SOURCE: American Lithium Minerals Inc.

American Lithium Minerals Inc.

October 07, 2010 08:30 ET

American Lithium Completes Sampling Program at the Borate Hills Project

HENDERSON, NV--(Marketwire - October 7, 2010) - American Lithium Minerals Inc. (OTCBB: AMLM) ( (the "Company") has completed a sampling program over the Borate Hills Project in Nevada. A total of 465 surface and trench samples were collected from the North and South Borate Hills project. The average for all samples from North and South Borate Hills were 1348 ppm Lithium, 4621 ppm Boron and 7000 ppm Strontium. For South Borate Hills only, the average sample grades were 1537 ppm Lithium, 4945 ppm Boron and 10442 pm Strontium. Sample grades ran as high as 3000 ppm lithium (0.3%). The average results of the surface sampling program are encouraging given not all samples are from the mineralized unit as only a portion of the deposit is exposed at surface and is thought to be somewhat leached at surface.

The company has completed a mapping program of South Borate Hills and is currently mapping the North Borate Hills. Based on the sampling and mapping results, American Lithium Minerals has developed a fall drill program on the higher grade South Borate Hills project and has filed a Notice of Intent with the Bureau of Land Management for16 drill sites.

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 JOGMEC are currently completing an economic pre-feasibility study for the Borate Hills Project. 

The Nevada, United States location is strategic for the concentration of US manufacturing requiring lithium; including automotive batteries, 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 1980s, 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 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 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