Sept 21 (Reuters) - Argentina Lithium & Energy Corp LIT.V :
* ARGENTINA LITHIUM & ENERGY CORP - ANNOUNCES THAT COMPANY WILL NOT BE PROCEEDING WITH OPTION AGREEMENT ON ARIZARO LITHIUM PROJECT
* ARGENTINA LITHIUM & ENERGY - INTENDS CONSOLIDATION TO BE ON BASIS OF 1 POST-CONSOLIDATION COMMON SHARES FOR EVERY 4 PRE-CONSOLIDATION COMMON SHARES