American Lithium Minerals Inc. (OTC BB: AMLM.) high-grade Borate Hills property in western Nevada, is one of the world’s premier known lithium deposits and ranked by previous operator US Borax as the second-largest boron deposit in the U.S. A $4.5 million exploration and development program is aimed at completing an economic pre-feasibility study on the Borate Hills Project to advance the project to the feasibility stage.
Moving Borate Hills to Feasibility PhaseI
-Intent is to advance to feasibility by spring 2011
-Investing US$4.5 million dollars over the next year to complete an economic pre-feasibility study
-Phase I will include surface sampling, reconnaissance drilling and metallurgical testing.
The Borate Hills Project is a large co-product lithium and boron deposit located 20 miles west of the only producing lithium mine in North America. Recently reported Japan Oil, Gas and Metals National Corporation (JOGMEC) investment will fund completion of an economic pre-feasibility study for the Borate Hills Project. The project features a very large deposit of relatively high grades of 2750 ppm lithium (0.275%) and 10,000 ppm boron (1%).
Also, AMLM owns 100% of the mineral rights to four claim blocks comprising some 16,000 acres strategically located in Esmeralda County Nevada in close proximity to major support centers and a local trained workforce.
Nevada’s lithium-rich Montezuma Valley neighboring Clayton Valley in Esmerlda County, is estimated to be the world’s second largest lithium reserve, containing an estimated 700 million kg of lithium.
Demand for lithium-powered vehicles is expected to increase fivefold by 2012. The domestic automotive industry must secure a lithium source to supply the next generation of hybrid-electric and electric vehicles.
The mission of American Lithium Minerals Inc. is “To be the premier emerging mining company creating stakeholder value through responsible and sustainable growth.
The president has signed a $790 billion economic stimulus plan that includes $5 billion for the development of a domestic battery industry including:
- $2 billion in loans, grants and tax credits to help stimulate the development and large-scale domestic
production of advanced, lithium-ion batteries for hybrid and electric cars.
- Up to $2.4 billion in tax credits for building battery plants.
- Another bonus included is a $7,500 tax credit for people who purchase plug-in hybrid cars, which will
indirectly boost lithium-ion battery production.
• GM has announced plans to build a lithium-ion (Li-ion) battery plant to supply the power for its
Chevy Volt, scheduled to debut in 2011.
• BMW plans to launch its remodeled Li-ion battery-powered 750i luxury sedan to the Japanese in
2010. This year, the company is producing 500 all-electric MINI Es, also with Li-ion batteries, for
leasing in select cities.
• Toyota plans to launch plug-in hybrid Priuses with Li-ion batteries later this year.
• Mercedes-Benz plans to launch its S400 Blue HYBRID with a Li-ion battery next year.
• The Ford Escape plug-in hybrid with the same power technology is slated for 2012.
• The Tesla Roadster, Chyrsler EcoVoyager, Dodge ZEO, Jeep Renegade and the Saturn Flextreme are all
slated for li-ion batteries.
• Nissan will use Li-ion batteries for the 65,000 hybrids they hope to manufacture by 2010.
• Mitsubishi Motors Corp. anticipates that demand will increase fivefold to meet the needs of electric
According to the U.S. Geological Survey (USGS) ,demand for lithium destined for battery usage is predicted to grow by 20% per year!