American Lithium Finalizes Water Rights/Land Acquisition and Confirms Strong Treasury Position
September 17 2020 - 9:00AM
American Lithium Corp. (TSXV: LI) (OTCQB: LIACF)
(Frankfurt: 5LA1) (“American Lithium” or the “Company”) a
leading lithium exploration and development operator is pleased to
report the completion of a Real Estate Property Purchase Agreement
to acquire over 300 acres of privately held lands and the
accompanying 1,176 acre-feet of water rights pursuant to a
previously signed Letter of Intent (See Company news release dated
July 27th, 2020). Pursuant to the terms of the agreement, $300,000
USD has now been paid to the vendor, leaving $1 million to be paid
in equal annual installments over the next four years. The land and
water acquisition provides a private land holding on which the
Company is preparing to develop a pilot plant to continue process
evaluation work for the Company’s wholly owned TLC lithium project
near Tonopah, Nevada.
American Lithium further reports that as a
result of recent share purchase warrant and stock option exercises,
the Company has $6.7 million CDN in working capital.
American Lithium CEO, Michael Kobler, states
“"The goal of the lithium recovery process that is and continues to
be developed for the TLC project is to be as water efficient as is
practically possible. That said, there is makeup water required,
and our goal with this purchase is to supply all the makeup water
for our project. Our target is to have minimal impact on the land
and water of the area around the project, and our efficient lithium
recovery process and water rights are aligned with this goal."
Stock Option Grant
American Lithium also announces that, pursuant
to its Stock Option Plan, it has granted stock options to certain
management and consultants to purchase an aggregate of 4,800,000
common shares of the Company at a price of $1.28 per share for a
period of 5 years from the grant date. This stock option grant is
subject to acceptance by the TSX Venture Exchange.
About the TLC Property
The TLC sedimentary lithium discovery is an
exploration and development project located 12 kilometres northwest
of Tonopah, Nev., and easily accessible by paved highway. Work to
date has identified a 5.3-million-tonne measured and indicated
lithium carbonate equivalent resource, with an additional 1.7
million tonnes inferred, placing the Company's resource amongst a
handful of potential lithium deposits in Western North America
capable of development. TLC is near surface, relatively flat-lying
and a free-digging lithium sedimentary deposit that the company
expects to advance through an early-stage economic study in 2020.
Just south of the Crescent Dunes solar energy plant, the project is
favourably located for future production given the immediate access
to some of the cheapest electricity in Nevada.
About American Lithium
Corp.American Lithium is actively engaged in the
acquisition, exploration and development of lithium deposits within
mining-friendly jurisdictions throughout the Americas. The Company
is currently exploring and developing the TLC project located in
the highly prospective Esmeralda lithium district in Nevada. TLC is
close to infrastructure, 3.5 hours south of the Tesla Gigafactory,
and in the same basinal environment as Albemarle's Silver Peak
lithium mine, and several advancing deposits and resources,
including Ioneer Ltd.'s (formerly Global Geoscience) Rhyolite Ridge
and Cypress Development Corp.'s Clayton Valley project.
The metallurgical testing information reported
herein was reviewed by Jared Olson, Metallurgist and VP Operations
McClelland Labs, a qualified person under National Instrument
43-101.
Please watch our corporate video at
https://www.americanlithiumcorp.com/our-company/ and review our
informative short project update videos and related background
information at
https://www.americanlithiumcorp.com/projects/tlc-nevada/.
For more information, please contact the Company
at info@americanlithiumcorp.com or visit our website at
www.americanlithiumcorp.com. Follow us
on Facebook, Twitter and LinkedIn.
On behalf of the Board,
American Lithium Corp.Michael Kobler, Chief
Executive Officer
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-looking
statementsStatements in this release that are
forward-looking information are subject to various risks and
uncertainties concerning the specific factors disclosed here.
Information provided in this release is necessarily summarized and
may not contain all available material information. All such
forward-looking information and statements are based on certain
assumptions and analyses made by American Lithium management in
light of their experience and perception of historical trends,
current conditions and expected future developments, as well as
other factors management believes are appropriate in the
circumstances. These statements, however, are subject to a
variety of risks and uncertainties and other factors that could
cause actual events or results to differ materially from those
projected in the forward-looking information or statements.
Important factors that could cause actual results to differ from
these forward-looking statements include those described under the
heading “Risks Factors” in American Lithium's most recently filed
MD&A. The Company does not intend, and expressly
disclaims any obligation to, update or revise the forward-looking
information contained in this news release, except as required by
law. Readers are cautioned not to place undue reliance on
forward-looking information or statements.
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