International Battery Metals Ltd. Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - July 2, 2019) - International Battery Metals Ltd. (CSE: IBAT) (OTC PINK: RHHNF) ("IBAT" or the "Company") is pleased to provide an update on our Chilean research and development technology project with Ensorcia Metals Corporation and Sorcia Minerals LLC.
Design and construction of IBAT's Mobile Lithium Extraction Unit is progressing, on schedule for deployment on a Chilean Salar, in late 2019 or early 2020. More specifically, final engineering of the Mobile Lithium Extraction Unit is nearing completion. Additionally, key vendors and fabrication shops have been identified and will soon be under contract.
John L Burba, IBAT CEO, stated, "The successful installation of our first extraction unit in Chile will be a critical milestone for IBAT and the lithium industry. A key part of our strategy is to manufacture low cost mobile extraction units that can be deployed quickly, either individually or in sets, on virtually any lithium containing brine resource in the world."
Daniel Layton, CEO of Ensorcia Metals Corporation and Sorcia Minerals LLC, stated, "We could not be happier with the progress that IBAT has made in the development of its Mobile Lithium Extraction System since we signed our licensing agreement with them last November and we are anxious to see the first unit deployed later this year. We are also very pleased with the creative and collaborative working relationship that exists between us and IBAT. We believe that IBAT's technology paired with our access to South American brine resources, is a winning combination that will have us in production years ahead of the time that traditional technologies would have required".
Key advantages of the IBAT Mobile Lithium Extraction Unit include:
- Rapid deployment - Once critical infrastructure is in place at the installation site, our portable extraction unit can be deployed to a resource and be producing Lithium Chloride ("LiCl") in less than 1 year.
- Scalability - Our unit is modular in design and scalability is simply a function of installing multiple units to increase LiCl production to the desired level, up to the maximum that can be supported by the resource and available infrastructure. In proper circumstances and with an appropriate resource, scalability can be self-funding after the first unit, by using revenue generated by the first unit to fund installation of subsequent units.
- Capital Cost - We believe the IBAT system design will be inherently lower cost to build, install than traditional Lithium production methods.
- Low Operating Cost - The economics of lithium extraction depend on a number of factors, including lithium concentration, access to electricity, fuel, transportation and shipping ports. That said, our systems are designed to minimize operating costs and we believe actual operating costs will prove to be among the lowest in the industry.
- Environmental - IBAT's mobile extraction unit does not depend on solar evaporation ponds to extract lithium and thereby avoids the environmental impacts often associated with traditional production methods, such as generation of large volumes of salt. Our system draws lithium bearing brine from the brine resource and returns the lithium depleted brine to the resource. This feature of IBAT's technology avoids the depletion (lowering of the water table) of the Lithium bearing aquifer that can result from evaporative production methods. Furthermore, our proprietary water management system is capable of internally recycling up to 98% of our fresh water. Thus, unlike traditional lithium extraction processes, we will not be wasting scarce fresh water.
We believe that these advantages will position IBAT to help meet the world's ever-increasing lithium demand in a low cost, environmentally responsible manner.
Greg Mehos, Ph.D., P.E., an independent Qualified Person within the meaning of National Instrument 43- 101 - Standards of Disclosure for Mineral Projects, has reviewed, approved and verified that the scientific and technical information contained in the release is accurate.
IBAT is an advanced technology company focused on lithium brine extraction. The company is in the process of creating and applying intellectual property related to lithium extraction from brines.
ON BEHALF OF THE BOARD
"John L. Burba, PhD"
President CEO and Director
Phone: (778) 939-4228
This release may contain certain forward-looking statements with respect to the financial condition, results of operations and business of the Company and certain of the plans and objectives of the Company with respect to the same. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
CSE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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