Nevada-based Franklin Mining will be partnering with a lithium mine in northern Argentina, according to a LOI signed by Franklin Mining chief executive William Petty.

"We are excited about entering into this contract because it will give Franklin another piece of rare earth for our future and development," Petty said.

Executives from Franklin will travel to the northern Argentinian mine next month to conduct due diligence and plan mine development.

Franklin Mining noted that the global demand for lithium is likely to triple in the next 15 years due to increased interest in hybrid cars and electronics.

The company operates several mining projects in Latin America. Franklin owns the La Joya gold project, which is currently producing, as well as the Guanay-Tipuani gold property, both of which are in Bolivia.

In Peru, Franklin is developing the Madre de Dios area and the Ch-mine gold projects.