Project History

September 2016

European Lithium (ASX Code: EUR) relisted on ASX after the reverse takeover and capital raising completed.

May 2016

European Lithium signs a binding term sheet agreeing to the reverse takeover with Paynes Find Gold Limited and proposed relisting on ASX.

July 2015

Market conditions in London, UK preclude an AIM listing, plans are abandoned.

November 2014

European Lithium is demerged from GSM.

August  2014

GSM shareholders resolved to de-list from the ASX and demerge the Project so that European Lithium can seek Admission to AIM.

2011

KMI was granted a mining license for the Project.

ASX listed Global Strategic Metals (“GSM”) and Exchange Minerals (through jointly owned subsidiary ECM Lithium AT GmbH), acquired the Project from KMI for €9.7m plus 20% VAT. GSM has spent a further €1.83m on exploration and development including drilling, a scoping study and the extraction of two 500 tonne bulk samples in October 2013.

 1991

BBU was closed by the Austrian government and the Project was sold to Kärntner Montanindustrie GmbH (“KMI”), a private mining company. KMI carried out all the necessary work specified by the Austrian mining authorities to maintain the mine and exploration licenses in good order.

 1988

Because of the prevailing lower demand and price for lithium the Austrian Government decided not to develop the project and Minerex was closed. The Project was transferred to Bleiberger Bergwerksunion (“BBU”), a government owned lead-zinc miner.

1981

Discovered by Minerex, an Austrian government company. Following extensive exploration, technical and commercial studies a pre-feasibility study was completed in 1987. Minerex completed exploration work that comprised initial surface geology mapping, 9,940m³of surface trenches, 16,727m of diamond drilling from surface and underground and 1,389m of underground access decline and drifts. Trial mining was successfully undertaken by Boliden Contech.