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Li3 Energy, Inc. Announces the Engagement of SignumBOX in Order to Complete a Project Evaluation Report

LIMA, Peru Feb. 7, 2011 Chile

SignumBOX has previously issued several reports regarding the use of lithium in batteries and vehicles and its prospects and trends. SignumBOX is a Chilean based company with extensive experience in the lithium industry and has developed the SignumBOX index ranking more than 70 lithium projects using a quantitative and objective method.

The report to be generated by SigumBOX will be completed over five weeks and will include a review of Maricunga’s geological characteristics and a comparison between the Maricunga salar and other salars that are currently being developed by other companies. Further important aspects that will be covered in this report are: i) review of the Li3 Energy position in terms of its ability to develop the project; ii) development of a position analysis of Li3’s Maricunga project with other lithium brine projects; iii) identification of the principal strengths and weaknesses of the Maricunga project; and iv) Maricunga’s potential synergies with Li3’s Alfredo project and its strategy to become a diversified, low-cost minerals producer  Luis Saenz, Li3 Energy CEO, commented: "We are pleased to have a firm with the prestige of SignumBOX reviewing our project. Independent analysis is always very important at this critical stage of development, and we are confident it will demonstrate the robust nature of an asset we believe to have world-class potential and help us in taking the correct steps going forward."

Closing of the Maricunga acquisition is subject to satisfactory completion of due diligence, financing of the cash purchase price and work commitment by Li3, and other customary conditions.

About Li3 Energy, Inc.

Peru Argentina Chile the United States

www.li3energy.com

Forward-Looking Statements

November 5, 2010

The Company disclaims any obligations or undertaking to publicly release any updates or revisions to any forward-looking statement contained in this news release to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

SOURCE Li3 Energy, Inc.

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