VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 12/15/16 -- Argentina Lithium & Energy Corp. (TSX VENTURE: LIT)(FRANKFURT: OAY1)(WKN: A0RK7E)(OTCQB: PNXLF) ("Argentina Lithium" or the "Company") has appointed Dr. Daniel Galli as Director of Technical Operations effective November 28, 2016.
Dr. Galli is a highly respected professional mining entrepreneur with more than 40 years' experience working on mining projects and processing of industrial minerals contained in the salt mines of the Argentine Puna and the Bolivian Altiplano, within the "Lithium Triangle". Among Dr. Galli's greatest achievements is the development of processes for the production of lithium carbonate and battery grade lithium hydroxide from the brines contained in the salt mines. His wide range of experience from early stage exploration to production has made him one of the highest profile consultants in the lithium industry in Argentina.
Dr. Daniel Galli graduated with a degree in Chemical Science with an emphasis on Industrial Chemistry from the University of Buenos Aires (Argentina) and holds the title of Doctor of Philosophy (PhD) awarded by Macquarie University, Sydney (Australia). Currently, Dr. Galli is a Professor of Thermodynamics at the Faculty of Engineering at the National University of Jujuy, Argentina.
During the period 2006 - 2013, Dr. Galli served as the Technical Director of ADY Resources Limited's "Rincon Project", taking it from the initial stage of consolidation of mining properties through to conducting exploration, permitting and production of lithium carbonate employing proprietary patented processes that he developed. Dr. Galli has several reports and patents and has participated as a speaker at numerous symposiums relating to the production of lithium carbonate from brines and the design of appropriate processes for use in the Argentine Puna, the Bolivian Altiplano and the Atacama Desert in Chile.
"We are extremely pleased to welcome Dr. Galli to Argentina Lithium," said Nikolaos Cacos, President and C.E.O. "His stature and proven track record in building and successfully operating large-scale lithium brine operations is a tremendous asset to our company."
All processes developed by Dr. Galli favor the use of clean energy, minimizing environmental impact while maximizing recovery not only of lithium but also other chemical elements of interest contained in the brines.
Pursuant to the terms of an Amended and Restated Consulting Agreement dated as of November 28, 2016 (the "Consulting Agreement") made between the Company and Daniel Galli (the "Consultant"), Dr. Galli will provide advisory services to the Company and its wholly owned subsidiary, Argentina Litio y Energia S.A., which services will include the evaluation of mining properties, preparation of technical reports, reviews of and presentations of new projects, training programs and technical field visits.
The Company may elect to pay a portion of the Consultant's compensation by the issuance of common shares of the Company, having up to a maximum deemed value of US$4,000 per month. Any such common shares shall be issued on a quarterly basis at a deemed price equal to the volume weighted average trading price of the Company's common shares over the twenty trading days on the TSX Venture Exchange ("TSXV") immediately preceding the last day of the applicable quarterly period, which shall not be less than the Discounted Market Price (as defined by the TSXV policies) as at the date that the Company elects to issue common shares to the Consultant, in respect of any such quarterly period.
The Consulting Agreement is subject to the approval of the TSXV and all share issuances thereunder will also be subject to TSXV approval.
ON BEHALF OF THE BOARD
Nikolaos Cacos, President, CEO and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements.