SOURCE: American Lithium Minerals, Inc.

American Lithium Minerals, Inc.

February 11, 2010 07:45 ET

American Lithium Minerals Closes Agreements to Acquire Borate Hills Lithium Projects

HENDERSON, NV--(Marketwire - February 11, 2010) - American Lithium Minerals, Inc. (OTCBB: AMLM) ( (the "Company") announced today that it has closed an agreement to acquire both the North Borate Hills and South Borate Hills Lithium Projects in Nevada, from the Nevada Alaska Partnership. The Projects cover 3,400 acres located 20 miles west of Chemetall Foote's Lithium Brine Operation at Clayton Valley. Map of all properties.

Judy Baker, Head of Property Development, Production and Acquisitions for American Lithium Minerals, stated, "The acquisition of the Borate Hills Lithium Projects in Nevada is a very significant project acquisition for American Lithium Minerals. The co-product mineralization of boron and lithium, high test results and the extent of the formation make it one of the more promising lithium projects in the United States."

The Borate Hills Projects were drilled by Rio Tinto subsidiary U.S. Borax in the 1980s and at the time, the company stated that the Project was the second largest boron deposit in the United States. Although US Borax initially drilled the North Borate Hills Project, discovery of the South Borate Hills Project identified a larger project with higher lithium values. The South Borate Hills Project is a strata-bound claystone unit that is approximately 1.5 miles long and up to 1,300 feet thick.

Both the North and South Borate Hills projects have surface exposure and outcrop. Recent surface sampling of the South Borate Hills Project returns boron grades of over 1% B, lithium grades of up to 0.275% Li, and Strontium credits. All other metals concentrations are low, including iron, which can be deleterious for processing.

                 B       Li
                ppm      Ppm
              -------   -----
SBH-    111       140    2100
SBH-    112       570     700
SBH-    113   > 10000    2050
SBH-    114       190   125.5
SBH-    115   > 10000    1960
SBH-    116       500     259
SBH-    117      5100    2130
SBH-    118       280    2750
SBH-    119       170    58.3
SBH-    120       200    1750

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 American Lithium Minerals

American Lithium Minerals, Inc. is an early stage lithium exploration company engaged in evaluating, developing and acquiring lithium projects, with a focus on the USA. The Company is actively working on the Montezuma Valley, Nevada lithium brine property acquired in 2009. With the United States government's growing interests in domestic production of lithium being such an important component of their green energy plan, it will become more and more advantageous to control significant resources of this particularly important element.

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 fourfold 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