Lithium Chile and Apollo Terminate Option Agreement

August 05, 2021 at 13:05 PM EDT

CALGARY, ALBERTA – TheNewswire - August 5, 2021 – Lithium Chile Inc. (“Lithium Chile”) (TSXV:LITH) (OTC:LTMCF) confirms the termination of the option agreement dated March 25, 2020 (the “Option”) with Apollo Gold & Silver Corp. (“Apollo”). The Option granted Apollo the ability to earn an interest in two promising, early-stage, exploration properties in the El Indio Gold Belt of central Chile.

Apollo had not yet conducted any exploration activities on the properties. Apollo has determined to shift its corporate focus to a recently acquired silver property in Nevada and consequently terminated its option opportunity with Lithium Chile.

With exploration activities on its Laguna Blanca lithium property recommencing and exploration on its Carmona copper/gold/silver property continuing to advance, management of Lithium Chile is conducting a review of its property package to determine the suitability of entering into alternative option agreements in light of the numerous approaches from industry players. Lithium Chile looks forward to providing further details on such activities in the future.

About Lithium Chile

Lithium Chile is advancing a lithium property portfolio consisting of 68,000 hectares covering sections of 12 lithium rich salar properties in Chile and 23,300 hectares in Argentina.

Lithium Chile also owns 5 prospective copper, gold and silver properties, totaling 22,351 hectares including its Carmona copper/gold/silver property which lies in the heart of the Central Chilean porphyry copper/gold/ silver belt.

Lithium Chile’s common shares are listed on the TSX-V under the symbol “LITH” and on the OTC-BB under the symbol “LTMCF”.

To find out more about Lithium Chile Inc., please contact Steven Cochrane, President and CEO via email: steve@lithiumchile.ca or alternately, Terry Walker, VP Exploration via email: twalker@goldenrock.cl

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Forward Looking Statements

This news release may contain certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects", "believes", "aims to", "plans to" or "intends to" or variations of such words and phrases or statements that certain actions, events or results "will" occur.

You are cautioned that the following list of material factors and assumptions is not exhaustive. Specific material factors and assumptions include, but are not limited to: the general stability of the economic and political environment in which the Company operates; the timely receipt of required regulatory approvals; the ability of the Company to obtain future financing on acceptable terms; currency, exchange and interest rates; operating costs; the success the Company will have in exploring its prospects and the results from such prospects. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements herein, except as required by applicable securities laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.