Lithium Corporation (OTCQB:LTUM) (“LTUM” or “the Company”), a North American corporation focused on energy metals for the growing energy storage sector and high-tech industries, wishes to announce the Company has increased the size of its land holdings at Fish Lake Valley, and agreed to extend the due diligence period under the Letter of Intent (LOI) with Altura Mining Limited (ASX:AJM) whereby Altura may earn a 60% interest in the Company’s Fish Lake Valley lithium-in-brine prospect in Esmeralda County, Nevada.
Over the past several months, LTUM has been gradually expanding the size of the Fish Lake Valley prospect. Currently, the Company’s holdings here are 6,873 acres (2,781 ha’s), up considerably from the beginning of the year holdings of 1,440 acres (523 ha’s). The land package has been expanded to cover areas identified earlier as possibly also prospective for hosting lithium brine resources, similar to the main zone.
As outlined in earlier press releases, Lithium Corporation signed an LOI with Altura Mining Limited whereby Altura will earn a 60% interest in the Fish Lake Valley prospect by conducting $2,000,000 worth of exploration work on the property, and paying LTUM $575,000 and issuing $400,000 worth of Altura common shares in staged payments over the next four years. While Altura has fulfilled all obligations under the LOI to date, they requested the due diligence period under the agreement be shifted from July 31st to August 31st. The need to do so is the result of Australian reporting requirements. Given Lithium Corporation’s long-standing relationship with Altura, the Company is happy to accommodate the request and aid in any way possible. In the meantime, work progresses on the formal agreement governing the earn-in, and the parties have been in talks as to how best move the prospect forward once the formal agreement is in place.
About Lithium Corporation
Lithium Corporation is an exploration company based in Nevada devoted to the exploration for energy storage related resources throughout North America, and looking to capitalize on opportunities within the ever-expanding next generation energy storage markets. The Company has maintained a strategic alliance with Altura Mining for the past eight years. Website: www.lithiumcorporation.com.
Tom Lewis, CEO
About Altura Mining Limited
Altura Mining Limited is an ASX/OTC listed exploration and development company based in Perth, West Australia that is a significant investor in Lithium Corporation and has been a collaborator with Lithium Corporation since 2012. Website: www.alturamining.com
Notice Regarding 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.
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 minerals 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.
SOURCE: Lithium Corporation