Japan Oil, Gas and Metals National Corporation (JOGMEC) to Invest $4,000,000 in American Lithium Minerals' Borate Hills Project
HENDERSON, NV--(Marketwire - 06/10/10) - American Lithium Minerals, Inc. (OTC.BB:AMLM - News) (http://www.AmericanLithium.com/) (the "Company") is pleased to announce that Japan Oil, Gas and Metals National Corporation (JOGMEC) has agreed to invest $4,000,000 in the Borate Hills Project to be a Joint Venture Partner in the Project. The JOGMEC investment will be instrumental in advancing the Borate Hills Project through the economic pre-feasibility stage.
Stated Mr. Hugh Aird, CEO of American Lithium Minerals, "We welcome JOGMEC as an experienced and strategic partner for the verification process of the Borate Hills Project."
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. JOGMEC's 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%).
The Nevada, United States location is strategic for the concentration of US manufacturing requiring lithium, including automobiles, power storage and consumer electronics, as well as a known mining state with excellent road, rail and power infrastructure. American Lithium is also active in grassroots exploration for lithium deposits in the Great Basin of the United States with ten other highly prospective projects in Nevada and Utah.
About the Borate Hills Project
The Borate Hills Project consists of the North and South Borate Hills Projects. The boron and lithium mineralization is contained in a strata-bound formation that is a combination of a claystone unit and a volcanic tuff with no clay. In the early 1980's, US Borax drilled the North Borate Hills Deposit and stated the project was the second largest boron deposit in the United States after their current producing borate mine, Kramer Borate in California. Subsequently, US Borax discovered the South Borate Hills Deposit in 1986 and identified a larger project having higher lithium values with an extent of 1.5 miles and thicknesses of up to 1300 feet.
About Japan Oil, Gas and Metals National Corporation (JOGMEC)
Japan Oil, Gas and Metals National Corporation (JOGMEC) was established on February 29, 2004 pursuant to the Law Concerning the Japan Oil, Gas and Metals National Corporation, which was promulgated on July 26, 2002. JOGMEC integrates the functions of the former Japan National Oil Corporation, which was in charge of securing a stable supply of oil and natural gas, and the former Metal Mining Agency of Japan, which was in charge of ensuring a stable supply of nonferrous metal and mineral resources and implementing mine pollution control measures.
