Got this email at 8:35 am EST. NEWS RELEASE....
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NEWS RELEASE OTCBB: LTUM
FOR IMMEDIATE RELEASE
LITHIUM CORPORATION ANNOUNCES SALT WELLS DRILL PERMIT APPROVAL
RENO, NV -- May 09, 2011 -Lithium Corporation (OTCBB: LTUM) (the "Company", or "Lithco") is pleased to announce that it has recently received approval from the Bureau of Land Management for its permit application to drill on its Salt Wells Lithium property.
The Company recently reported that it had discovered lithium enriched brine mineralization in the immediate subsurface on its Salt Wells prospect of up to 38 mg/L. This lithium anomaly occurs in an area of limited sampling density that is about one and a half miles long & up to three quarters of a mile wide. Although the levels of lithium in the brine should be characterized as only moderately anomalous, the company believes that it may be indicative of a lithium brine reservoir at depth.
The Eightmile Flat portion of the Salt Wells basin where the prospect is located is large, and possibly deep, so it is anticipated that more work at intermediate depths is necessary before committing the resources to a deep drilling program. To that end a number of holes will be drilled in the upcoming drill program to depths of 150 to 300 feet subsurface in an effort to acquire information that will aid delineation of the areas containing the best lithium-in-brine mineralization.
The Company intends to begin drilling as soon as practical this spring. Weather patterns have been quite unusual across the continental US over the past several months. Portions of Nevada received above normal precipitation since late October of last year. One of the Company's concerns has been when to mobilize drill equipment to its sites that occur in closed basins, which collect and hold all the precipitation that runs off from the surrounding mountains. The combination of large volumes of water and the very fine sediments in the basins can create conditions in which it is both inadvisable to work in, unsafe, and would cause considerable surface disturbance, which is not allowed under the provisions of the BLM permits.
The Company continues to explore, and our personnel are considering options for collecting increasingly deeper brine samples from the two playas (Salt Wells and Fish Lake Valley) which are traversable on foot at this time.
For further information please contact Lithium Corporation at (888) 299-3989 or via email at info@lithiumcorporation.com We encourage all new shareholders, or other interested parties to send us their email addresses and contact information for future updates.
For further information please contact:
Lithium Corporation at
(888) 299-3989
or
info@lithiumcorporation.com
About Lithium Corporation
Lithium Corporation is an exploration company based in Nevada devoted to the exploration for new lithium resources primarily within the state of Nevada. The Company explores and eventually hopes to develop potentially economic lithium-enriched brine fields, with an eye to becoming a long-term producer of this increasingly strategic and economically important commodity.
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, including but not limited to, any mineralization, exploration and development of our mineral properties, specifically in regards to any future drilling programs.
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.
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