Business
Coniagas Resources Limited - Press Release
TSX VENTURE EXCHANGE SYMBOL: CNY SHARES OUTSTANDING: 12,527,492
About this update from American Lithium Corp.
[{"type":"text","content":"\n\n\n\nTSX VENTURE EXCHANGE\n\n\nSYMBOL: CNY\n\n\nSHARES OUTSTANDING: 12,527,492\n\n\nTORONTO, April 11 /CNW/ - Coniagas Resources Limited ("Coniagas" or the\n"Company") (TSXV: CNY) announces that it has entered into an option agreement\ndated effective March 29, 2008, with five arm's length parties, including La\nSociete De Development De La Baie James (the "Optionors") to acquire a 100%\ninterest in the Cyr Lithium Prospect located in Northwestern Quebec. Under the\nagreement, in order for Coniagas to earn a 100% interest in the property it\npaid $60,000 and 500,000 common shares have been transferred to the Optionors\nfrom significant shareholders of the Company. In addition, Coniagas must issue\n1,000,000 common shares to the Optionors on the first and second anniversaries\nof the option agreement. In the event that the value of the 2,500,000 does not\nequal or exceed $5,000,000 on the third anniversary of the option agreement\n(based on the 20 day weighted average price of the shares prior to such date)\nthen Coniagas shall pay the Optionors the difference between the market value\nof the shares and $5,000,000. Coniagas must also issue 500,000 shares to\nsignificant shareholders to replace the initial 500,000 shares transferred to\nthe Optionors.\n\n\nMr. Maurice Colson, President of the Company has stated, "We are very\nexcited to have optioned the Cyr Lithium Prospect and pleased to have the\nJames Bay Development Corporation become a shareholder of the Company".\n\n\nThe Cyr Lithium Prospect is located roughly 100 km due east of James Bay\nand 383 km north of Matagami, Quebec. The property covers an area of roughly\n19 square kilometers. Previous work on the property conducted in the 1970s\ndefined an area of 45,000 square metres of outcropping spodumene pegmatite\ndykes. Approximately 75% of the pegmatite outcrops were sampled through\npercussion drilling and trenching with the dust material of 277 vertical short\nholes returning an average grade of 1.7% Lithium. Mapping conducted implies\noutcrop defined lithium reserves at 121,500 tonnes per vertical metre grading\nat 1.7% Lithium. Based on these figures, a hypothetical deposit with a depth\nof 100 metres would contain in excess of 12 million tonnes of Lithium ore.\n\n\nAll resource estimates quoted herein are based on data and...