AmeriLithium Signs Letter of Intent with Strategic Partner to Commence Work on Australian Lithium-Gold Asset
18 Apr, 2012, 08:00 ET
HENDERSON, NV, April 18, 2012 /PRNewswire/ -- AmeriLithium Corp. (OTC Bulletin Board: AMEL; "AmeriLithium" or "the Company") is pleased to announce that on April 13, 2012, the Company signed a Letter of Intent (the "LOI") with Australia-based Strategic Resource Management Pty Ltd. ("SRM"), thereby entering into a joint venture ("JV") related to Australian mining properties held by or to be held by the Company (SRM and the Company, together, the "JV Partners"). The purpose of the JV is to manage, develop and oversee the mining of such properties in Australia. In particular, the JV Partners have agreed to commence initial exploration on three of the Company's current Western-Australia lithium assets.
Among the JV's initial activities was the filing of an application for the Government Co-Funded Exploration Drilling Grant. The application was filed on March 30, 2012 with the Government of Western Australia, Department of Mines and Petroleum. By filing the application, the JV Partners hope to take advantage of the Australian government offer of up to AUD$150,000 which can be applied toward the drilling costs on multi-hole exploration projects. The public announcement of successful grant candidates is planned for early June 2012.
The JV's Grant Application included the following:
- Request for AUD$125,000
- Planned 10 drill traverses testing 11 prospective targets
- Coincident lithium and gold targets
- Hole depths planned at 40m depths on 100-200m spacings
- Planned 250 RAB holes for drilling at a total cost of AUD$250,000
The Company's three Australian assets cover over 43,000 acres around and abutting Lake Dumbleyung, Western Australia.
While the primary motivation behind commencing an exploration program is the identification of lithium potential, additional motivation stems from (i) the potential to take advantage of the Co-Funded Drilling grant offering, and (ii) the opportunity to explore for gold concurrently while exploring for lithium.
JV & STRATEGIC RESOURCE MANAGEMENT ("SRM")
Within the JV, SRM's roles will include, among other things, managing payments to meet tenement conditions; ensuring all government documentation is properly prepared and filed relating to the Australian Assets; providing management, planning and administration of all the Australian functions; and investigating new opportunities in Australia.
SRM is led by Andrew Spinks and Robert Hodby. Mr. Spinks is a geologist with over 20 years professional experience in nickel, gold, coal, iron ore and diamonds in Australia and Africa. He has performed in diverse roles from grass roots exploration to senior management in exploration, project development and mining. Andrew holds a Bachelor of Applied Science (Geology), Graduate Diploma (Mining), Western Australia Quarry Managers Certificate, and is a member of the Australasian Institute of Mining & Metallurgy. Mr. Hodby, holds a Bachelor of Commerce from Murdoch University and is a member of CPA Australia and Chartered Secretaries Australia. Further, Mr. Hodby provides corporate, management and accounting advice to a number of companies involved in the resource and energy industries.
Mr. Matthew Worrall, the Company's Chief Executive Officer, commented: "Our main focus remains our lithium projects in Nevada. At the same time, this JV with Strategic Resource Management will enable us to effectively and simultaneously advance our preliminary exploration plans in Australia and assess the potential of our assets there, both in terms of lithium and gold potential."
FOR MORE INFORMATION
More information on the Australian holdings, 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 ~727,219 acres, including four Nevada-based projects nearby the only Lithium producing plant in the United States, a large project in Alberta, Canada, and a project in Western Australia.
ON BEHALF OF THE BOARD OF DIRECTORS,
Matthew Worrall, Chief Executive Officer
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
871 Coronado Center Dr.
Phone: (702) 583-7790
Fax: (702) 583-7791
Email: [email protected]
Toll Free: 1-888-982-6374
Email: [email protected]
SOURCE AmeriLithium Corp.
Share this article