LITHIUM CARBONATE
Chile provides approximately 50% of the world production of lithium carbonate, locating it as the most important world producer. This industrial mineral is the third most important product, positioned after iodine and potassium nitrate, with exports of more than 42,586 tons, which was valued at US$ 222 million in 2008. The large lithium reserves in the Atacama Salar, in the Region of Antofagasta, are estimated to hold 3 million tons of lithium, placing Chile among the countries with major reserves.
Mammoth Energy Group to Initaite Chilean Subsidiary
Alternative Energy Mining Company Currently Under Negotiation With Seven Other Lithium Developments
NEW YORK, NY--(November 18, 2010) - Mammoth Energy Group Inc. (PINKSHEETS: MMTE) a lithium and alternative energy mining company with concessions located near Copiapo, Chile, announced that it is in the process of creating a Chilean subsidiary to handle its lithium developments.
The company expects that this subsidiary will formalize its agreements imminently. The new company once finalized will be named LithiumInvestments S.A.
"This is the next step for us as we move into 2011 and as we begin to initiate the development of lithium," said William Lieberman
Mammoth has signed a Letter of Intent with Salt Gold Inter Chile Limitada whose concessions consist of 1008 acres in the Salar de Maricunga. Preliminary results of drilling and chemical analysis from its project under development has returned results and confirmed the presence of lithium -- potassium brine bearing aquifers. Brine Concentrations averaged grades of 650 ppm (parts per million) for lithium and 9500 ppm for potassium. These results confirm a significant third dimension to surface brines sampled on the project. The brine chemistry in the first test wells compares favorably to other Lithium companies in the region including the large multi-national Lithium producers whose estimates in the Atacama and throughout the region average 500 to 750 ppm Lithium and 9000-10000 ppm for potassium. Mammoth is currently under negotiation with seven other lithium developments whose total acreage may exceed 15,000 hectares.9:08,
or 31,000 acres worth up to 30K per
