VANCOUVER, BC, March 09, 2018 – One World Lithium Inc. (CSE:OWLI) (the “Company”) reports as a result of a review by the British Columbia Securities Commission (the “BCSC”), the Company is issuing the following news release to clarify and retract its disclosure.
Certain economic statements regarding the Company’s Mogollon Project referred to in the Company’s Investment Summary Presentation dated January 2018 (the “Summary”) and the Company’s Mogollon Presentation dated April 2017, each of which were posted to the Company’s website, in addition to other economic references included in the Company’s website disclosure are not supported by a current technical report disclosing a preliminary economic assessment that is compliant in accordance with National Instrument 43-101 (“NI 43-101”). Such statements are retracted by the Company and should not be relied upon. The Company confirms that the Mogollon Project is an early stage property without a Mineral Resource, and as such, cannot support a preliminary economic assessment. The Company intends to prepare and file a current technical report on the Mogollon Project to reflect its early stage of exploration and to recommend a suitable work program to advance the property in the near future.
In addition, certain statements regarding costs of a proposed pilot plant on the Company’s Salar del Diablo Project referred to on page 11 of the Summary in addition to other economic references included in the Company’s website disclosure were not the result of a mining study and are retracted and should not be relied upon. The Company confirms that the Salar del Diablo Project is an early stage property without a Mineral Resource. To date, the Company has only conducted a sampling program on the Salar del Diablo Project, the results of which were disclosed in a news release dated and posted on SEDAR on March 10, 2017.
The Company retracts all non-compliant disclosures referenced above, and has amended its website and corporate presentations to remove such disclosure.
John E. Hiner, SME Registered Member and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure contained in this news release.
On behalf of the Board of Directors,
Douglas Fulcher, CEO and President.
Forward-Looking Information: This press release may include forward looking information within the meaning of Canadian securities legislation concerning the business of the Company. Forward looking information is based on certain key expectations and assumptions made by the management of the Company including: (i) the future intended focus on lithium properties of merit; and (ii) the filing of its outstanding financial statements and related MD&A. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward looking information because the Company can give no assurance that they will prove to be correct. Forward looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publically any forward looking information, whether as a result of new information, future events or results or otherwise , other than as required by applicable securities laws. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from the those anticipated in such statements, important factors that could cause actual results to direr materially from the company’s expectations include: (i) risks associated with lithium exploration and development; (ii) risks associated with the mining industry in general, including those specifically as they relate to mining operations in Mexico; (iii) inability for the Company to raise the required financing; and (iv) inability of the Company to execute its business plan. The reader is cautioned that assumptions used in the preparation of any forward looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, some of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward looking information contained in this press release.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy this release.