American Lithium Commences Metallurgical Work on the Borate Hills Project
14 September 2010 - 10:30PM
Marketwired
American Lithium Minerals Inc. (OTCBB: AMLM)
(www.AmericanLithium.com) (the "Company") has commenced
metallurgical testing on its Borate Hills Project in Nevada. The
first phase will determine the initial leach conditions that will
extract the pay metals, lithium and boron. The work will be
completed by the SGS Group.
The Borate Hills Project is a large co-product lithium and boron
deposit located 20 miles west of the only producing lithium mine in
North America. American Lithium and Japan Oil, Gas and Metals
National Corporation (JOGMEC) are currently completing an economic
pre-feasibility study for the Borate Hills Project. The project
features a very large deposit of relatively high grades of 2750 ppm
lithium (0.275%) and 10,000 ppm boron (1%).
The Nevada, United States location is strategic for the
concentration of US manufacturing requiring lithium; including
automobiles, power storage and consumer electronics; as well as a
known mining state with excellent road, rail and power
infrastructure. American Lithium is also active in grassroots
exploration for lithium deposits in the Great Basin of the United
States with ten other highly prospective projects in Nevada and
Utah.
About the Borate Hills Project
The Borate Hills Project consists of the North and South Borate
Hills Projects. The boron and lithium mineralization is contained
in a strata-bound formation that is a combination of a claystone
unit and a volcanic tuff with no clay. In the early 1980's, US
Borax drilled the North Borate Hills Deposit and stated the project
was the second largest boron deposit in the United States after
their current producing borate mine, Kramer Borate in California.
Subsequently, US Borax discovered the South Borate Hills Deposit in
1986 and identified a larger project having higher lithium values
with an extent of 1.5 miles and thicknesses of up to 1300 feet.
About Japan Oil, Gas and Metals National
Corporation (JOGMEC)
Japan Oil, Gas and Metals National Corporation (JOGMEC) was
established on February 29, 2004 pursuant to the Law Concerning the
Japan Oil, Gas and Metals National Corporation, which was
promulgated on July 26, 2002. JOGMEC integrates the functions of
the former Japan National Oil Corporation, which was in charge of
securing a stable supply of oil and natural gas, and the former
Metal Mining Agency of Japan, which was in charge of ensuring a
stable supply of nonferrous metal and mineral resources and
implementing mine pollution control measures.
About American Lithium Minerals
American Lithium Minerals is a U.S.-based mineral exploration
company focused on the development of lithium and boron resources
in Nevada. The company's key objective is to develop a world-class
lithium projects that will capitalize on surging demand for
lithium-ion batteries, particularly for hybrid and electric
vehicles. Lithium is a high-priority and strategic mineral for the
U.S. The country's green energy legislation and long-term energy
policies depend on developing a vibrant, domestic lithium-ion
battery manufacturing sector.
About Lithium
As a result of lithium-ion battery demand for hybrid-electric
and electric cars, the increase in demand for lithium carbonate is
expected to increase four-fold over the next decade. High demand
and low supply has already resulted in an increase in lithium
carbonate (Li2CO3) prices. There is currently only one producer of
lithium carbonate in the United States, Chemetall's Clayton Valley
Operation. The Great Basin of the United States represents
excellent potential for the discovery of new lithium brine deposits
and American Lithium Minerals is well positioned for detection with
its projects. Lithium is used for batteries, specialty glass,
lubricants, pharmaceuticals and lithium alloys. Lithium ion
(Li-ion) batteries have become the rechargeable battery of choice
in cell phones, computers, hybrid-electric cars and electric cars.
GM, Ford, Toyota, Dodge, Chrysler, Mitsubishi, Nissan, Tesla,
Saturn and Mercedes-Benz have all announced plans to build Li-ion
battery-powered cars. Demand for lithium-powered vehicles is
expected to increase fivefold by 2012. The domestic automotive
industry must secure a lithium source to supply the next generation
of hybrid-electric and electric vehicles. Over 60% of cell phones
and 90% of laptops use lithium batteries. The worldwide market for
lithium batteries is estimated at over $4 billion per year.
Forward-Looking Statements
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with
mineral exploration and difficulties associated with obtaining
financing on acceptable terms. We are not in control of lithium
prices and these could vary to make development uneconomic. These
forward-looking statements are made as of the date of this news
release, and we assume no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those projected in the forward-looking statements.
Although we believe that the, plans, expectations and intentions
contained in this press release are reasonable, there can be no
assurance that such beliefs, plans, expectations or intentions will
prove to be accurate. Investors should consult all of the
information set forth herein and should also refer to the risk
factors disclosure outlined in our most recent annual report for
our last fiscal year, our quarterly reports, and other periodic
reports filed from time-to-time with the Securities and Exchange
Commission.
For Additional Information, Contact: Stephen Cook Vice
President/Investor Relations Tel: 877-717-2656 E-mail:
info@americanlithium.com
American Lithium Minerals (PK) (USOTC:AMLM)
Historical Stock Chart
From Jan 2025 to Feb 2025
American Lithium Minerals (PK) (USOTC:AMLM)
Historical Stock Chart
From Feb 2024 to Feb 2025