American Lithium Corp. (“American Lithium” or the
“Company”) (TSX-V: LI, OTCQB: LIACF, Frankfurt:
5LA1) , is pleased to announce that it has reached an
agreement with certain arms-length vendors (the “Vendors”) to
acquire 431 acres of privately-held agricultural lands, along with
the accompanying 1,468 acre-feet of water rights, in the Big Smoky
Valley near Tonopah, Nevada, close to the Company’s Tonopah Lithium
Claims (“TLC”).
Pursuant to the terms of the agreement, the
Company will pay the Vendors a total of US $3,125,000 on closing.
Closing is expected to occur shortly following completion of a
standard escrow in order to verify title rights.
This latest agreement follows an earlier
purchase in 2020 of a nearby 326-acre private ranch, also in Big
Smoky Valley, which provides American Lithium with access to 1,110
acre-feet of water rights. The outright ownership of both
properties will provide close to 2,500 acre-feet of combined water
rights which should provide sufficient water for at least the
initial phases of any future production at TLC and a strong base
for any future expansion phases. The water can be transported by
buried pipe-line to TLC utilizing existing public access routes.
The water rights acquired with the land purchase may also be
transferred throughout the basin including to the TLC site via
intra-basin transfer.
Simon Clarke, CEO of American Lithium, states:
“TLC benefits from a number of unique features, including an
excellent location in the high desert of Nevada, which provides the
project with a benign environmental footprint. The ability to
secure additional sustainable water supply in our basin is a
critical element and we are delighted that our team has been
proactive in this regard. It is our mandate to continue to develop
a sustainable business model at TLC that is as water efficient as
possible. Our vision of judicious water conservation includes
recycling and re-using our privately-owned water supplies whenever
possible and we will maximize the rights we have and minimize water
consumption.
Such initiatives are aligned with our commitment
to minimize impacts on the surrounding ecosystem. To this end, we
will also continue to operate both ranches using traditional,
best-farming practices for the foreseeable future, with the
cooperation of the Vendors and under the stewardship of a seasoned
ranch manager.”
About American
LithiumAmerican Lithium, a member of the TSX Venture 50,
is actively engaged in the acquisition, exploration and development
of lithium projects within mining-friendly jurisdictions throughout
the Americas. The Company is currently focused on enabling the
shift to the new energy paradigm through the continued exploration
and development of its strategically located TLC lithium claystone
project in the richly mineralized Esmeralda lithium district in
Nevada, as well as continuing to advance its Falchani lithium and
Macusani uranium development projects in southeastern Peru. Both
Falchani and Macusani have been through preliminary economic
assessments, exhibit strong additional exploration potential and
are situated near significant infrastructure.
On behalf of the Board of Directors of
American Lithium Corp.
“Simon Clarke”
CEO & Director
Tel: 604 428 6128
For further information, please contact:
American Lithium Corp. |
|
Email: info@americanlithiumcorp.com |
|
Website: www.americanlithiumcorp.com |
|
Follow us
on Facebook, Twitter and LinkedIn.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this press release.
Cautionary Statement Regarding Forward
Looking InformationThis news release contains certain
forward-looking information and forward-looking statements
(collectively “forward-looking statements”) within the meaning of
applicable securities legislation. All statements, other than
statements of historical fact, are forward-looking statements.
Forward-looking statements in this news release include, but are
not limited to, statements regarding the planned acquisition of
additional water rights and future operations at TLC, and any other
statements regarding the business plans, expectations and
objectives of American Lithium. Forward-looking statements are
frequently identified by such words as "may", "will", "plan",
"expect", "anticipate", "estimate", "intend", “indicate”,
“scheduled”, “target”, “goal”, “potential”, “subject”, “efforts”,
“option” and similar words, or the negative connotations thereof,
referring to future events and results. Forward-looking statements
are based on the current opinions and expectations of management
are not, and cannot be, a guarantee of future results or events.
Although American Lithium believes that the current opinions and
expectations reflected in such forward-looking statements are
reasonable based on information available at the time, undue
reliance should not be placed on forward-looking statements since
American Lithium can provide no assurance that such opinions and
expectations will prove to be correct. All forward-looking
statements are inherently uncertain and subject to a variety of
assumptions, risks and uncertainties, including risks,
uncertainties and assumptions related to: American Lithium’s
ability to achieve its stated goals; risks and uncertainties
relating to the COVID-19 pandemic and the extent and manner to
which measures taken by governments and their agencies, American
Lithium or others to attempt to reduce the spread of COVID-19 could
affect American Lithium, which could have a material adverse impact
on many aspects of American Lithium’s businesses including but not
limited to: the ability to access mineral properties for
indeterminate amounts of time, the health of the employees or
consultants resulting in delays or diminished capacity, social or
political instability in Peru which in turn could impact American
Lithium’s ability to maintain the continuity of its business
operating requirements, may result in the reduced availability or
failures of various local administration and critical
infrastructure, reduced demand for the American Lithium’s potential
products, availability of materials, global travel restrictions,
and the availability of insurance and the associated costs; the
judicial appeal process in Peru, and any and all future remedies
pursued by American Lithium and its subsidiary Macusani to resolve
the title for 32 of its concessions; risks regarding the ongoing
Ontario Securities Commission regulatory proceedings; the ongoing
ability to work cooperatively with stakeholders, including but not
limited to local communities and all levels of government; the
potential for delays in exploration or development activities due
to the COVID-19 pandemic; the interpretation of drill results, the
geology, grade and continuity of mineral deposits; the possibility
that any future exploration, development or mining results will not
be consistent with our expectations; risks that permits will not be
obtained as planned or delays in obtaining permits; mining and
development risks, including risks related to accidents, equipment
breakdowns, labour disputes (including work stoppages, strikes and
loss of personnel) or other unanticipated difficulties with or
interruptions in exploration and development; risks related to
commodity price and foreign exchange rate fluctuations; risks
related to foreign operations; the cyclical nature of the industry
in which American Lithium operates; risks related to failure to
obtain adequate financing on a timely basis and on acceptable terms
or delays in obtaining governmental approvals; risks related to
environmental regulation and liability; political and regulatory
risks associated with mining and exploration; risks related to the
uncertain global economic environment and the effects upon the
global market generally, and due to the COVID-19 pandemic measures
taken to reduce the spread of COVID-19, any of which could continue
to negatively affect global financial markets, including the
trading price of American Lithium’s shares and could negatively
affect American Lithium’s ability to raise capital and may also
result in additional and unknown risks or liabilities to American
Lithium. Other risks and uncertainties related to prospects,
properties and business strategy of American Lithium are identified
in the “Risks Factors” section of American Lithium’s Annual
Information Form for the financial year ended February 28, 2021,
and in recent securities filings available at www.sedar.com. Actual
events or results may differ materially from those projected in the
forward-looking statements. American Lithium undertakes no
obligation to update forward-looking statements except as required
by applicable securities laws. Investors should not place undue
reliance on forward-looking statements.
Cautionary Note Regarding Macusani
ConcessionsThirty-two of the 151 concessions held by
American Lithium’s subsidiary Macusani, are currently subject to
Administrative and Judicial processes (together, the “Processes”)
in Peru to overturn resolutions issued by INGEMMET and the Mining
Council of MINEM in February 2019 and July 2019, respectively,
which declared Macusani’s title to 32 of the concessions invalid
due to late receipt of the annual validity payments. In November
2019, Macusani applied for injunctive relief on 32 concessions in a
Court in Lima, Peru and was successful in obtaining such an
injunction on 17 of the concessions including three of the four
concessions included in the Macusani Uranium Project PEA. The grant
of the Precautionary Measure (Medida Cautelar) has restored the
title, rights and validity of those 17 concessions to Macusani
until a final decision is obtained at the last stage of the
judicial process. A Precautionary Measure application was made at
the same time for the remaining 15 concessions and was ultimately
granted by a Court in Lima, Peru on March 2, 2021 which has also
restored the title, rights and validity of those 15 remaining
concessions to Macusani, with the result being that all 32
concessions are now protected by Precautionary Measure (Medida
Cautelar) until a final decision on this matter is obtained at the
last stage of the judicial process. The favourable judge’s ruling
confirming Macusani’s title to all 32 concessions from November 3,
2021 represents the final stage of the current judicial process.
However, this ruling has been appealed by MINEM and INGEMMET.
American Lithium has no assurance that the outcome of these appeals
will be in the Company’s favour.
American Lithium (TSXV:LI)
Historical Stock Chart
From Apr 2024 to May 2024
American Lithium (TSXV:LI)
Historical Stock Chart
From May 2023 to May 2024