SOURCE: American Lithium Minerals, Inc.

February 09, 2010 08:30 ET

American Lithium Minerals Closes Agreements for Four New Projects

HENDERSON, NV--(Marketwire - February 9, 2010) - American Lithium Minerals, Inc. (OTCBB: AMLM) (www.americanlithium.com) (the "Company") announced today that it has closed an agreement with Nevada Mining Co. Inc. to acquire three Exploration Lithium Brine Projects in Nevada and one Lithium Brine Project in Utah. The Nevada Lithium Brine Projects are the Sarcobatus Deep Project, Teels Marsh Deep Project, and Fish Lake Deep Project. The Utah Lithium Brine Project is the Paradox Project. American Lithium Minerals will immediately move into the verification phase for these properties. Map of all properties.

Stated Hugh Aird, CEO and President of American Lithium Minerals, "The importance of the U.S. Government's commitment to the domestic production of lithium could not be more evident than in the fact that the Chemetall Foote, Clayton Valley facility was recently awarded $28.4 million dollars in stimulus funds for the production of lithium materials for advanced transportation batteries." Mr. Aird continued, "Three of these newly acquired properties, along with our 16,000 acres in Montezuma Valley (which borders Clayton Valley) are all in the immediate geographic vicinity of the Chemetall Foote facility and are topographically consistent as well. All of these properties have shown extremely high ppm lithium results in sampling tests and are terrific additions to our growing portfolio of properties."

The Sarcobatus Deep Project is located 35 miles south of Chemetall Foote's Lithium Brine Operation at Clayton Valley. The Project consists of 2,100 acres centered on the gravity low for the basin. Sampling of playa in the Sarcobatus Basin has identified anomalous lithium values of 280 to 340 ppm lithium.

The Teels Marsh Deep Project is 4,800 acres located 40 miles northeast of Chemetall Foote's Lithium Brine Operation at Clayton Valley. Sampling in Teel Marsh has identified anomalous lithium values of up to 550 ppm lithium in the playa and 850 ppm lithium in the springs.

The Fish Lake Deep Project is located 25 miles west of Chemetall Foote's Lithium Brine Operation at Clayton Valley. The Project consists of 3,640 acres centered on the gravity low for the basin. Sampling at Fish Lake has identified anomalous lithium values of up to 1020 ppm lithium in the playa and 350 ppm lithium in the surface brines.

The Paradox Project in Utah is 1,220 acres located 5 miles northwest of the Intrepid Potash Solution Mine. Artesian brines in this area contain up to 1700 ppm 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 by 2017. High demand and low supply has already pushed lithium carbonate (Li2CO3) prices to US$6,600.00 per ton. 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 both its current and four newly acquired projects.

About Lithium

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

This current report contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, future prices for lithium carbonate (Li2CO3), that lithium-ion battery demand for hybrid-electric and electric cars is expected to increase four fold by 2012, that demand for lithium-powered vehicles is expected to increase fivefold by 2012, or the existence of any commercially recoverable lithium carbonate on the Green Energy lithium project in Utah.

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 beliefs, 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.

Contact Information

  • For Additional Information, Contact:
    Stephen Cook
    Vice President/Investor Relations
    Tel: 877-717-2656
    E-mail: info@americanlithium.com