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LiCo inks definitive option deal to earn 60% stake in Chilean lithium property

LiCo Energy Metals Inc. said April 3 that it entered into a definitive option deal with Durus Copper Chile SPA to earn up to a 60% stake in the 160-hectare Purickuta lithium exploitation concession in Chile's Salar de Atacama.

This followed the signing of a nonbinding letter of intent for the right to earn the project stake.

LiCo will pay US$8.4 million cash and issue about 5 million shares to Durus Copper. LiCo will also make certain work and development commitments during the term of the option.