American Lithium Minerals Closes Gold Summit Transaction
HENDERSON, NV–(Marketwire – 02/03/10) – American Lithium Minerals, Inc. (OTC.BB:AMLM – News) 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.
