LAS VEGAS, Nov. 14, 2012 /PRNewswire/ -- New America Energy Corp. (OTCQB: NECA) ("New America" or the "Company") is pleased to provide the following update to its shareholders.
New America has amended its purchase agreement with GeoXplor Corp. and entirely replaced the previously Amended Agreement with the new agreement, which modifies the consideration provided to GeoXplor by us for the Original and New Claims.
A link to the filings can be found on the Company's website. http://www.newamericaenergycorp.com/investors
The Company has paid its annual Bureau of Land Management (BLM) maintenance fees for its Nevada-based lithium property: the Clayton Ridge Claims (CR Claims).
In late 2011 the Company began its geophysical exploration program on the CR claims. The first phase of the exploration program was a gravity survey. Interpretation of the modeled gravity data indicates a large topographic low, or basin, that is closed over a wide range of depths. These areas may be conducive for concentration of lithium bearing brines.
The second phase of the exploration plans include extending the gravity survey to build the framework for the next stage of exploration to the north and northwest of the first survey and to test the gravity defined basin for conductors with a controlled source audio magnetotellurics/magentotellurics (CSAMT/MT) survey to further map any geologic structures that may be significant to the occurrence of Lithium brine. This survey determines if conductive zones, possibly indicative of lithium-bearing brines, are present and continuous within the basin. The Company has recently received a detailed exploration plan for the next phase of exploration. The Company is working with its operator on an anticipated start date to initiate this program.
The second phase is tentatively expected to begin in late 2012 to early 2013.
FORWARD LOOKING STATEMENT
This announcement is not an offer to sell any New American Energy Corp. ("NECA") shares or related securities. Offers for any given security are made only through applicable offering circulars and related documents filed with the SEC pursuant to the Securities Act of 1933 or the Securities Exchange Act of 1934. Certain statements contained herein and subsequent oral statements made by and on behalf of NECA may contain "forward looking statements." Such forward looking statements are identified by words such as "intends," "anticipates," "believes," "expects," and "hopes" and includes, without limitation, statements regarding the resource potential of the Clayton Ridge property, the start of the gravity survey on the property and anticipated exploration results. Forward-looking statements express our expectations or predictions of future events or results. They are not guarantees and are subject to many risks and uncertainties. There are a number of factors beyond our control that could cause actual events or results to be significantly different from those described in the forward-looking statements. Any or all of our forward-looking statements in this report or in any other public statements we make may turn out to be wrong. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise.
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SOURCE New America Energy Corp.