American Lithium Starts Borate Hills Drill Program
November 04 2010 - 8:30AM
Marketwired
American Lithium Minerals, Inc. (OTCBB: AMLM)
(www.AmericanLithium.com) (the "Company") is in the process of
starting a 10,000 foot RC Drill Program at its South Borate Hills
Project in Nevada. The RC Drill Program plan was developed from the
completed mapping, sampling and trenching program carried out at
the Borate Hills Project.
A total of 465 surface and trench samples were collected from
the North and South Borate Hills project. The average for all
samples from North and South Borate Hills were 1348 ppm Lithium,
4621 ppm Boron and 7000 ppm Strontium. For South Borate Hills only,
the average sample grades were 1537 ppm Lithium, 4945 ppm Boron and
10442 ppm Strontium. Sample grades ran as high as 3000 ppm lithium
(0.3%). The average results of the surface sampling program are
encouraging given not all samples are from the mineralized unit as
only a portion of the deposit is exposed at surface and is thought
to be somewhat leached at surface.
The Borate Hills Project is a large co-product lithium and boron
deposit located 20 miles west of the only producing lithium mine in
North America. American Lithium and Japan Oil, Gas and Metals
National Corporation (JOGMEC) are currently completing an economic
pre-feasibility study for the Borate Hills Project.
The Nevada, United States location is strategic for the
concentration of US manufacturing requiring lithium; including
automotive batteries, power storage and consumer electronics; as
well as a known mining state with excellent road, rail and power
infrastructure. American Lithium is also active in grassroots
exploration for lithium deposits in the Great Basin of the United
States with ten other highly prospective projects in Nevada and
Utah.
About the Borate Hills Project
The Borate Hills Project consists of the North and South Borate
Hills Projects. The boron and lithium mineralization is contained
in a strata-bound formation that is a combination of a claystone
unit and a volcanic tuff. In the early 1980's, US Borax drilled the
North Borate Hills Deposit and stated the project was the second
largest boron deposit in the United States after their current
producing borate mine, Kramer Borate in California. Subsequently,
US Borax discovered the South Borate Hills Deposit in 1986 and
identified a larger project having higher lithium values with an
extent of 1.5 miles and thicknesses of up to 1300 feet.
About Japan Oil, Gas and Metals National
Corporation (JOGMEC)
Japan Oil, Gas and Metals National Corporation (JOGMEC) was
established on February 29, 2004 pursuant to the Law Concerning the
Japan Oil, Gas and Metals National Corporation, which was
promulgated on July 26, 2002. JOGMEC integrates the functions of
the former Japan National Oil Corporation, which was in charge of
securing a stable supply of oil and natural gas, and the former
Metal Mining Agency of Japan, which was in charge of ensuring a
stable supply of nonferrous metal and mineral resources and
implementing mine pollution control measures.
About American Lithium Minerals
American Lithium Minerals is a U.S.-based mineral exploration
company focused on the development of lithium and boron resources
in Nevada. The company's key objective is to develop world-class
lithium projects that will capitalize on surging demand for
lithium-ion batteries, particularly for hybrid and electric
vehicles. Lithium is a high-priority and strategic mineral for the
U.S. The country's green energy legislation and long-term energy
policies depend on developing a vibrant, domestic lithium-ion
battery manufacturing sector.
About Lithium
As a result of lithium-ion battery demand for hybrid-electric
and electric cars, the increase in demand for lithium carbonate is
expected to increase four-fold over the next decade. High demand
and low supply has already resulted in an increase in lithium
carbonate (Li2CO3) prices. There is currently only one producer of
lithium carbonate in the United States, Chemetall's Clayton Valley
Operation. The Great Basin of the United States represents
excellent potential for the discovery of new lithium brine deposits
and American Lithium Minerals is well positioned for detection with
its projects. Lithium is used for batteries, specialty glass,
lubricants, pharmaceuticals and lithium alloys. Lithium ion
(Li-ion) batteries have become the rechargeable battery of choice
in cell phones, computers, hybrid-electric cars and electric cars.
GM, Ford, Toyota, Dodge, Chrysler, Mitsubishi, Nissan, Tesla,
Saturn and Mercedes-Benz have all announced plans to build Li-ion
battery-powered cars. Demand for lithium-powered vehicles is
expected to increase fivefold by 2012. The domestic automotive
industry must secure a lithium source to supply the next generation
of hybrid-electric and electric vehicles. Over 60% of cell phones
and 90% of laptops use lithium batteries. The worldwide market for
lithium batteries is estimated at over $4 billion per year.
Forward-Looking Statements
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 lithium
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.
For Additional Information, Contact: Stephen Cook Vice
President/Investor Relations Tel: 877-717-2656 E-mail:
info@americanlithium.com
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