New World starts Pastos Grandes brine sampling program
New World Resource Corp (C:NW)
Shares Issued 27,291,830
Last Close 7/28/2009 $0.16
Wednesday July 29 2009 - News Release
Mr. John Lando reports
NEW WORLD BEGINS SAMPLING PROGRAM AT PASTOS GRANDES LITHIUM BRINE PROJECT
New World Resource Corp. has commenced a brine sampling program beginning this week.
The company is mobilizing a highly experienced brine sampling team to expand and confirm historical data on its 99-per-cent-owned lithium, potash Pastos Grandes project and to test other prospects within the prolific salar region of the Bolivian Altiplano. The company has compiled a data base of all known brine samples in Bolivia. This sampling program will expand known sample patterns and will add valuable data to the existing database.
Historical brine samples from Pastos Grandes show an average of 1,009 parts per million (ppm) lithium, 17,253 ppm potassium, and very low Mg/Li and SO4/Li ratios of 2.2 and three respectively. This compares favourably to the Chemetall's Atacama ratios of Mg/Li equals 6.4 and SO4/Li equals 11. As a general rule, lower Mg/Li and SO4/Li ratios facilitates lithium recovery. The Chemetall Foote Corp. owns and operates a lithium brine operation within the Salar de Atacama, located 200 kilometres east of Antofagasta in northern Chile.
The deal
The joint venture with Gonzalo Salles and Maria Salles (Salles) has a term of 20 years and the initial participation interests are 99 per cent for the company's subsidiary, New World Bolivia SA and 1 per cent for Salles. In order to keep the joint venture in good standings, the company must make payments to Salles totalling $446,000 (U.S.) ($14,000 (U.S.) paid) over five years and make the Patentes Mineras payments to the government to keep the concession in good standing. The joint venture does not provide for any minimum work commitment. The project concession size covers approximately 60 square kilometres and is located in the Sud Lipez province, Department of Potosi within the Bolivian Altiplano.
Pastos Grandes concession
The Bolivian Altiplano is host to many alkaline and saline lakes and salars including the Salar de Uyuni which hosts the world's largest known lithium reserve. Pastos Grandes is located approximately 113 kilometres south southwest from Salar de Uyuni, within the same geological and geographical setting. This hyper-saline lake/salar basin is surrounded by intermittent rivers and thermal springs discharging waters into the salar. The Pastos Grandes salar is elliptical in shape with the major axis of trending northwest to southeast and covers an area of almost 120 square kilometres.
La Negra project, Chile
The company reports the return of the project to the vendor.
Quality control and assurance
Joan McCorquodale, PGeo, is the company's vice-president, exploration, and qualified person as required under National Instrument 43-101 and has reviewed the technical information contained in this press release.
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