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Lithium One EXPANDS SAL DE VIDA LITHIUM BRINE PROJECT to
Lithium One EXPANDS SAL DE VIDA LITHIUM BRINE PROJECT to
About this update from American Lithium Corp.
[{"type":"text","content":"\nLithium One EXPANDS SAL DE VIDA LITHIUM BRINE PROJECT to\n\n\n Sep. 10, 2009 (TheNewswire.ca) -- Lithium One Inc (the \"Company\")(TSX-V: LI), is pleased to announce that it has signed a definitive option agreement to acquire a 100% interest in an additional 4,390 hectares of the Salar del Hombre Muerto in northwest Argentina. The new property adjoins the ground recently optioned from Maktub Compañía Minera SRL (\"Maktub\") and increases the area of the Company's Sal de Vida lithium brine project to approximately 194 square kilometres.The Company has now consolidated the majority of the eastern portion of Salar del Hombre Muerto into the new Sal de Vida project. The western half of the salar is the site of Argentina's only commercial scale lithium mining operation, Fénix, owned by Minera del Altiplano, a subsidiary of FMC Corporation. (NYSE:FMC) The 2008 production from the Fénix operation represented nearly 14% of the total world production of lithium metal [Sources: Economics of Lithium 11th Edition, Roskill Information Services (2009); FMC Website].Lithium One has initiated an exploration program on the Sal de Vida project, with the intent to advance the project to a feasibility decision in 2010.Property AgreementThe Company is acquiring the properties, referred to as the Agustin, Luna Blanca, and Rodolfo claims, from a private individual (the \"Vendor\") through a Purchase Option. Completion of the Purchase Option payments results in a 100% ownership of the property, with no retained royalty. Lithium One (OOTC:LITHF) (TSXV:LI) is committed to paying the first two instalments, with the option to pay instalments three to seven in order to complete the Purchase Option. The schedule of payment is:1. US$35,000 on or before September 15th, 20092. US$40,000 on or before October 1st, 20093. US$45,000 on or before November 1st, 20094. US$60,000 on or before December 1st 20095. US$100,000 on or before February 1st, 20106. US$100,000 on or before April 1st, 20107. US$100,000 on or before June 1st, 2010The Vendor has the option to take the last two payments as shares in Lithium One, specifically 50,000 shares for payment 6 and 50,000 shares for payment 7.Closure of this agreement is subject to approval by the TSX Venture Exchange.Review by Qualified PersonThe technical portions of this news release have been review...