HENDERSON, NV, March 8, 2011 /PRNewswire/ -- AmeriLithium Corp. (OTC Bulletin Board: AMEL; "AmeriLithium" or "the Company") is pleased to confirm it will commence work on its planned 8-hole drill program on the Paymaster Lithium brine project in Nevada, USA, beginning on Tuesday, March 15, 2011 with AmeriLithium management travelling to Tonopah, NV, to oversee the operation. Preparations for drilling have also included the funds for the project's Reclamation Bond having been deposited to comply with the BLM's instructions.
Robert Allender, AmeriLithium's VP of Exploration, is due to arrive in Tonopah on Sunday, March 13, 2011, to ensure all of the preliminary site setup has been completed. Initial site setup has been carried out under the instructions and supervision of GeoXplor, who have successfully planned and executed the Company's two initial stages of exploration. The drill operator, Skytech Drilling Inc. of Phoenix, Arizona, will be arriving on March 14th to set up, with drilling of the first hole commencing on March 15th.
"I'm looking forward to spending time at the site," said Matthew Worrall, AmeriLithium's CEO, who will also be in Tonopah to oversee the start of the operation. "It will be good to be taking next steps based on the very positive results we received from our gravity and magnetic surveying that wrapped up last September. I'm also looking forward to working with GeoXplor, Skytech and Robert Allender to ensure an efficient and effective execution of the drill program."
The program's 3 initial holes will test areas of significant Lithium brine potential identified by the Company's exploration program (i.e., areas marked by gravity lows and low resistivity), followed by the remaining 5 holes depending on the initial drilling results. Each hole is estimated to require one week's time.
By penetrating the formations comprising the basin fill in Paymaster Canyon, the holes should allow AmeriLithium to examine and sample the stratigraphy and lithology of the sedimentary sequence; the nature and extent of the saturated zones; and the concentration of Lithium and other constituents in the groundwater in these target zones.
PAYMASTER PROJECT BACKGROUND
AmeriLithium's domestic Paymaster Project represents a 5,880-acre claim block adjacent to the Clayton Valley playa, where Lithium-rich brines and evaporates have been accumulating for more than 30,000 years, resulting in the highest Lithium content found in any brines tested by the US Geological Survey (USGS) in southwestern US playas and basins.(1)
Clayton Valley is home to the only US-based Lithium producing plant, operated by neighboring Chemetall Foote Corporation, a subsidiary of Rockwood Holdings, Inc. The plant has been in production since 1967, producing an estimated 50 million kg (55,000+ tons) of Lithium to date from the region's rich brines.(2)
In early October 2010, rough preliminary volume estimates for AmeriLithium's Paymaster Project pointed to the potential for 7,500 to 26,000 tons of Lithium resource underlying the property. With Lithium carbonate trading in the range of $5,500-$6,000 per metric tonne based on a Q3 2010 report by Resource Capital Research,(3) AmeriLithium's potential Lithium resource on this single Nevada property could represent a market valuation from $132.8 to $144.9 million. The Company's Lithium holdings also include two other Nevada-based projects nearby, as well as claims in Canada and Australia.
FOR MORE INFORMATION
More information on the Paymaster Project drill program, and additional information regarding the Company, can be found at AmeriLithium's corporate website www.amerilithium.com along with the facility to sign up for regular news updates.
ABOUT LITHIUM: Lithium is a lightweight metal used in a wide range of consumer products the world over: the medical industry uses Lithium as an anti-depressant; industrial uses include glass, ceramic and porcelain enamel manufacture; the aviation industry uses Lithium in alloys. Of particular interest is the use of Lithium for battery production, which has expanded significantly in recent years due to rechargeable Lithium batteries being used increasingly in electrical tools and in the rapidly expanding portable electronics market. Furthermore, the next generation of hybrid and electric vehicles are being designed to use high-capacity Lithium-ion batteries as environmentally-friendly fuel alternatives while the Obama administration has introduced $5 billion in funding and incentives for the development of a secure, domestic battery industry with special focus on Lithium-ion batteries.
ABOUT AMERILITHIUM: AmeriLithium is a publicly traded (NASD OTC BB: AMEL), mining company committed to progressively developing into one of the leading American players in the global Lithium industry. The Company is headquartered in Henderson, NV. AmeriLithium has amassed a Lithium portfolio consisting of ~724,000 acres, including three Nevada-based projects nearby the only Lithium producing plant in the US, a large project in Alberta, Canada, and a project in Western Australia.
ON BEHALF OF THE BOARD OF DIRECTORS,
Matthew Worrall, Chief Executive Officer
871 Coronado Center Dr.
Phone: (702) 583-7790
Fax: (702) 583-7791
Toll Free: 1-888-982-6374
Certain statements in this press release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. AmeriLithium Corp. bases these forward-looking statements on current expectations and projections about future events, based on information currently available. The forward-looking statements contained in this press release may also include statements relating to AmeriLithium Corp.'s anticipated financial performance, business prospects, new developments, strategies and similar matters. AmeriLithium Corp. disclaims any obligation to update any of its forward-looking statements, except as may be required by law.
(1) NI 43-101 Technical Report by Coast Mountain Geological Ltd for Rodinia Minerals Inc, Mar. 12, 2009
(2) Rodinia Minerals Inc website, Feb. 25, 2009
(3) Resource Capital Research - Rare & Minor Minerals Review 3Q10 Abridged (http://www.rcresearch.com.au/documents/rare-and-minor-metals/reports/0/australia/)
SOURCE AmeriLithium Corp.