American Lithium Commences Field Work on the Borate Hills Project
June 21 2010 - 7:30AM
Marketwired
American Lithium Minerals, Inc. (OTCBB: AMLM)
(www.AmericanLithium.com) ("American Lithium" or the "Company") has
commenced field work at its Borate Hills Project in Nevada. The
Borate Hills Project is a co-product lithium and boron deposit
located 20 miles west of the only producing lithium mine in North
America. Surface sampling conducted by the previous owner of the
project returned relatively high average grades of 2750 ppm lithium
(0.275%) and 10,000 ppm boron (1%). The initial work to be
undertaken on the project by the Company will be to identify and
sample previous exploration troughs.
Stated Hugh Aird, American Lithium Minerals CEO, "It is our
intention to rapidly advance this project; we are excited to set in
motion the process of proving what we believe is a world class
lithium and boron asset."
About the Borate Hills Project
The Borate Hills Project consists of the North and South Borate
Hills Projects. 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 early 1980s, a prior
owner of the property, US Borax, drilled the North Borate Hills
Deposit and thereafter publicly stated the project was the second
largest boron deposit in the United States after their current
producing borate mine, Kramer Borate in California. Subsequently,
US Borax discovered the South Borate Hills Deposit in 1986 and
publicly stated that they had identified a larger deposit with
higher lithium values and a strike length of 1.5 miles with
thicknesses of up to 1300 feet. The Company does not have the data
from the exploration conducted by US Borax so exploration work will
have to be completed by the Company to corroborate those public
statements. There has been insufficient additional exploration to
date to define a mineral resource and there can be no certainty
that further exploration by the Company will result in the
delineation of a mineral resource.
The Company recently announced that Japan Oil, Gas and Metals
National Corporation (JOGMEC) have agreed to invest up to US
$4,000,000 in the Borate Hills Project over a 3 year period.
About Japan Oil, Gas and Metals National
Corporation
Japan Oil, Gas and Metals National Corporation (JOGMEC) was
established on February 29, 2004 pursuant to the Law Concerning the
Japan Oil, Gas and Metals National Corporation, which was
promulgated on July 26, 2002. JOGMEC integrates the functions of
the former Japan National Oil Corporation, which was in charge of
securing a stable supply of oil and natural gas, and the former
Metal Mining Agency of Japan, which was in charge of ensuring a
stable supply of nonferrous metal and mineral resources and
implementing mine pollution control measures.
About American Lithium Minerals
American Lithium is a U.S.-based mineral exploration company
focused on the development of lithium and boron resources in
Nevada. The company's key objective is to develop world-class
lithium projects that will capitalize on surging demand for
lithium-ion batteries, particularly for hybrid and electric
vehicles. Lithium is a high-priority and strategic mineral for the
U.S. The country's green energy legislation and long-term energy
policies depend on developing a vibrant, domestic lithium-ion
battery manufacturing sector. The Borate Hills Project is the
Company's current primary focus, however it is also active in
grassroots exploration for lithium deposits in the Great Basin of
the United States with ten other highly prospective projects in
Nevada and Utah.
About Lithium
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, with the
worldwide market for lithium batteries estimated at over $4 billion
per year. Demand for lithium carbonate is expected to increase
four-fold over the next decade as demand for of lithium-ion
battery-powered hybrid-electric and electric cars rises. GM, Ford,
Toyota, Dodge, Chrysler, Mitsubishi, Nissan, Tesla, Saturn and
Mercedes-Benz have all announced plans to build Li-ion
battery-powered cars and the demand for such vehicles is currently
expected to increase five-fold by 2012. There is currently only one
producer of lithium carbonate in the United States, Chemetall's
Clayton Valley operation Nevada. The Great Basin of the United
States represents excellent potential for the discovery of new
lithium brine deposits and American Lithium is well positioned for
detection with its projects.
Forward-Looking Statements
This press release contains forward-looking statements. Actual
results could differ from those projected in any forward-looking
statements due to numerous factors. Such factors include the
speculative nature of mineral exploration and mining, difficulties
associated with obtaining financing on acceptable terms or at all,
fluctuations is the price of lithium and boron, competition and
scarcity of mineral lands for claim staking, delays and costs
associated with regulatory compliance, our limited operating
history, and our lack of historical revenues or profits. These
forward-looking statements are made as of the date of this press
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 is
assurance that such beliefs, plans, expectations, or intentions
will prove to be accurate. Investors should consult all of the
information set forth in this press release and should also refer
to the risk factors disclosed 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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