FOR IMMEDIATE RELEASE OTCQB: LTUM
Elko, Nevada – February 16, 2017 – Lithium Corporation [OTCQB – LTUM] “the Company” is pleased to announce that it has signed a Letter of Intent (LOI) on the Salt Wells lithium-in-brine prospect located in Churchill County Nevada.
Under the terms of the agreement Nevada Sunrise Gold Corp. (TSX-V – NEV, OTC – NVSGF) may earn a 100% interest in the property subject to a 2% Net Smelter Royalty (NSR) by making staged payments of cash and shares over the next two years. The terms are:
- $10,000 non-refundable deposit on signing the LOI
- $15,000 & issue 400,000 common shares of NEV on the later of TSX-V approval or the signing of a formal definitive agreement
- $50,000 & 500,000 shares – 1st anniversary
- $75,000 & 600,000 shares – 2nd anniversary
NEV will pay all claim and other property related fees during the earn-in phase of the agreement, and will also retain the right to purchase one half (1%) of the NSR at any time up until the third anniversary of the signing of the formal agreement for $1,000,000.
Lithium Corporation conducted exploration on the property that culminated in a multiple phase – shallow direct push drilling program in 2011. Results from that program were enigmatic, and with the then looming substantial increase of Federal claim fees, it was decided to put the property in abeyance and concentrate elsewhere. Reinterpretation of the results from all previous fieldwork indicates that efforts here should be refocused on targets that were not tested during the earlier work. Field work on this playa outlined a broad geochemically anomalous area where results as high as 750 ppm lithium, and 3920 ppm boron in sediments have been seen. To date the most anomalous lithium-in-brine result from this area has been 36.5 mg/L. The Company is looking forward to assisting Nevada Sunrise in developing this prospect in any way that we can, and look forward to a continuing association with them. For further information with regard to Lithium Corporation, please contact Tom Lewis at (775) 410-2206 or via email at info@lithiumcorporation.com
About Lithium Corporation
Lithium Corporation is an exploration company based in Nevada devoted to the exploration for energy storage related resources throughout North America, looking to capitalize on opportunities within the ever expanding next generation battery markets.
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.
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.