American Lithium Minerals Releases Plans for Development of Its Recently Acquired Borate Hills Properties
18 Março 2010 - 9:15AM
Marketwired
American Lithium Minerals Inc. (OTCBB: AMLM)
(www.Americanlithium.com) (the "Company") announced today the first
two phases of its development plan for its recently acquired North
and South Borate Hills Projects and highlighted some of the
property information. The company is currently seeking strategic
partners interested in obtaining North American Lithium supply
sourcing.
The first phase of the program will include additional surface
sampling, reconnaissance drilling, metallurgical testing and
completion of a scoping study. The second phase of the program will
include detailed drilling, a continuation of metallurgical
test-work, and completion of a pre- feasibility study. Both the
first and second phases of the development plan are expected to be
completed in approximately 12 months.
Highlights of American Lithium's Borate Hills Project
include:
-- Co-product mineral value of both borates and lithium
-- Valuation of borates and lithium likely favour economic development of
the project
-- US location of the Borate Hills Project is strategic for the
concentration of US manufacturing requiring lithium; including
automobiles, power storage and consumer electronics
-- Nevada, the project location, is a known mining state that is
accustomed to mining activity
-- The Borate Hills Project location is 30 miles SW of Tonopah with a
driving distance of 50 miles of which 40 miles is along US Route 95
Highway and the remainder on drill roads
-- The Borate Hills Project area has excellent road, rail and power
infrastructure
-- Known size and extent of the Project favour a very long mine life
-- Leached nature of deposit with low iron and "other" minerals and metals
indicate favourable processing
-- The Borate Hills Project is 100% owned by American Lithium
-- The vendor maintains a 2% Net Revenue Royalty whereby 1% can be
purchased for US $1,000,000 dollars and 1% is uncapped.
Borate Hills Project Summary
The Borate Hills Project consists of the North Borate Hills and
the South Borate Hills project areas which cover over 3,400 acres.
The Project is located 20 miles west of Chemetall Foote's Lithium
Brine Operation at Clayton Valley; the only operating lithium mine
in North America.
The boron and lithium mineralization is contained in a
strata-bound formation that is a combination of a claystone unit
and a volcanic tuff with no clay. In the 1980's, US Borax drilled
50,000 feet across 57 separate holes with some holes to a depth of
2,000 feet. Although US Borax initially drilled the North Borate
Hills Project, discovery of the South Borate Hills Project in 1986
identified a larger project with higher lithium values. In the late
80's, US Borax drilled 12 holes across the South Borate Hills
project identifying a project larger than the North Borate Hills
project given the 1.5 mile extent of the claystone unit with
thicknesses up to 1300 feet. At the time, US Borax stated the
Project was the second largest boron deposit in the United States
after their current producing borate mine, Kramer Borate in
California. US Borax owns the historical drill data and results for
the Borate Hills Project.
Both the North and South Borate Hills projects have surface
exposure and outcrop. Recent surface sampling of the South Borate
Hills Project returns boron grades of over 1% B, lithium grades of
up to 0.275% Li, and Strontium credits. All other metals
concentrations are low, including iron which can be deleterious for
processing.
B Li
ppm Ppm
------- -----
SBH- 111 140 2100
SBH- 112 570 700
SBH- 113 > 10000 2050
SBH- 114 190 125.5
SBH- 115 > 10000 1960
SBH- 116 500 259
SBH- 117 5100 2130
SBH- 118 280 2750
SBH- 119 170 58.3
SBH- 120 200 1750
About American Lithium Minerals
American Lithium Minerals, Inc. is an early stage lithium
exploration company engaged in evaluating, developing and acquiring
lithium projects, with a focus on the USA. The Company is actively
working on the Montezuma Valley, Nevada lithium brine property
acquired in 2009. With the United States government's growing
interests in domestic production of lithium being such an important
component of their green energy plan, it will become more and more
advantageous to control significant resources of this particularly
important element.
About Lithium
As a result of lithium-ion battery demand for hybrid-electric
and electric cars, the increase in demand for lithium carbonate is
expected to increase four-fold by 2017. High demand and low supply
has already pushed lithium carbonate (Li2CO3) prices to US$6,600.00
per ton. There is currently only one producer of lithium carbonate
in the United States, Chemetall's Clayton Valley Operation. The
Great Basin of the United States represents excellent potential for
the discovery of new lithium brine deposits and American Lithium
Minerals is well positioned for detection with its projects.
Lithium is used for batteries, specialty glass, lubricants,
pharmaceuticals and lithium alloys. Lithium ion (Li-ion) batteries
have become the rechargeable battery of choice in cell phones,
computers, hybrid-electric cars and electric cars. GM, Ford,
Toyota, Dodge, Chrysler, Mitsubishi, Nissan, Tesla, Saturn and
Mercedes-Benz have all announced plans to build Li-ion
battery-powered cars. Demand for lithium-powered vehicles is
expected to increase fivefold by 2012. The domestic automotive
industry must secure a lithium source to supply the next generation
of hybrid-electric and electric vehicles. Over 60% of cell phones
and 90% of laptops use lithium batteries. The worldwide market for
lithium batteries is estimated at over $4 billion per year.
Forward-Looking Statements
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with
mineral exploration and difficulties associated with obtaining
financing on acceptable terms. We are not in control of lithium
prices and these could vary to make development uneconomic. These
forward-looking statements are made as of the date of this news
release, and we assume no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those projected in the forward-looking statements.
Although we believe that the beliefs, plans, expectations and
intentions contained in this press release are reasonable, there
can be no assurance that such beliefs, plans, expectations or
intentions will prove to be accurate. Investors should consult all
of the information set forth herein and should also refer to the
risk factors disclosure outlined in our most recent annual report
for our last fiscal year, our quarterly reports, and other periodic
reports filed from time-to-time with the Securities and Exchange
Commission.
For Additional Information, Contact: Stephen Cook Vice
President/Investor Relations Tel: 877-717-2656 E-mail:
info@americanlithium.com
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