New deal Vancouver-based Ultra Lithium has announced the company has entered into a definitive agreement with Zangge Mining Investment for the exploration and development of the Laguna Verde Brine lithium project in Argentina.
“Under the terms of the agreement, Zangge will, in staged payments, pay US$10 million to Ultra Lithium and invest US$40 million in the Laguna Verde Project as work expenditures for a 65% stake in Ultra Argentina S.R.L. … which is a subsidiary of Ultra Lithium and holds the Laguna Verde Property. The investment is subject to regulatory approvals and due diligence. The Company will provide further details with respect to agreement terms in a subsequent news release,” the Canadian miner said in a statement.
The lithium project is located in Argentina’s Catamarca north-western province.