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American Lithium acquires private BC firm with 80% option on Nevada prospect

18th May 2016

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – Canadian explorer American Lithium has closed the acquisition of private British Columbia firm 1065604 BC, which held the option to earn an undivided 80% interest in the Atlantis lithium property located in Fish Lake Valley, Esmeralda County, Nevada.

Nevada was ground zero for a land rush to cash in on the strong fundamentals forecast for the price of lithium, as the electric vehicle market started to gain serious traction.

TSX-V-listed American Lithium was formerly known as Menika Mining.

Atlantis was subject to an option agreement between Nevada Sunrise Gold and a Nevada-based property vendor and, with the closing of the transaction to acquire 1065604, American Lithium now held the option to earn an 80% interest in Atlantis from Nevada Sunrise, subject to a royalty in favour of the underlying property vendor.

American Lithium had issued 4.53-million shares as payment for 1065604, and would assume 1065604's obligations regarding Atlantis. The company had made cash payments of $148 000 to Nevada Sunrise and was required to incur exploration expenditures of at least $1-million and issue up to 1.25-million common shares to Nevada Sunrise over three years.

Edited by Samantha Herbst
Creamer Media Deputy Editor

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