Lithium Corporation Signs Agreement to Sell Properties to PATHION Inc.
August 20 2014 - 7:00AM
Business Wire
Lithium Corporation (OTCQB: LTUM) (the
"Company") is pleased to announce that it has entered into an Asset
Purchase Agreement to sell its interests in the BC Sugar flake
graphite property, as well as the San Emidio and Fish Lake Valley
lithium – brine properties, to PATHION, Inc. Additionally, Tom
Lewis will step down as President of the Company, but will remain a
director, while Brian Goss, who has been a consultant to the
Company since 2010 and is currently a director of Lithium
Corporation, will assume the roles of President, Secretary and
Treasurer.
The terms of the agreement require that PATHION
(a privately held Delaware corporation headquartered in Los Gatos,
California) pay Lithium Corporation an initial $1.25 million, and
issue 500,000 common shares of PATHION stock at the Closing. A
further $1 million will be held in escrow and paid out to Lithium
Corporation on the first anniversary of the closing of the deal.
The agreement also lays the groundwork for continuing co-operation
between the two companies moving forward. The companies anticipate
that the agreement will close by the end of September 2014.
PATHION is an energetic materials and advanced
power device company created to develop and commercialize applied
materials and battery products utilizing its proprietary processes
and technologies. PATHION has acquired the rights to key advanced
materials developed in the process of research and development at
Los Alamos National Laboratory (LANL). The company also is a
sub-recipient of an ARPA-E grant from the DOE to further develop
its fire resistant lithium, a solid-state advanced superionic
conductor (AdSIC) material, developed at LANL. PATHION is thus
uniquely positioned to provide critical power technology for a
broad array of devices that fundamentally change the way they
operate and their cost of operation.
PATHION CEO, Michael Liddle said, “PATHION’s
control and eventual use of these strategic North American based
assets will help to ensure a steady supply of these precursors for
use in our advanced energy chemistries including our lithium-rich
anti-perovskite (LiRAP) solid-state electrolyte. We look forward to
working with the esteemed Lithium Corporation geologists on the
development of these claims and the identification of additional
prospects for energetic materials.”
After the PATHION deal, Lithium Corporation
will continue to progress with its assessment of the Mount Heimdal
graphite property, and its 25% interest in Summa, LLC, a private
Nevada company that holds the residue of Howard Hughes’ once mighty
Summa Corp. Recently research has been conducted on the Hughes
properties, focusing on the Tonopah area where reporting in the
1980’s indicate that over 2.175 million tons of mine dumps and mill
tailings exist at surface on Summa’s properties that contain in the
order of 3.453 million ounces of Silver, and 28,500 ounces of Gold.
In addition to this easily extractable surficial resource, other
reports indicate that 300 – 500,000 tons of mineralized material is
expected to remain at depth in old workings on Summa’s properties,
which is believed to contain an average 20 ounces Silver and 0.02
ounces Gold per ton. Also several partially tested exploration
targets have been identified on Summa’s Tonopah claims, where
further work could potentially lead to a marked increase in known
underground resources. Field work is slated to start at Mount
Heimdal as soon as local forest fires abate. Additionally Lithium
Corporation is looking to ramp up its generative program exploring
for new deposits of next generation battery related materials.
For further information with regard to Lithium
Corporation, please contact Andy Dewey at Lithium Corporation at
(775) 410-2206 or via email at info@lithiumcorporation.com
For further information regarding PATHION Inc.
please contact Dave Hurley at (408) 484-9031 or via email at
dhurley@pathion.net
About Lithium Corporation
Lithium Corporation is an exploration company
based in Nevada devoted to the exploration for new battery related
resources throughout North America, looking to capitalize on
opportunities within the ever expanding Lithium-Ion and next
generation battery markets. Lithium Corporation’s recent agreement
with PATHION Inc., is the start of a new alliance with the
up-and-coming battery producer. The Company also maintains a
strategic alliance with Altura Mining, an ASX listed coal producer
who recently began production of Iron Ore from its Mt Webber
property in Western Australia. 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.comorPATHION Inc.Dave Hurley,
408-484-9031dhurley@pathion.net
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