SDI, as well a subsidiary company that produces cathodes for secondary batteries.