Petrolympic Ltd. announced that the TSX Venture Exchange has accepted for filling the documentation pertaining to a purchase agreement previously announced July 26th, 2002. Pursuant to the TSX-V approval the Company and the vendors have amended the terms of the purchase agreement (“Amended Agreement”) to acquire the Basserode Lithium and Fournière Lithium properties in the emerging Cadillac-Pontiac lithium camp in the Abitibi-Témiscamingue region, southwest of Val d'Or, Quebec. Both Properties are covered by a network of trails and logging roads allowing for good access and effective exploration with reduced exploration costs.

The Basserode and Fournière Properties lie within the rapidly emerging Cadillac-Pontiac lithium belt, where large properties have recently been assembled by companies such as Sayona Quebec Inc., Medaro Mining Corp., Brunswick Exploration Inc., High Tide Resources Corp., Narrow River Resources Pty Ltd., NeoTerrex Corp., Renforth Resources Inc., Vision Lithium Inc., and Winsome Resources Inc. The Properties are nested in a highly favourable geological context for lithium exploration in the geological Pontiac Sub-province, which is located south of the Abitibi Greenstone Belt and is bounded by the Larder Lake-Cadillac Deformation Zone to the north and by the Grenville Front to the south. As part of the original agreement the Vendor was to receive 500,000 common share purchase warrants (“Warrants”) conditional on the completion of a future flow-through financing and subject to the terms of such financing. The Amended Agreement states that the 500,000 Warrants to be issued shall be exercisable to purchase one common share of the Purchaser at a price not less than $0.07 per common share.