SOURCE: American Lithium Minerals, Inc.
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February 03, 2010 08:34 ET
American Lithium Minerals Closes Gold Summit Transaction
HENDERSON, NV--(Marketwire - February 3, 2010) - American Lithium Minerals, Inc. (OTCBB: AMLM)
www.americanlithium.com (the "Company") announced today that it has
closed its transaction with the Gold Summit Corporation previously
announced on January 5, 2010. American Lithium Minerals entered into an
agreement to acquire 5 grassroots exploration brine projects in Nevada from
Gold Summit Minerals.
Stated Hugh Aird, CEO and President of American Lithium Minerals, "Having
completed all of our due diligence of these target properties, we are
excited to now take control and will immediately move into the verification
phase." Mr. Aird continued, "A look at a map of the
properties we now control and their proximity to the only operating
lithium facility in the United States graphically shows how we are
strategically positioning American Lithium Minerals through control of
essential assets."
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
five 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 interest 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-Fiat, 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.