Lithium occurs at the project over an extensive area with values as high as 1,700 ppm lithium (0.9% Li2CO3) in saturated brine. The brine was discovered in the 1960s when oil exploration wells encountered blow-outs drilling into Bed #31 of the Paradox Formation. The pressurized free-flowing brine interrupted drilling operations and was considered a nuisance, rarely chemically analyzed or flow-rate tested. Over twenty oil exploration wells have been drilled on the Green Energy project; five of these wells have analytical data for lithium. Below is a summary of this data:
Lithium brine mines are more economic to mine and process than conventional open-pit or underground mines. Given the favorable climate of the area, solar evaporation can be used to concentrate the brine to enhance project economics. World-class lithium brine mines range in grade from 150 ppm to 1,200 ppm lithium and employ proven solar evaporation concentration techniques.
The project is currently being evaluated by American Lithium through all available recent and historic exploration drilling logs. A professional engineering firm will be engaged to evaluate drilling data, reservoir potential and extraction methods at the Green Energy project.
While the Company has no reason to doubt the accuracy of the historical results, the data should not be relied upon until confirmed by the Company’s own exploration. Historical results and the work that generated them pre-date the enactment of National Instrument 43-101 and accordingly may not meet the requirements of that policy. There are no 43-101 mineral reserves or mineral resources on the Green Energy lithium project. The potential quantity and grade indicated above is conceptual in nature and has been provided only for illustration purposes.
Additionally the company announced an internal reorganization whereby Mr. Hugh Aird, former Vice-Chairman of Merrill Lynch Canada will move from Vice President of Business Development to CEO. "In this capacity, Hugh Aird can better continue to use his contacts and mergers and acquisitions expertise to the full benefit of the exponential growth of American Lithium Minerals," stated Mr. Matthew Markin, Chairman of the Board. "Judy Baker will continue to concentrate her efforts on development of our premier properties as well as supporting Hugh with our mergers and acquisition plans."
Lithium is used for batteries, specialty glass, lubricants, pharmaceuticals and lithium alloys. Lithium ion (Li-ion) batteries have become the rechargeable battery of choice in cell phones, computers, hybrid – electric cars and electric vehicles. GM, Ford, Toyota, Dodge, Chrysler, Mitsubishi, Nissan, Tesla, Saturn and Mercedes-Benz have all announced plans to build Li-ion battery-powered cars. 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. Over 60% of cell phones and 90% of laptops use lithium batteries. The worldwide market for lithium batteries is estimated at over $4 billion per year.
American Lithium Minerals Inc. is an early stage lithium exploration company engaged in evaluating, developing and acquiring lithium projects, with a focus on the USA.