- Maricunga Project
- Maricunga (DFS)
Vancouver, British Columbia - Bearing Lithium Corp. ("Bearing" or the "Company") (TSX Venture: BRZ) (OTCQB: BLILF) (FRANKFURT: B6K2) announces that the Chilean Environmental Service has notified Minera Salar Blanco S.A. (MSB), the operating company for the Maricunga joint venture, it has extended the Environmental Impact Assessment (EIA) evaluation process for 60 days. Bearing Lithium holds an 18% interest in MSB, along with Lithium Power International (LPI-ASX) at 51% and a private Chilean company at 31%.
The Chilean regulations sets a timeframe of 120 business days for the final environmental evaluation of any project submitted in the country. It also grants the Environmental Service a one-time extension, at its own discretion during the process, if needed to complete the evaluation. The use of this extension by the Environmental Service is customary among large and/or complex projects in Chile and was expected by MSB, as the initial evaluation timeframe of 120 days was due yesterday, 15 October (Chile time).
This request by the Environmental Service for an extension is a result of no specific question or query, but rather to grant more time to review the comprehensive data that has already been provided by MSB. A resolution from the Environmental Service is expected in Q1 2020.
Cristobal Garcia-Huidobro, MSB’s CEO, commented: “We expect an approval for our EIA to be granted in Q1/20 at the completion of the Environmental Service’s review process. This extension does not have any impact on the financial structuring process currently underway, nor does it impact the finalization of the joint venture with CODELCO, which is simultaneously being worked on.”
About Bearing Lithium Corp.
Bearing Lithium Corp. is a lithium-focused mineral exploration and development company. Its primary asset is an 18% interest in the Maricunga Lithium Brine
Project in Chile. The Maricunga Project represents one of the highest-grade lithium brine salars globally and the only pre-production project in Chile.
Over US$30 million has been invested in the Maricunga Project to date and all expenditures through to the delivery of a Definitive Feasibility Study
have been fully-funded by the earn-in joint-venture partner.