Byron Capital Initiates Coverage of Salares

JON HYKAWY, Byron Capital Markets (03/05/2010)
"We are initiating coverage on a company with one of the most interesting land packages in the lithium space, Salares Lithium. Our initial recommendation is SPECULATIVE BUY, owing to the early stage of exploration on the properties, with a price target of $1.40. This target is derived using production levels from other salars in Chile and Argentina, scaled using the amount of land the company has obtained on its salars, and discounting potential cash flows.

. . .This is one of the most promising land packages we have seen; the claims were obtained for what we believe to be reasonable consideration, and, most importantly, Salares Lithium holds 100% of the land on the most promising lake beds."

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