HENDERSON, NV, Jun 10 (MARKET WIRE) —
American Lithium Minerals, Inc. (OTCBB: AMLM) (www.AmericanLithium.com)
(the “Company”) is pleased to announce that Japan Oil, Gas and Metals
National Corporation (JOGMEC) has agreed to invest $4,000,000 in the
Borate Hills Project to be a Joint Venture Partner in the Project. The
JOGMEC investment will be instrumental in advancing the Borate Hills
Project through the economic pre-feasibility stage.
Stated Mr. Hugh Aird, CEO of American Lithium Minerals, “We welcome
JOGMEC as an experienced and strategic partner for the verification
process of the Borate Hills Project.”
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. JOGMEC’s investment will fund completion of an economic
pre-feasibility study for the Borate Hills Project. The project features
a very large deposit of relatively high grades of 2750 ppm lithium
(0.275%) and 10,000 ppm boron (1%).
The Nevada, United States location is strategic for the concentration of
US manufacturing requiring lithium, including automobiles, 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
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 1980′s, 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 a 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.
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.
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.
For Additional Information, Contact:
Vice President/Investor Relations
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