Lithium Corporation (LTUM)

[Jerry70]

$ LTUM. Over the past several months, LTUM has been gradually expanding the size of the Fish Lake Valley prospect. Currently, the Company's holdings here are 6,873 acres (2,781 ha's), up considerably from the beginning of the year holdings of 1,440 acres (523 ha's). The land package has been expanded to cover areas identified earlier as possibly also prospective for hosting lithium brine resources, similar to the main zone.

As outlined in earlier press releases, Lithium Corporation signed an LOI with Altura Mining Limited whereby Altura will earn a 60% interest in the Fish Lake Valley prospect by conducting $2,000,000 worth of exploration work on the property, and paying LTUM $575,000 and issuing $400,000 worth of Altura common shares in staged payments over the next four years.

While Altura has fulfilled all obligations under the LOI to date, they requested the due diligence period under the agreement be shifted from July 31st to August 31st. The need to do so is the result of Australian reporting requirements. Given Lithium Corporation's long-standing relationship with Altura, the Company is happy to accommodate the request and aid in any way possible. In the meantime, work progresses on the formal agreement governing the earn-in, and the parties have been in talks as to how best to move the prospect forward once the formal agreement is in place. GO > $LTUM