Platypus Minerals Ltd. (ASX:PLP) announced that Lepidico Ltd. has signed a memorandum of understanding (MOU) with Crusader Resources Ltd. (ASX:CAS). Under the MOU, the companies will look to exploit lithium resources in Brazil via a 50/50 strategic joint venture.
As quoted in the press release:
On 1 February 2016, Platypus announced that it had entered into a 1 month exclusivity agreement with Lepidico for the purpose of investigating whether or not an agreement for the acquisition by Platypus of Lepidico or its assets could be agreed (“Agreement”). Platypus is fully supportive of Lepidico entering the MOU with Crusader.
Full details of the MOU are provided in the ASX announcement released by Crusader earlier today.
This positive development demonstrates the extent of the potential in the lithium sector represented by Lepidico, both through growing its exploration assets as well as through the potential application of its proprietary L-Max lithium processing technology.
In relation to the Agreement, Platypus and Lepidico have commenced mutual due diligence, which will include a site visit by Platypus personnel to the Euriowie tenement near Broken Hill in NSW.
Click here to read the full Platypus Minerals Ltd. (ASX:PLP) press release.
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