AmeriLithium Receives Fourth Draw Down on $10 Million Finance Agreement & Provides Update on Second Stage of Exploration Program
LAKE TAHOE, NV, July 27 /PRNewswire-FirstCall/ -- AmeriLithium Corp. (OTC Bulletin Board: AMEL; "AmeriLithium" or "the Company") is pleased to announce the Company received its fourth draw down from its $10 million finance agreement on July 26, 2010. The purpose of the $200,000 draw is the continued development of the business through its exploration stages, in particular the currently progressing Lithium exploration program on its Nevada-based Paymaster Project, which is about to complete its second stage.
The Controlled Source Audiomagnegtotellurics / Magnetotellurics (CSAMT/MT), electromagnetic (EM) surveying field work was completed on July 24, 2010 covering all of the initial survey locations previously sited by Hasbrouck Geophysics, as well as 18 additional EM stations that cover the south end of the property. The locations all lie within the area of the main gravity anomaly identified during the gravity survey of Paymaster Canyon completed in early June 2010. The CSAMT/MT Survey grid is being situated to be perpendicular to the general northeast (NE) trend of regional geologic structure in the area to allow for more accurate location of structural features in the subsurface. In this case, the geologic structure in question is the NE-trending Paymaster Fault, which lies at the eastern edge of the Company's Paymaster Canyon claims block.
Additional gravity surveying was initiated on July 25, 2010 and is intended to develop the mapping created in the previous survey. The additional work is designed to target an area in the southern part of the property that was identified as having a possible low.
"Initial feed back from Hasbrouck's preliminary evaluation of the data is very promising, with indications of the presence of salts in the groundwater, and we are eagerly awaiting the full report. This report combined with the previous data from the gravity survey will give us the information required to create a very targeted drilling program," reported Matthew Worrall, AmeriLithium's Chief Executive Officer. "Having the additional funds in place also allows us to continue with the momentum of our current exploration program."
PAYMASTER PROJECT BACKGROUND
AmeriLithium's domestic Paymaster Project represents a 5,880-acre claim block adjacent to the Clayton Valley playa, where Lithium-rich brines and evaporates have been accumulating for more than 30,000 years, resulting in the highest Lithium content found in any brines tested by the US Geological Survey (USGS) in southwestern US playas and basins.(1)
Clayton Valley is home to the only US-based Lithium producing plant, operated by neighboring Chemetall Foote Corporation, a subsidiary of Rockwood Holdings, Inc. The plant has been in production since 1967, producing an estimated 50 million kg (55,000+ tons) of Lithium to date from the region's rich brines.(2)
FOR MORE INFORMATION
More information on AmeriLithium's Paymaster Project and related exploration program, and additional information regarding the Company, can be found at AmeriLithium's corporate website www.amerilithium.com along with the facility to sign up for regular news updates.
ABOUT LITHIUM: Lithium is a lightweight metal used in a wide range of consumer products the world over: the medical industry uses Lithium as an anti-depressant; industrial uses include glass, ceramic and porcelain enamel manufacture; the aviation industry uses Lithium in alloys. Of particular interest is the use of Lithium for battery production, which has expanded significantly in recent years due to rechargeable Lithium batteries being used increasingly in electrical tools and in the rapidly expanding portable electronics market. Furthermore, the next generation of hybrid and electric vehicles are being designed to use high-capacity Lithium-ion batteries as environmentally-friendly fuel alternatives while the Obama administration has introduced $5 billion in funding and incentives for the development of a secure, domestic battery industry with special focus on Lithium-ion batteries.
ABOUT AMERILITHIUM: AmeriLithium is a publicly traded (NASD OTC BB: AMEL), mining company committed to progressively developing into one of the leading American players in the global Lithium industry. The Company is headquartered in Lake Tahoe, NV. AmeriLithium has amassed a Lithium portfolio consisting of ~724,000 acres, including three Nevada-based projects nearby the only Lithium producing plant in the US, a large project in Alberta, Canada, and a project in Western Australia.
ON BEHALF OF THE BOARD OF DIRECTORS,
AmeriLithium Corp. |
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Matthew Worrall, Chief Executive Officer |
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Contact: |
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AmeriLithium Corp. |
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297 Kingsbury Grade |
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Lake Tahoe |
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Douglas County |
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NV 89449-4470 |
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Phone: |
(775) 996-2210 |
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Fax: |
(775) 996-2212 |
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Email: |
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INVESTOR RELATIONS: |
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Toll Free: |
1-888-982-6374 |
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Email: |
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Certain statements in this press release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. AmeriLithium Corp. bases these forward-looking statements on current expectations and projections about future events, based on information currently available. The forward-looking statements contained in this press release may also include statements relating to AmeriLithium Corp.'s anticipated financial performance, business prospects, new developments, strategies and similar matters. AmeriLithium Corp. disclaims any obligation to update any of its forward-looking statements, except as may be required by law.
(1) NI 43-101 Technical Report by Coast Mountain Geological Ltd for Rodinia Minerals Inc, Mar. 12, 2009
(2) Rodinia Minerals Inc website, Feb. 25, 2009
SOURCE AmeriLithium Corp.
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