AmeriLithium's Corporate Update on Projects, Management, Financing & Research Coverage

LAKE TAHOE, NV, May 24 /PRNewswire-FirstCall/ -- AmeriLithium Corp. (OTC Bulletin Board: AMEL) ("AmeriLithium" or "the Company") is pleased to provide a corporate update on the Company's five major international Lithium projects (~724,000 acres in total); enlistment of VP Exploration & Chief Geologist and key advisory board members; securing of $10 million in funding and its use toward the completion of the initial stage of exploration on the Company's Nevada-based Paymaster Project; and research coverage on the Company by SISM Research (target price of $5.10) and Cohen Independent Research (target price of $3.63).

"These are very exciting times for us," said Matthew Worrall, Chief Executive Officer of AmeriLithium. "We're seeing our portfolio expand, our leadership team come together, and best of all, we have the financial backing necessary to make the most of those physical and human assets. To top it all off, the Company's praises are being sung by third-party coverage. Of course, we still have a lot of work ahead of us. But it's good to know we have what we need to continue moving toward our goal of becoming one of America's leading Lithium exploration companies."

LITHIUM PROJECTS UPDATE

AmeriLithium has signed agreements on five major properties, representing a total of ~724,000 acres that hold some of the world's richest Lithium resources. Three of the projects are based in Nevada, adjacent to or nearby the only Lithium producing plant in the US. The other two assets are a large project in Alberta, Canada, and a project consisting of three plays in Western Australia.

PAYMASTER PROJECT: 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) As of May 5, 2010, the first phase of a three-phase exploration program on the project was completed: the field work stages of a geophysical survey by GeoXplor Corp. Results from the survey will be made available within the next 2 to 4 weeks in a report from GeoXplor geophysicist Jim Hasbrouck. AmeriLithium will announce the survey results in due course while making photos of the Nevada site and survey available in the near future at http://www.amerilithium.com.

CLAYTON DEEP PROJECT: a 5,280-acre (8.25 square mile) claim block covering the entire Southwest Gravity Low in Clayton Valley, Nevada. The project's placer claims lie less than 10 miles southwest of the only US-based Lithium producing plant, operated by 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)

FULL MONTY PROJECT: a 5,760-acre block (9 square miles) of federal placer mining claims in Nye County, Nevada, 25 miles north of Clayton Valley's prime Lithium-mining region. The asset's location represents excellent logistics for project exploration and development, including an established road system and high voltage power lines that cross the Company's property.

AMERICANA PROPERTY (Alberta, Canada): one of the largest claims of its type in the region, representing ~664,049 acres overlying a potential extension of the Leduc Formation and Beaverhill Lake Group strata/Swan Hills Formation. These two formations were identified by the Alberta Geological Survey (AGS) as containing formation waters containing potentially economic amounts of Lithium.(3) The AGS recommended further analysis of the formation waters for Lithium, stating that the Lithium contents are similar to those of the only US-based Lithium plant in Clayton Valley, Nevada.(4)

BARE ROCKS, HOFFMAN HILLS & NORMANS LAKE PROJECTS (Western Australia): three Australian plays covering 43,000+ acres around and abutting Lake Dumbleyung, where a 2007-2008 survey for Reward Minerals Ltd reported the presence of salt lake brine with a Lithium concentration of 530 mg/liter(5) (by way of comparison, the only US-based Lithium producing plant originally began operation at 400 mg/liter).

MANAGEMENT & ADVISORS UPDATE

AmeriLithium is fortunate to have retained a Vice President of Exploration & Chief Geologist with a proven track record as impressive as Robert Allender's. With a career spanning over 30 years, Robert represents the wealth of expertise in the mineral exploration, development and mining industries needed to successfully guide the Company's exploration programs. Robert previously worked on a vast range of mineral exploration projects worldwide with key companies such as UNOCAL and Chevron Minerals, while also being responsible for the discovery of several highly significant sites in both the US and Africa.

The Company's Advisory Board, meanwhile, represents a cross-section of seasoned specialists from several industry sectors key to the world's expanding Lithium market.

ROBERT CRAIG, P.E. – CHIEF MINING ADVISOR: Robert's career of 35+ years has brought him ever growing engineering and executive experience in the mining, energy, and Lithium industries. Over the years, Robert has proven his ability to understand and manage the attendant challenges of large scale projects, whether working as an engineer on the TransAlaska Pipeline Project, Prudhoe Bay oil fields, and for the State of Alaska, or serving as Environmental Engineer for the $200 million Fort Greely Garrison projects, or acting as Environmental Manager in charge of permitting and compliance on the 10,000 ton/day cyanide heap leach project at Firstgold Corp's Relief Canyon Mine in Nevada.

MATHEW HARPE – CHIEF PHARMACEUTICAL ADVISOR: Mathew's extensive career within the pharmaceutical industry brings to AmeriLithium a wealth of experience in a market that uses Lithium in a range of products for the treatment of neurological problems including bipolar disorder and schizophrenia. Stretching back over a decade, Mathew has worked for multinational blue-chip institutions and some of the world's largest medical companies such as Astra Zeneca and Lundbeck Pharmaceuticals.

JONATHAN COOK – CHIEF IT ADVISOR: Jonathan joins the AmeriLithium team as an advisor following a long career as a consultant identifying and implementing tailored solutions to complex technical and energy-related environments in the IT sector, including Aerospace and Hydroelectric businesses. Jonathan's IT and energy-related expertise is essential to the Company successfully operating in the Lithium market where, as the US Geological Survey points out, the use of Lithium in batteries has expanded significantly in recent years due to rechargeable Lithium batteries being used increasingly in electrical tools and, more important, in the rapidly expanding portable electronics market.(6)

ANDREW GRANT – CHIEF TECHNOLOGICAL ADVISOR: Andrew represents extreme competence in business building, management and leadership in a fast-paced market environment while working with blue-chip organizations such as IBM and Unilever. Drawing on his extensive training – BA (hons) Business Studies; MSc in IT and Management; Multi-Certified SAP Consultant – Andrew has established a track record of over nine years through major cost reduction strategies and effective profitability growth.

$10-MILLION FINANCING UPDATE

On March 26, 2010, AmeriLithium entered into a $10 million financing agreement with a European institutional investor focused on mining ventures. As of April 29, 2010, the Company had received its second draw down on the finance agreement, effectively enabling it to accelerate its ongoing US exploration program on its Paymaster Project in Nevada. As of May 5, 2010, the first phase of the three-phase exploration program was completed: the field work stages of a geophysical survey by GeoXplor Corp. Results from the survey will be made available within the next 2 to 4 weeks in a report from GeoXplor geophysicist Jim Hasbrouck. AmeriLithium will announce the survey results in due course while making photos of the Nevada site and survey available in the near future at http://www.amerilithium.com.

RESEARCH COVERAGE UPDATE

On May 20, 2010 SISM Research, a private investment research firm, released research coverage on AmeriLithium. Ernest C. Schlotter, a senior analyst with SISM Research, and a four star analyst according to StarMine, authored the coverage report, which gave a stock target valuation of $5.10 and the basis/rationale for that valuation. The reports target price was considerably higher than the Cohen report's $3.63 target, released April 21, 2010 due to the Company's recent acquisition of its Nevada-based Clayton Deep and Full Monty assets, and the completion of the first phase of exploration on its Paymaster Project in Nevada.

On April 21, 2010 coverage research report prepared by Cohen Independent Research (CIR) gave AmeriLithium a best price target of $7.80 while concluding that the Company was "a unique opportunity to capitalize on the emerging Lithium market." The report included an official Cohen Target Price of $3.63 per share, which is significantly higher (175.3%) than the $1.32 share price at the time the report was authored. "We expect robust revenue growth on the back of favorable industry outlook," the CIR report stated, "coupled with AMELs' excellent property locations and management's significant industry experience." The CIR report also pointed out that, "(the) Company has also acquired necessary capital to sustain exploration activities in the coming year which highlights the management's capabilities to take the Company forward," and that AmeriLithium's "business model is scalable and will create revenues from various industry verticals distributing the risk."

FOR MORE INFORMATION

More 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.

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

(3) Resource Estimates of Industrial Minerals in Alberta Formation Waters. Alberta Geological Survey, Jan. 31, 1995

(4) Industrial Mineral Potential of Alberta Formation Waters. Alberta Geological Survey, 1995

(5) Reward Minerals Ltd Press Release, Aug. 26 2009

(6) US Geological Survey Mineral Commodity Summaries, 2010

SOURCE AmeriLithium Corp.