Li3 Energy Withdraws From Proposed Acquisition of New World Resource Corp. Lithium Project

SANTIAGO, CHILE -- (Marketwire) -- 04/24/12 -- Li3 Energy, Inc. (OTCBB: LIEG) ("Li3", "Li3 Energy" or the "Company"), a US-listed and South America based global exploration and development company in the lithium and minerals sector, announces that it has withdrawn the Letter of Intent to acquire the option rights to the lithium assets of New World Resource Corp., a Canadian mineral exploration company, due to the parties inability to agree on transaction terms.

Li3 Energy, Inc. is an exploration stage public company in the lithium mining and energy sector. Li3 aims to acquire, develop and commercialize a significant portfolio of lithium brine deposits in the Americas. With its controlling interest in its Maricunga Project, Li3's goals are to: a) support the global implementation of clean and green energy initiatives; b) meet growing lithium market demand; and c) become a mid-tier, low cost supplier of lithium, potassium nitrate, iodine and other strategic minerals, serving global clients in the energy, fertilizer and specialty chemical industries. Additional information regarding the Company can be found in our recent filings with the Securities and Exchange Commission ("SEC") as well as the information maintained on our website www.li3energy.com.


Forward-Looking Statements

Any statements contained herein which are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements identified by or containing words like "believes," "expects," "anticipates," "intends," "estimates," "projects," "potential," "target," "goal," "plans," "objective," "should", or similar expressions. The Company gives no assurances the assumptions upon which such forward-looking statements are based will prove correct. Forward-looking statements involve risks, uncertainties and assumptions, and are based on information currently available to us. Actual results may differ materially from those expressed herein due to many factors, including, without limitation: results of due diligence and whether the Company is able successfully to negotiate the proposed New World acquisition; initial exploration results; satisfaction of conditions precedent to POSCAN's additional investment; the Company's ability to raise additional capital for exploration; development and commercialization of the Company's projects; future findings and economic assessment reports; issuance of necessary government consents; the Company's ability to identify appropriate corporate acquisition or joint venture opportunities in the lithium mining sector and to establish appropriate technical and managerial infrastructure; political stability in countries in which we operate; and lithium prices. For further information about risks faced by the Company, and its Maricunga Project, see the "Risk Factors" section of the Company's Form S-1/A, filed with the SEC on March 6th, 2012. The Company undertakes no obligation to update any forward-looking statement contained herein to reflect events or circumstances which arise after the date of this release.

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Contact:

Li3 Energy, Inc.
Luis Saenz, CEO
Marchant Pereira 150 Oficina 803
Providencia, Santiago - Chile
Email Contact

Marc S. Lubow
Executive Vice President
(904) 645 - 9549
Email Contact