Idaho North Resources and Lithium Corporation Form Business Alliance for Lithium Exploration in Nevada
Jun 29, 2016
OTC Disclosure & News Service
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COEUR D’ALENE, Idaho – Idaho North Resources (OTC Pink:IDAH) (“IDAH” or the “Company”) announced today that it has formed a business alliance with Lithium Corporation (OTCQB:LTUM) (“LTUM”) for the purpose of locating and exploring lithium-bearing properties in the state of Nevada.
The alliance will allow for a free flow of information, data, concepts, and techniques to be shared between the companies for their mutual benefit and to guide joint exploration efforts. This alliance is not a partnership unless a prospective property is identified and both parties agree to a form 50-50 joint venture to explore that specific property.
IDAH President Lane Griffin stated, “The increased interest in lithium, close proximity to one of the world’s largest battery plants in Reno and the only active American lithium mine near Tonopah, makes this a logical business opportunity for our company. Our focus and experience has been in Nevada and this alliance fits our objective of building shareholder value through the creative acquisition of superior mineral properties.”
About Lithium Exploration and Mining
Lithium has recently gained prominence as a component of rechargeable lithium-ion batteries which are a primary power source for the electric car industry and have the potential for many additional applications. There are relatively few active lithium mines in the world today. The most economically viable mines are lithium-in-brine operations in playas or dry lake beds where the lithium has been dissolved in ground waters and concentrated with time in a closed basin.
In order to extract lithium from brines, the salt-rich waters must first be pumped to the surface into a series of evaporation ponds where lithium-salts are precipitated by solar evaporation over several months. Because dry lake bed brines naturally occur at high elevation and in areas of low rainfall, solar evaporation is an ideal and cost-effective method for lithium-salt production.
All the current domestic production in the U.S. is from Nevada where it is recovered from these brine fields. Of the few areas in the world with lithium brine potential, the United States has the easiest access, the most advanced infrastructure, manageable climate conditions, and a regulatory environment conducive to exploration and development of clean energy sources.
About Lithium Corporation
Lithium Corporation is an energy storage materials exploration company based in Elko, Nevada. LTUM holds interests in the Fish Lake Valley and San Emidio lithium exploration projects subject to respective 80-percent Earn-In Agreement with Canadian-listed American Lithium. LTUM also maintains a strategic alliance with Australian-listed Altura Mining, which is currently developing its 100-percent owned, world-class, Pilgangoora lithium pegmatite property in Western Australia.
About Idaho North Resources
Idaho North Resources is a U.S.-based junior company exploring for gold, silver, and all metals of value, primarily along Nevada’s prolific Walker Lane Mineral and Structural Belt. The company has an Exploration Program Agreement with Coeur Mining, under which Coeur will fund, and have exclusive earn-in rights to, certain of the Company’s properties, beginning with the Klondyke Project, near the Hasbrouck gold-silver deposits.
IDAH is led by mining professionals with a proven track record of delivering value to shareholders. The Company stock is tightly held with fewer than 15 million shares outstanding and 18 million shares fully diluted. For more information, visit the Idaho North website at www.idahonorthresources.com.
This press release was prepared under the supervision and review of Lane Griffin, a Registered Member of the Society for Mining, Metallurgy and Exploration, a Licensed Geologist, and a Qualified Person as defined in NI 43-101 and has verified the technical information contained within as valid and authentic.
Cautionary Statement
Except for the historical information contained herein, certain matters discussed in this press release are forward-looking statements which involve risks and uncertainties. These forward–looking statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking statements can be identified by, among other things, the use of forward-looking language, such as the words “plan,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “may,” “will,” “would,” “could,” “should,” “seeks,” or “scheduled to,” or other similar words, or the negative of these terms or other variations of these terms or comparable or similar language, or by discussion of strategy or intentions. Such forward-looking statements include, without limitation, statements regarding future business strategy, plans and goals and other statements that are not historical facts. Forward-looking statements address activities, events or developments that the Company expects or anticipates will or may occur in the future, and are based on current expectations and assumptions. Although management believes that its expectations are based on reasonable assumptions, it can give no assurance that these expectations will prove correct. The Company does not intend to publicly update any forward–looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.