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Crusader, Lepidico ink lithium JV in Brazil

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Crusader, Lepidico ink lithium JV in Brazil

CrusaderResources Ltd. said April 19 that it has signed a shareholdersagreement with Lepidico Ltd. to form a joint venture aimed at commercializationof lithium projects in Brazil.

The 50/50 joint venture company, to be based in Perth,Australia, will be recognized as Third Elements Metals. The company will ownCrusader's Manga lithium project, all other lithium projects as identified,licensed or acquired within Brazil, and an exclusive license of Lepidico'slithium extraction technology, L-Max.

Both companies will have an equal equity partnership, withCrusader being the operator.

In February, the companies entered into a memorandum of understanding over theestablishment of a joint venture.

Additionally, Crusader said that reconnaissance mapping anda sampling program over Manga project has been completed and it expects resultsin about two weeks' time.