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LithiumBank Secures $8 Million Deposit for Lithium Brine Assets in Saskatchewan

LithiumBank Resources Corp. (TSXV: LBNK) (OTCQX: LBNKF), is actively progressing in the lithium sector with a new development. The company has announced an option agreement, dated December 20, 2023, providing an option to purchase one or more of LithiumBank’s lithium brine projects in Saskatchewan. The properties involved are Estevan, South, and Kindersley.

With the agreement in place, an $8 million non-refundable deposit has been paid to LithiumBank. This move offers the optionee the right to acquire the assets by paying the purchase price defined in the agreement, deducting the deposit, any time before the end of March 2024.

LithiumBank’s Executive Chairman on the Agreement

Paul Matysek, the Executive Chairman, expressed that this agreement aligns with their aim to enrich shareholder value and to foster a prosperous lithium district in western Canada. The company’s focus remains on the Flagship Boardwalk Project and the comparable Park Place Project in Alberta.

Pristine Asset Purchase Agreement Termination

The previously arranged asset purchase agreement with Pristine Lithium Corp. for these properties has been mutually terminated, resulting in a $3 million break-fee paid to Pristine by LithiumBank. A finder’s fee has also been agreed upon for the successful facilitation of the option agreement.

Company’s Flagship Projects and Advancements

LithiumBank’s commitment to its Boardwalk and Park Place projects continues to solidify, with extensive permits across Alberta and Saskatchewan. A preliminary economic assessment of the Boardwalk project has been completed, showing promising results and potential enhancements on the horizon. The company anticipates initiating piloting campaigns early in 2024 as it progresses into advanced stages of feasibility studies.

This agreement and all payments are subject to the acceptance of the TSX Venture Exchange.

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