Lithium Corporation Buys Interest in Hughes Lands
April 29 2014 - 7:00AM
Business Wire
Lithium Corporation (OTCQB: LTUM) (the "Company", or “Lithco”)
is pleased to announce that it has acquired an indirect 25%
interest in a number of patented mining claims that spring from the
once vast holdings of Howard Hughes.
Lithco participated in the formation of Summa LLC. (Summa) a new
private Nevada Limited Liability company that holds 88 fee-title
patented lode claims, which cover approximately 1,191.3 acres of
prospective mineral lands. Lithium Corporation has recently signed
a Joint Operating Agreement with the other participants to govern
the conduct of Summa, and the development of the lands. Lithium
Corporation’s president Tom Lewis has been named as a “Managing
Member” of Summa.
The Hughes lands are situated in six discrete prospect areas in
Nevada, the most notable of which being the Tonopah block where
Summa holds 56 claims that cover approximately 770 acres in the
heart of the historic mining camp where over 1.8 million ounces of
gold and 174 million ounces of silver were produced predominately
in the early 1900’s. The Hughes claims include a number of the
prolific past producers in Tonopah, such as the Belmont, the Desert
Queen, and the Midway mines. In addition there are also claims in
the area of the past producing Klondyke East mining district, which
is to the south of Tonopah, and at the town of Belmont (not to be
confused with the Belmont claim in Tonopah), Nevada, another
notable silver producer from the 1800’s, which is roughly 40 miles
to the northeast of Tonopah.
In the general area of Lithium Corporation’s newest acquisition,
West Kirkland Mining has recently announced that it has completed a
$29.2 million dollar financing, the proceeds of which were used to
purchase a 75% interest in Allied Nevada Gold Corporation’s Tonopah
properties. West Kirkland also has the option to purchase the
remaining 25% interest by paying Allied Nevada a further $10
million dollars on or before Oct 23rd, 2016. West Kirkland has
recently compiled an updated NI-43-101 resource on the Hasbrouck,
and Three Hills prospects which are roughly 5.5, and 2 miles
respectively from Summa’s Tonopah claim block and it is West
Kirkland’s intent to advance these properties to a Pre-Feasibility
study and initiate mine permitting.
While it presently appears that only one of the six blocks may
be prospective for hosting lithium mineralization, overall the
package was a unique opportunity that the company anticipates will
create significant value over the mid to longer term. Lithium
Corporation’s president Tom Lewis recently remarked, “I am quite
pleased we were able to secure an interest in Summa LLC., and as a
result have an interest in a significant land package that at least
in part has a strong history of mineral production. It is also
quite an honor to play a role in the ongoing development of claims
which were once controlled by arguably one of the most prominent
capitalists of the twentieth century. It is the Company’s intention
to immediately begin compiling historical, geological and
production data, in an effort to ascertain what sort of
opportunities might be present in the lands.”
For further information please contact Andy Dewey at Lithium
Corporation at (775) 410-2206 or via email at info@lithiumcorporation.com
About Lithium Corporation
Lithium Corporation is an exploration company based in Nevada
devoted to the exploration for new lithium resources within the
state of Nevada, and graphite in British Columbia. The Company
currently explores with an eye to develop potentially economic
lithium-enriched brine fields, or flake graphite deposits intending
to capitalize on opportunities within the ever expanding
Lithium-Ion battery market. Lithium Corporation maintains a
strategic alliance with Altura Mining, an ASX listed coal producer
who expects to begin producing Iron Ore from the Mt Webber property
in Western Australia shortly. Additionally Altura is currently
searching for off-take contracts for its 100% owned world-class
Pilgangoora lithium pegmatite property in Western Australia.
Notice Regarding Forward-Looking Statements
This current report contains "forward-looking statements," as
that term is defined in Section 27A of the United States Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Statements in this press release which are not purely historical
are forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future,
including but not limited to, any mineralization, exploration and
development of our mineral properties, specifically in regards to
any future drilling programs.
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 minerals
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.
Lithium CorporationAndy Dewey, 775-410-2206info@lithiumcorporation.com
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