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VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 1, 2010) - (TSX VENTURE:LIT) Salares Lithium Inc. (the "Company") is pleased to provide an update on the Salares 7 project in Region III, Chile (the "Project").

Concession Update

The Company is pleased to advise that it has initiated the process to transform the concessions that cover the aerial extent of the Project's salares/brine lakes (39,404 Ha) from the current 'exploration' concessions to 'exploitation' concessions.

The purpose of advancing to this elevated stage of concession holdings is two-fold: firstly; a Chilean lithium producer overstaked the Company's salar/brine lake concessions. In response, the Company needed to convert the exploration concessions to the more advanced exploitation concessions in order to maintain its preference and legal exclusivity on these concessions; secondly, this upgrading step would eventually become necessary in the event that the Company elects to put one or more of the salares into production in the future.

"Any additional prepatory work we can do now to expedite future possible development is being done. The historic sampling (non NI43-101) completed at our Project and more particularly on the largest brine lake, Salar de La Isla, provided samples that are comparable in grade to current producers. This information, coupled with our geophysics results identifying the presence of sizeable reservoir rock, gives management comfort that advancing to exploitation concessions will save us time in the future," commented Todd Hilditch, CEO of Salares Lithium Inc.

The Project is currently composed of 117,904 hectares of exploration concessions, of which 39,404 hectares cover the aerial extent of the salares or brine lakes alone. The additional concessions (78,500 hectares) cover areas where the known interpreted brine bearing horizon (reservoir rock) continues under volcanic and alluvial cover as well as areas of possible future infrastructure and developmental land.

Salares Lithium Inc.

Salares Lithium Inc. is a lithium explorer in Chile that controls the 'Salares 7' lithium project made up of seven salares (brine lakes that are prospective for sub-surface lithium and potassium) and the surrounding concessions in Region III, Chile. Five of the seven salares are clustered within 155 kilometres and are 100% owned by the Company and its Chilean partner.

For contact information please visit our web page at: [ http://www.salareslithium.com/ ].

Forward-Looking Statements

Certain of the statements made and information contained herein are "forward-looking statements" within the meaning of Canadian securities legislation or "forward-looking information" within the meaning of the Ontario Securities Act and the Alberta Securities Act. This includes statements concerning the Company's plans at its mineral properties, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or forward-looking information. Forward-looking statements and forward-looking information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or forward-looking information, including, without limitation, the availability of financing for activities, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, metal price fluctuations, environmental and regulatory requirements, availability of permits, escalating costs of remediation and mitigation, risk of title loss, the effects of accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration or development, the potential for delays in exploration or development activities, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, expectations and beliefs of management and other risks and uncertainties. In addition, forward-looking statements and forward-looking information is based on various assumptions. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information or forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements or forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.