Li3 Energy Names Experienced Mining Executive as Chairman

SANTIAGO, Chile, Dec. 5, 2011 /PRNewswire/ -- Li3 Energy, Inc., (OTCBB: LIEG –News) ("Li3", "Li3 Energy" or the "Company"), a US-listed and South American based global exploration and development company in the lithium and minerals sector, is pleased to announce that Mr. Patrick Cussen has been named Chairman of the Board of Directors.  As Chairman, Mr. Cussen strengthens the existing Li3 board and brings additional domain expertise, having over 35 years experience in the mining industry, specifically in marketing and sales, project exploration, evaluation, technical and economic assessment. Mr. Cussen is currently the President of Celta, a Chilean mining services company and also Chairman of the Board of The Center for Copper and Mining Studies, (Cesco), the Chilean think-tank on mining.  His accomplishments include:

• Advising global mining companies including, Antofagasta Minerals, Vale, Phelps Dodge (Freeport), Placer Dome (Barrick), Codelco, LS-Nikko Copper and Royal Gold.  
• From 1972 – 1985, Mr. Cussen held numerous positions within Codelco, the world's largest copper producer, culminating as Managing Director of Chile Copper Ltd., a London based Codelco subsidiary.  
• From 1985 – 1990, Mr. Cussen was VP Sales, Empresa Minera de Mantos Blancos S.A. (subsidiary of Anglo American Chile).  
• Mr. Cussen is also a former member of the board of the Chilean Copper Commission.  He is an industrial civil engineer and holds an MA in economics from the University of Chile.

Luis Saenz, CEO of Li3 Energy, stated: "We are honored by Mr. Cussen's decision to serve as Chairman of our Board of Directors.  Having an individual of his stature and extensive mining and minerals expertise leading our Board is of inestimable value as Li3 begins to commercialize its flagship Maricunga project.  We look forward to his stewardship and active involvement.  The impact of his contributions to Li3 is already being felt."

Additionally, in compliance with applicable federal and state securities and reporting laws, including the Sarbanes-Oxley Act of 2002, as well as to ensure transparency and independence, Li3's Board of Directors has nominated existing independent members of the Board to serve as Chairs and members of the following Committees:

• Audit Committee
  • Harvey McKenzie – Chair
  • Patrick Cussen
  • Alan Fraser
• Compensation Committee:
  • Eduardo de Aguirre - Chair
  • Hyundae Kim
  • Patrick Cussen
  • Luis Saenz
• Governance Committee:
  • Patrick Cussen – Chair
  • Harvey McKenzie
  • Luis Saenz
• Health, Safety, Environment & Community Committee:
  • Patricio Campos – Chair
  • David Wahl
  • Alan Fraser
  • Luis Saenz

About Li3 Energy, Inc.

Li3 Energy, Inc. is an exploration and developmental stage public company in the lithium mining and energy sector.  Li3 aims to acquire, develop and commercialize a significant portfolio of lithium brine deposits in the Americas.  With its controlling interest in its Maricunga project, Li3's goals are to; a) support the global implementation of clean and green energy initiatives; b) meet growing lithium market demand and; c)  become a mid-tier, low cost supplier of lithium, potassium nitrate, iodine and other strategic minerals, serving global clients in the energy, fertilizer and specialty chemical industries.  Additional information regarding the company can be found in our recent filings with the Securities and Exchange Commission ("SEC") as well as the information maintained on our website www.li3energy.com. 

Forward-Looking Statements

Any statements contained herein which are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements identified by or containing words like "believes," "expects," "anticipates," "intends," "estimates," "projects," "potential," "target," "goal," "plans," "objective," "should", or similar expressions.  The Company gives no assurances the assumptions upon which such forward-looking statements are based will prove correct.  Forward-looking statements involve risks, uncertainties and assumptions, and are based on information currently available to us. Actual results may differ materially from those expressed herein due to many factors, including, without limitation: initial exploration results;  satisfaction of conditions precedent to POSCO's additional investment; the Company's ability to raise additional capital for exploration; development and commercialization of the Company's projects; future findings and economic assessment reports; issuance of necessary government consents; the Company's ability to identify appropriate corporate acquisition or joint venture opportunities in the lithium mining sector and to establish appropriate technical and managerial infrastructure; political stability in countries in which we operate; and lithium prices. For further information about risks faced by the Company, and its Maricunga Project, see the "Risk Factors" in the Form S-1A, filed with the SEC on December 2nd, 2011 and in subsequent filings with the SEC. The Company undertakes no obligation to update any forward-looking statement contained herein to reflect events or circumstances which arise after the date of this release. 

Contact: Li3 Energy, Inc.
Luis Saenz, CEO
Marchant Pereira 150 Oficina 803 
Providencia,  Santiago - Chile
011-511-212-1880

The InVentures Group Inc.
Marc S. Lubow,
Managing Partner
(904) 645 - 9549
[email protected]

SOURCE Li3 Energy Inc.

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