Bearing Resources Ltd. has received drill results from Li3 Energy Inc. (Li3) from the ongoing exploration program at the Maricunga lithium brine project located in Chile. Bearing has signed a binding LOI with Li3 to acquire its interest in the Maricunga lithium brine project as announced on December 11, 2016. Li3 holds a 17.67% shareholding in Minera Salar Blanco S.A., a Chilean company formed to create a joint venture among Li3, Minera Salar Blanco SpA (MSB) and Lithium Power International Limited with respect to the Maricunga Project. MSB and Lithium Power hold a 32.33% and 50% interest in the Joint Venture, respectively. Under the terms of the Joint Venture, Lithium Power has agreed to fund exploration and development costs with both Li3 and MSB having a free carry until the completion of a definitive feasibility study.