Lithium Corporation (LTUM)

[hazardpay]

American Lithium Acquires San Emidio

"Project generator Lithium Corporation completed exploration programs on the San Emidio property from 2009 to 2012, including sediment and brine geochemical studies, gravity geophysics, and two phases of direct push drilling. Anomalous lithium values were detected during the brine sampling program with assays ranging from trace to the highest lithium value of 80 mg/L.

(...)

As is the case at Clayton Valley, lithium concentrations in brines at San Emidio may be reasonably be expected to increase at depth.

(...)

To acquire an eighty (80%) interest in the San Emidio Property, 1067323 is required to make payments of cash and common shares, and incur exploration expenditures, as follows:

An initial cash payment of US$100,000.
Incurring exploration expenditures of not less than US$600,000, consisting of US$100,000 on or before the first anniversary, an additional US$200,000 on or before the second anniversary, and an additional US$300,000 on or before the third anniversary.
Issuing 300,000 common shares of the Company, with 100,000 common shares issuable following the acquisition of 1067323, 100,000 common shares issuable on or before the first anniversary, and 100,000 common shares issuable on or before the second anniversary.
Once 1067323 has earned an eighty (80%) interest in the San Emidio Property, it can acquire the balance of the property, subject to a two-and-one-half (2.5%) percent net smelter returns royalty, through the payment of US$1,000,000."


http://finance.yahoo.com/news/american-lithium-acquires-7-110-210900067.html