June 4, 2010 / 12:48 PM / in 8 years

UPDATE 1-Lithium One, Kores announce joint venture

* Pact on Sal de Vida Lithium Brine Project in Argentina

* Kores has option to earn 30 pct interest in project

TORONTO, June 4 (Reuters) - Canadian exploration company Lithium One (LI.V) said on Friday it has signed a joint-venture agreement with South Korea’s state-owned mining company Kores, to partner on the development of the Sal de Vida Lithium Brine Project in Argentina.

Kores has the option to earn a 30 percent interest in the project by funding and delivering a definitive feasibility study within a period of about 15 months.

Vancouver-based Lithium One said that Kores will provide full funding up to a limit of $15 million.

The two companies will form a joint venture through an Argentine company, following the delivery of a definitive feasibility study.

The companies also plan to enter into a marketing agreement, whereby Kores may market lithium products produced from the project to China, Japan and Korea, while Lithium One will market potash products produced from the project worldwide. (Reporting by Euan Rocha, editing by Dave Zimmerman)

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