Millennial Lithium Closes Financing for Proceeds of $5,937,500 and Commences Drilling and Pumping Tests at Pastos Grandes

VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 27, 2017) - Millennial Lithium Corp. (TSX VENTURE:ML), ("Millennial" or the "Company") wishes to announce it has closed its private placement Financing of 4,750,000 units at $1.25 per unit for proceeds of $5,937,500. Each unit is comprised of one common share and one-half of one share purchase warrant (a "Unit"). Each whole share purchase warrant (a "Warrant") is exercisable for a period of two years from closing at an exercise price of $1.50.

The Units, and any common shares of the Company issued upon exercise of the Warrants, are subject to a four month hold period expiring on July 24, 2017.

Commissions of 6% cash and 6% Warrants have been paid in connection with a portion of the Financing. This resulted in the payment of $86,581 in cash and the issuance of 69,264 Warrants. All Warrants issued in connection with the payment of commissions have the same terms and conditions as the Warrants issued as part of the Units.

All Warrants issued in connection with the payment of commissions are subject to a four month hold period expiring on July 24, 2017.

Proceeds of the Financing will be used to complete the 43-101 resource drilling and for general working capital. The private placement is not subject to shareholder approval and valuation requirements under MI 61-101 and Exchange Policy 5.9.

Pastos Grandes NI 43-101 phase II drilling set to resume

On January 25, 2017 Millennial reported favorable results from the 2016 Phase I drilling program at Pastos Grandes. Drilling and pumping tests are set to resume now that the local summer rainy season has ended. The goal of the current Phase 2 drilling campaign is to establish an NI 43-101 compliant resource estimate.

On March 14, 2017 Millennial's Argentine subsidiary, Proyecto Pastos Grandes engaged Montgomery & Associates, a United States based hydrological consultancy firm to provide drill program and pumping test guidance for this phase of the project.

Montgomery and Associates has designed a program that includes 11 additional drill sites to define the resource. The current drilling and analysis program sites are based on a layout of spatially and geologically designed polygons that will be used to define areas and volumes for brine resources. The holes will be drilled to 400 meters or deeper based on drilling conditions and brine content. Data collection will include lithology, down-hole geophysics, porosity characterization and depth-specific geochemical samples. The brine sampling will utilize both a drive-point sampling method as well as a hydraulic double packer system for additional accuracy.