Pan American Lithium Corp.
TSX VENTURE : PL

Pan American Lithium Corp.

February 19, 2010 15:08 ET

Pan American Lithium Corp. Announces the Results of Depth Soundings on Its Laguna Verde Project

TUCSON, ARIZONA--(Marketwire - Feb. 19, 2010) - Pan American Lithium Corp. (TSX VENTURE:PL) ("Pan American" or the "Company") is pleased to announce that it has received initial results of a bathymetric survey conducted on its wholly-owned Laguna Verde Project located in Atacama Region III, Chile. This survey determined the depth of the lake at 17 sample points and is part of an ongoing detailed sampling program to determine a National Instrument 43-101 compliant resource estimate, expected to be finalized by the end of the first calendar quarter, 2010. The deepest sounding taken was 60 meters and the average mean depth of the lake is estimated to be 33 meters. At each point a brine sample was taken at minimum depths of 0.5 meters. The UTM (Universal Trans Mercator) grid coordinates and the lake bottom depths are as follows:

  (COORDINATES UTM SIST. WGS 84)  
POINT NORTHING EASTING DEPTH (meters)
1 7026100 555100 30
3 7025000 553800 10
4 7025400 554000 35
5 7025900 554300 42
6 7026600 554600 36
7 7026900 554900 38
8 7026900 554000 30
10 7025800 552500 35
11 7026200 552600 32
12 7026700 553000 60
13 7027100 553300 50
14 7027600 553500 49
16 7026400 552100 36
17 7026200 551200 34
18 7026500 551500 40
19 7027300 551900 32
22 7027100 550700 35

In light of the preliminary results of this survey, Pan American intends to focus its sampling program to systematically collect brine waters of the lake at various depths, at the same coordinates, using specialized sampling equipment. These samples will be submitted for analysis to an ISO-certified laboratory. Concurrently, the Company will continue to take depth measurements of the lake in order to confirm an estimate of its volume. The Company expects to deliver the results of this phase of the scoping study sometime during the first calendar quarter of 2010.

The Laguna Verde Project is intended to exploit the lithium and potassium bearing brines contained in a 15 square kilometre surface lake in the foothills of the Chilean Andes. Pan American is conducting this initial sampling as part of its resource estimate and initial scoping study at Laguna Verde. Because Laguna Verde is an above-ground lake, its brine waters can be readily sampled and represents a potential resource that may be quickly calculated, with a production cost that could be the lowest among other sources of lithium.

Pan American also has an existing portfolio of rights in nine salars in Region III of Chile (including Laguna Verde), covering a cumulative area in excess of 11,500 hectares and the option to acquire an interest in a geothermal brine project in Mexico.

The Qualified Person responsible for the technical content of this news release is John Hiner, L.P.Geo., who has reviewed and approved the details contained herein.

On Behalf of the Board,

PAN AMERICAN LITHIUM CORP.

Andrew A. Brodkey, President and CEO

This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company such as the statement that the Company: (i) intends to conduct depth measurements of the lake to determine an estimate of depth; (ii) expects to deliver the results of this phase of the scoping study sometime after the first calendar quarter of 2010; and (iii) the project is intended to exploit the lithium and potassium bearing brines contained in a 15 square kilometre surface lake; and (iv) believes that the brine waters can be readily sampled and represents a potential resource that may be quickly calculated, with a production cost that could be the lowest among other sources of lithium. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) a decrease in demand for and price of lithium; (iii) general uncertainties with respect to mineral exploration in general; (iv) changes in the political or regulatory environment in Chile; and (v) inability to raise required financing or execute the Company's business plan. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.

Neither 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 release.

Contact Information

  • Pan American Lithium Corp.
    Damien Lowry
    Toll Free: 1-866-669-9377