LAKE TAHOE, NV, June 16 /PRNewswire-FirstCall/ -- AmeriLithium (OTC Bulletin Board: AMEL; "AmeriLithium" or "the Company") is pleased to announce the Company received its third draw down from its $10 million finance agreement on June 10, 2010. The purpose of the $500,000 draw is to fund the Company's next stages of Lithium exploration on its Nevada-based Paymaster Project, having received positive results from the property's gravity survey in early June 2010.
The gravity survey identified three significant bedrock elevation lows on the Company's property that warrant further exploration. Each will be tested during the next phase of geophysical exploration, which will begin within the next few weeks, making use of Controlled Source Audiomagnegtotellurics / Magnetotellurics (CSAM/MT), a geophysical technique commonly utilized in mineral exploration to provide deep geologic information.
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)
"With the demand for Lithium growing, especially from the electronics and electric vehicle markets, our Paymaster Project exploration program becomes more critical every day," said Matthew Worrall, AmeriLithium's CEO. "And now that it's time to move on to our second exploration phase, we're fortunate to have the backing of this third draw down on our financing agreement so we can remain focused on our domestic exploration in a strategic and efficient manner while keeping in mind our overall goal of AmeriLithium establishing itself as a major player in the Lithium production and supply market."
FOR MORE INFORMATION
More information on the financing agreement and the Paymaster exploration 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 Lake Tahoe, 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
297 Kingsbury Grade
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
SOURCE AmeriLithium Corp.