Business
Re: Rock Tech Closes Acquisition of Georgia Lake Lithium Project and Announces Brokered Financing Through MGI Securities
Re: Rock Tech Closes Acquisition of Georgia Lake Lithium Project and Announces Brokered Financin...
About this update from American Lithium Corp.
[{"type":"text","content":"\nRe: Rock Tech Closes Acquisition of Georgia Lake Lithium Project and Announces Brokered Financing Through MGI Securities\n\n\n Dec. 7, 2009 (TheNewswire.ca) -- Vancouver, British Columbia, Canada, December 7, 2009 - Rock Tech Resources Inc. (OOTC:RCKTF) (TSXV:RCK) (TSX-Venture: RCK; Frankfurt: RJIA)(the \"Company\" or \"Rock Tech\") is pleased to announce that it has closed and received regulatory approval on the acquisition of all of the issued and outstanding shares of James Bay Midarctic Developments Inc. and mineral leases from Lithium One Inc. (OOTC:LITHF) (TSXV:LI) in respect to the Georgia Lake Lithium Project in exchange for an aggregate of 6,300,000 common shares of the Company. All securities issued under the transaction will be subject to a four month hold period until March 21, 2010.The Georgia Lake lithium project covers 25 of approximately 50 known lithium bearing occurrences within the Georgia Lake area. A review of historical exploration work indicate that six of the eight areas on the property have cumulative historical resource estimated to be 9 million tons with a weighted average of 1.14% Li2O (lithium oxide)(source: E.G. Pye, 1965, Geological Report 31, Ontario Department of Mines). Over 200 drill holes with approximately 33,000 metres of diamond drilling were completed on the property by previous operators in the late 1950s.During 1956 to 1957 underground development was carried out on the Nama Creek claim block of the project. A vertical four-compartment shaft was sunk to a depth of 153.3 metres (503 feet) which included stations at depths of 45.7 metres (150 feet), 91.4 metres (300 feet) and 137.2 metres (450 feet). Since 1957, no effective exploration or development work has been completed on the project due to a retraction in the lithium market during that period.Paul Chow, Company President and CEO, commented, \"We are delighted to have completed the acquisition of the Georgia Lake lithium properties and to have developed a good relationship with the Vendors, James Bay Midarctic Development Inc. and Lithium One Inc. Our immediate objective is to bring historical resource estimates to NI43-101 standards and initiate a pre-feasibility study for the project. To that end, a preliminary exploratory drill program has already commenced and will serve as the basis for developing a detailed exploration plan t...