VANCOUVER, British Columbia- March 26, 2018 – INTERNATIONAL BATTERY METALS LTD. (CSE:IBAT), (“IBAT” or the “Company”), a company specializing in lithium extraction from oilfield brines, announced today that Selective Adsorption Lithium, Inc. (SAL), IBAT’s contractual partner (see News Releases dated March 5 and 22, 2018), has commenced the laboratory-scale phase of development for its oilfield lithium extraction technology.
“Commencing laboratory-scale testing and system development of SAL’s lithium extraction technology so quickly after signing the definitive agreement indicates our high level of confidence about this approach,” says John Burba, incoming chairman and chief executive officer (CEO) of IBAT. “We were so confident that SAL and IBAT would reach a fair deal, and that our third-generation technology would be a quantum leap over prior approaches, that we were conducting the negotiations and laboratory build out in parallel. We wanted to hit the ground running when the deal was signed. That we have achieved a lab-scale facility in under a month indicates that IBAT is committed to using the technology to disrupt the current oilfield lithium extraction methodology.”
The permitted laboratory in upstate New York was designed and developed by SAL engineers, will be able to manufacture a proprietary material used to absorb the lithium from the brine, run tests that confirm the capabilities of this lithium-absorbing material with various brines, and perform small-scale system performance testing which will establish the parameters for production-scale extraction systems.
The lab is set up in a modular fashion which enables a “plug-and-play” concept of testing and confirmation of results. The ability to remove and replace modules of the system provides for rapid interchangeability of system components and quick system design changes. The laboratory will also improve the third-generation extraction technology to increase the efficiency of recovery of lithium from oilfield brines, and will qualify brine resources for production-scale lithium extraction.
“The rapid deployment of critical resources since the definitive agreement was signed just a few weeks ago shows we have the right team in place,” Burba commented. “IBAT’s ability to move this cutting-edge technology forward in so many directions in such a short time is a clear indication that we have assembled one of the strongest technical, legal, and administrative teams in the lithium extraction arena.”
As announced on March 22, 2018 the Company has begun finalization of the transaction by making the required payments to NAL for NAL’s proprietary documents and data related to locations of candidate oilfield brines that are compatible with IBAT’s patent pending third-generation extraction technology. The transaction has not closed to date however both parties are now proceeding with completing the remaining documentation to finalize the transaction.
IBAT is an advanced technology company focused on lithium brine extraction. The Company is in the process of creating and applying intellectual property related to lithium extraction from oilfield brines for petro-lithium extraction projects. IBAT’s unique extraction process is environmentally friendly, low cost, and has the potential to produce high-quality, commercial grade lithium at a much faster rate than the current industry standards.
ON BEHALF OF THE BOARD
Logan Anderson, CEO and Director
Phone: (778) 939-4228
This news release of International Battery Metals, Ltd., Vancouver, British Columbia, Canada (the “company”) includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. There can be no guarantees with respect to pipeline products that the products will receive the necessary regulatory approvals or that they will prove to be commercially successful. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.
Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of regulation and legislation in the United States and internationally; global trends toward cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the Company’s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the Company’s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.
The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the company’s Annual Report and the company’s other filings with the Canadian Securities Exchange (CSE) available at the CSE’s Internet site (www.thecse.com).