Li3 welcomes these initiatives and believes this represents a very positive step by the Chilean government in removing existing political uncertainty relating to how new lithium mining projects in the region will be permitted. Previous mining legislation did not allow for the exploitation of lithium and did not provide a clear mandate as to how the company could obtain the necessary Chilean permit to exploit the mineral. Li3 believes the auction of CEOLs will begin prior to the end of 2012 and, due to the advanced stage of development and the potentially competitive low-cost nature of its Maricunga Project, the Company believes it is in a strong position and has begun the necessary steps to participate in the tender process.