- Savannah Resources has entered into an agreement with a consortium of vendors led by Slipstream Resources Investments Pty Ltd to acquire a series of highly prospective lithium projects with near-term production potential in the north of Portugal.

CEO David Archer said this deal provided Savannah with a unique opportunity to secure what it believe to be one of the most advanced lithium mining concessions in Europe, in a low-cost and stable political environment.

"With an approved Mining Plan, Environmental Impact Assessment, Mining Licence and the potential to produce high grade lithium product, we believe the Mina do Barroso prospect could transform the European lithium / Electric Vehicle (EV) industry by becoming the first producer of battery quality lithium in Europe," said Archer.

Mainland Europe currently consumed about 25% of the world's lithium and was an early adopter of EVs and battery storage solutions.

"With battery production by major European manufacturers rapidly expanding, any potential local supplies from mainland Europe are being keenly sought and we believe the Mina do Barroso, together with our enlarged portfolio of lithium assets in Portugal, is ideally situated to address this strategic need," said Archer.

"Work is now underway to define a JORC resource at Mina do Barroso so that we may be in a position to make a development decision by the end of 2018. This is undoubtedly a highly strategic and valuable growth opportunity for Savannah."

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