LiCo Energy Accelerates Payments and Amends Option Agreement (Teledyne Property)
1220-789 West Pender St
Vancouver BC V6C 1H2
Phone : (236) 521-0207
LiCoEnergyMetals.com
LiCo Energy Accelerates Payments and Amends Option Agreement (Teledyne Property)
NEWS RELEASE
April 3, 2018 : Vancouver, British Columbia; - LiCo Energy Metals Inc. (the “Company “or “ LiCo”) TSX-V:
LIC; OTCQB: WCTXF announces that it has amended its Option Agreement with New Found Gold Corp.
(“New Found”) as follows:
Further to an Option Agreement dated September 8, 2016 with New Found to acquire up to a 100%
interest in the Teledyne Property, subject to a 2% Net Smelter Royalty, the parties have entered into an
Amending Agreement to accelerate and amend the remainder of the payments due and owing, so that
the Company will pay $400,000 and issue 4,000,000 shares to New Found upon signing the Amending
Agreement. Upon the final cash and share payments being made, the Company will have earned a 100%
interest in the Teledyne Property. All other terms of the Option Agreement remain the same. The
4,000,000 shares being issued to New Found are subject to a 4 month and a day hold period as required
under applicable securities regulations.
Mr. Tim Fernback, President and CEO of LiCo comments “We are very excited to announce the successful
completion of the Teledyne property earn-in option agreement with the Palisade Group (now renamed
New Found Gold). The accelerated 100% acquisition of these valuable 13 mineral claims is a positive event
for all LiCo shareholders, and frees up the company to work with additional mining and finance partners
as we strive to bring this cobalt property into production.”
About LiCo Energy Metals: https://licoenergymetals.com/
LiCo Energy Metals Inc. is a Canadian based exploration company who's primary listing is on the TSX
Venture Exchange. The Company's focus is directed towards exploration for high value metals integral to
the manufacture of lithium ion batteries.
Glencore Bucke Cobalt Project, Cobalt, Ontario : The Company has entered into a property purchase
agreement to acquire a 100% interest from Glencore Canada Corporation (subsidiary of Glencore plc) in
the Glencore Bucke Property, situated in Bucke Township, 6 km east-northeast of Cobalt, Ontario, subject
to a back-in provision, production royalty and off -take agreement . Strategically, the Glencore Bucke
Property consists of 16.2 hectares and sits along the west boundary of LiCo’s Teledyne Cobalt Project. The
Property covers the southern extension of the #3 vein that was historically mined on the neighbouring
Cobalt Contact Property located to the north of the Glencore Bucke Property. Diamond drilling in 1981
on the Glencore Bucke Property delineated two zo nes of mineralization measuring 150 m and 70 m in
length.
Ontario Teledyne Cobalt Project:
The Company has an option to earn 100% ownership, subject to a royalty, in the Teledyne Project located
near Cobalt. Ontario. The Property adjoins the south and w est boundaries of claims that hosted the
Agaunico Mine. From 1905 through to 1961, the Agaunico Mine produced a total of 4,350,000 lbs. of
cobalt and 980,000 oz. of silver. A significant portion of the cobalt that was produced at the Agaunico
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Mine located along structures that extended southward onto property currently under option to LiCo
Energy Metals.
Chile Purickuta Lithium Project:
The Purickuta Project is located within Salar de Atacama, a salt flat encompassing 3,000 km2, being about
100 km long, 80 km wide and home to approximately 37% of the worlds Lithium production. The salar
possesses a very high grade of both Lithium (1,840mg/l) and Potassium (22,630mg/l and is close to power,
labour, communications, transportation and other infrastructure. The property of 160 hectares is
enveloped by a concession owned by Sociedad Quimica y Minera (“SQM”) and lies, significantly, within a
few kilometers of the property of CORFO (the Chilean Economic Development Agency) where its leases to
both SQM and Alb ermarle’s Rockwood Lithium Corp Together these two companies have combined
production of over 62,000 tonnes of LCE (Lithium Carbonate Equivalent) annually making up 100% of
Chile’s current lithium output. The unique characteristics of Salar de Atacama mak e finished lithium
carbonate easier and cheaper to produce than any of its peer group globally.
Purickuta is a smaller exploitation concession rather than a large exploration concession thereby
accelerating the task of taking the project to production once a measured reserve can be established.
Currently, the Chilean government retains ownership of lithium separate from other minerals and thus
production can only proceed upon receipt of a special lithium operation contract know as a “CEOL”. In
the future , it will be necessary for LiCo and partner to negotiate a production contract with CORFO
concurrently with completing any positive feasibility study. “Chile, which has one of the world's most
plentiful supplies of lithium, is pushing ahead with new polic ies to develop those reserves”. (Reuters Jan
2, 2017).
Nevada Dixie Valley Lithium Project:
The Company has an option to acquire a 100% interest, subject to a 3% NSR, on a large lithium exploration
project at the Humboldt Salt Marsh in Dixie Valley, Nevada. The geologic setting and presence of lithium
in active geothermal fluids and surface salts in Dixie Valley match characteristics of producing lithium
brine deposits at Clayton Valley, Nevada and in South America.
Nevada Black Rock Desert Lithium Project:
The Company has entered into an option agreement whereby the Company may earn an undivided 100%
interest, subject to a 3% N SR, in the Black Rock Desert Lithium Project in southwest Black Rock Desert,
Washoe County, Nevada.
The Company is planning an exploration programs for all its properties over the next several months.
On Behalf of the Board of Directors
Tim Fernback, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information:
This news release may contain forward-looking statements which include, but are not limited to,
comments that involve future events and conditions such as the Company’s ability to exercise the Option,
which are subject to various risks and uncertainties. Except for statements of historical facts, comments
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that address resource potential, upcoming work programs, geological interpretations, receipt and security
of mineral property titles, availability of funds, and others are forward -looking. Forward-looking
statements are not guarantees of future performance and actual results may vary materially from those
statements. General business conditions are factors that could cause actual results to vary materially from
forward-looking statements.