American Lithium Finalizes Water Rights/Land Acquisition and Confirms Strong Treasury Position
VANCOUVER, British Columbia, Sept. 17, 2020 (GLOBE NEWSWIRE) -- American Lithium Corp. (TSXV: LI) (OTCQB: LIACF) (Frankfurt: 5LA1) (“American Lithium” or the “Company”) a leading
lithium exploration and development operator is pleased to report the completion of a Real Estate Property Purchase Agreement to acquire over 300 acres of privately held lands and the accompanying
1,176 acre-feet of water rights pursuant to a previously signed Letter of Intent (See Company news release dated July 27th, 2020). Pursuant to the terms of the agreement, $300,000 USD
has now been paid to the vendor, leaving $1 million to be paid in equal annual installments over the next four years. The land and water acquisition provides a private land holding on which the
Company is preparing to develop a pilot plant to continue process evaluation work for the Company’s wholly owned TLC lithium project near Tonopah, Nevada.
American Lithium further reports that as a result of recent share purchase warrant and stock option exercises, the Company has $6.7 million CDN in working capital.
American Lithium CEO, Michael Kobler, states "The goal of the lithium recovery process that is and continues to be developed for the TLC project is to be as water efficient as is practically possible. That said, there is makeup water required, and our goal with this purchase is to supply all the makeup water for our project. Our target is to have minimal impact on the land and water of the area around the project, and our efficient lithium recovery process and water rights are aligned with this goal."
Stock Option Grant
American Lithium also announces that, pursuant to its Stock Option Plan, it has granted stock options to certain management and consultants to purchase an aggregate of 4,800,000 common shares of the Company at a price of $1.28 per share for a period of 5 years from the grant date. This stock option grant is subject to acceptance by the TSX Venture Exchange.
About the TLC Property
The TLC sedimentary lithium discovery is an exploration and development project located 12 kilometres northwest of Tonopah, Nev., and easily accessible by paved highway. Work to date has identified a 5.3-million-tonne measured and indicated lithium carbonate equivalent resource, with an additional 1.7 million tonnes inferred, placing the Company's resource amongst a handful of potential lithium deposits in Western North America capable of development. TLC is near surface, relatively flat-lying and a free-digging lithium sedimentary deposit that the company expects to advance through an early-stage economic study in 2020. Just south of the Crescent Dunes solar energy plant, the project is favourably located for future production given the immediate access to some of the cheapest electricity in Nevada.