New World Resource Corporation announced that it has entered into a letter of intent with Li3 Energy Inc relating to the sale of New World’s lithium assets to Li3.

Under the terms of the proposed transaction, New World will transfer its lithium assets, consisting of its interests in Pastos Grandes lithium brine project located in Bolivia as well as its 19% interest in Perfect Lithium Corporation a developmental stage company formed to fund novel research technology and development of lithium powders used in all lithium ion batteries to Li3 in exchange for such number of common shares as is equal to 22.5% of the issued and outstanding shares of Li3.

Mr John Lando president & CEO of New World Resource said that “This transaction will deliver value to our shareholders and provides exposure to an excellent lithium brine project located in Chile that is ranked amongst the top five undeveloped lithium salar projects in the world, according to the SignumBOX’s Performance Index ranking. Li3 management has a solid understanding of the lithium opportunities within Bolivia and a strong partnership with POSCO Canada Limited a wholly owned subsidiary of POSCO, a Republic of South Korea company that is one of the world’s largest steel producers.”