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AmeriLithium Corp. (OTCBB: AMEL) $1.01. Announced Monday a corporate update on the Company's five major international Lithium projects (~724,000 acres in total); enlistment of VP Exploration & Chief Geologist and key advisory board members; securing of $10 million in funding and its use toward the completion of the initial stage of exploration on the Company's Nevada-based Paymaster Project; and research coverage on the Company by SISM Research (target price of $5.10) and Cohen Independent Research (target price of $3.63).
"These are very exciting times for us," said Matthew Worrall, Chief Executive Officer of AmeriLithium. "We're seeing our portfolio expand, our leadership team come together, and best of all, we have the financial backing necessary to make the most of those physical and human assets. To top it all off, the Company's praises are being sung by third-party coverage. Of course, we still have a lot of work ahead of us. But it's good to know we have what we need to continue moving toward our goal of becoming one of America's leading Lithium exploration companies."
LITHIUM PROJECTS UPDATE
AmeriLithium has signed agreements on five major properties, representing a total of ~724,000 acres that hold some of the world's richest Lithium resources. Three of the projects are based in Nevada, adjacent to or nearby the only Lithium producing plant in the US. The other two assets are a large project in Alberta, Canada, and a project consisting of three plays in Western Australia.
PAYMASTER PROJECT: a 5,880-acre claim block adjacent to the Clayton Valley playa, where Lithium-rich brines and evaporates have been accumulating for more than 30,000 years, resulting in the highest Lithium content found in any brines tested by the US Geological Survey (USGS) in southwestern US playas and basins. As of May 5, 2010, the first phase of a three-phase exploration program on the project was completed: the field work stages of a geophysical survey by GeoXplor Corp. Results from the survey will be made available within the next 2 to 4 weeks in a report from GeoXplor geophysicist Jim Hasbrouck. AmeriLithium will announce the survey results in due course while making photos of the Nevada site and survey available in the near future at http://www.amerilithium.com/.
CLAYTON DEEP PROJECT: a 5,280-acre (8.25 square mile) claim block covering the entire Southwest Gravity Low in Clayton Valley, Nevada. The project's placer claims lie less than 10 miles southwest of the only US-based Lithium producing plant, operated by Chemetall Foote Corporation, a subsidiary of Rockwood Holdings, Inc. The plant has been in production since 1967, producing an estimated 50 million kg (55,000+ tons) of Lithium to date from the region's rich brines.
FULL MONTY PROJECT: a 5,760-acre block (9 square miles) of federal placer mining claims in Nye County, Nevada, 25 miles north of Clayton Valley's prime Lithium-mining region. The asset's location represents excellent logistics for project exploration and development, including an established road system and high voltage power lines that cross the Company's property.
AMERICANA PROPERTY (Alberta, Canada): one of the largest claims of its type in the region, representing ~664,049 acres overlying a potential extension of the Leduc Formation and Beaverhill Lake Group strata/Swan Hills Formation. These two formations were identified by the Alberta Geological Survey (AGS) as containing formation waters containing potentially economic amounts of Lithium. The AGS recommended further analysis of the formation waters for Lithium, stating that the Lithium contents are similar to those of the only US-based Lithium plant in Clayton Valley, Nevada.
BARE ROCKS, HOFFMAN HILLS & NORMANS LAKE PROJECTS (Western Australia): three Australian plays covering 43,000+ acres around and abutting Lake Dumbleyung, where a 2007-2008 survey for Reward Minerals Ltd reported the presence of salt lake brine with a Lithium concentration of 530 mg/liter (by way of comparison, the only US-based Lithium producing plant originally began operation at 400 mg/liter).
MANAGEMENT & ADVISORS UPDATE
AmeriLithium is fortunate to have retained a Vice President of Exploration & Chief Geologist with a proven track record as impressive as Robert Allender's. With a career spanning over 30 years, Robert represents the wealth of expertise in the mineral exploration, development and mining industries needed to successfully guide the Company's exploration programs. Robert previously worked on a vast range of mineral exploration projects worldwide with key companies such as UNOCAL and Chevron Minerals, while also being responsible for the discovery of several highly significant sites in both the US and Africa.
The Company's Advisory Board, meanwhile, represents a cross-section of seasoned specialists from several industry sectors key to the world's expanding Lithium market.
ROBERT CRAIG, P.E. – CHIEF MINING ADVISOR: Robert's career of 35+ years has brought him ever growing engineering and executive experience in the mining, energy, and Lithium industries. Over the years, Robert has proven his ability to understand and manage the attendant challenges of large scale projects, whether working as an engineer on the TransAlaska Pipeline Project, Prudhoe Bay oil fields, and for the State of Alaska, or serving as Environmental Engineer for the $200 million Fort Greely Garrison projects, or acting as Environmental Manager in charge of permitting and compliance on the 10,000 ton/day cyanide heap leach project at Firstgold Corp's Relief Canyon Mine in Nevada.
MATHEW HARPE – CHIEF PHARMACEUTICAL ADVISOR: Mathew's extensive career within the pharmaceutical industry brings to AmeriLithium a wealth of experience in a market that uses Lithium in a range of products for the treatment of neurological problems including bipolar disorder and schizophrenia. Stretching back over a decade, Mathew has worked for multinational blue-chip institutions and some of the world's largest medical companies such as Astra Zeneca and Lundbeck Pharmaceuticals.
JONATHAN COOK – CHIEF IT ADVISOR: Jonathan joins the AmeriLithium team as an advisor following a long career as a consultant identifying and implementing tailored solutions to complex technical and energy-related environments in the IT sector, including Aerospace and Hydroelectric businesses. Jonathan's IT and energy-related expertise is essential to the Company successfully operating in the Lithium market where, as the US Geological Survey points out, the use of Lithium in batteries has expanded significantly in recent years due to rechargeable Lithium batteries being used increasingly in electrical tools and, more important, in the rapidly expanding portable electronics market.
ANDREW GRANT – CHIEF TECHNOLOGICAL ADVISOR: Andrew represents extreme competence in business building, management and leadership in a fast-paced market environment while working with blue-chip organizations such as IBM and Unilever. Drawing on his extensive training – BA (hons) Business Studies; MSc in IT and Management; Multi-Certified SAP Consultant – Andrew has established a track record of over nine years through major cost reduction strategies and effective profitability growth.
What They Do: AmeriLithium is a mining company committed to progressively developing into one of the leading American players in the global Lithium industry. The Company is headquartered in Lake Tahoe, NV. AmeriLithium has amassed a Lithium portfolio consisting of ~724,000 acres, including three Nevada-based projects nearby the only Lithium producing plant in the US, a large project in Alberta, Canada, and a project in Western Australia.
PetroQuest Energy (NYSE: PQ) $5.78. Today announced that the Company has entered into a joint venture agreement with WSGP Gas Producing, LLC and NextEra Energy Gas Producing, LLC, subsidiaries of NextEra Energy Resources, whereby NextEra acquired a 50% interest in the Company's undeveloped Woodford acreage position as well as 50% of the Company's Woodford proved undeveloped reserves. The Company received $60 million in cash at closing and will receive an additional $14 million in cash on November 30, 2011. If certain performance metrics are achieved the Company will receive an additional $14 million in cash on November 30, 2011. Additionally, NextEra will fund a share of the Company's future drilling costs under a two phase program.
What They Do: PetroQuest Energy, Inc. is an independent energy company engaged in the exploration, development, acquisition and production of oil and natural gas reserves in the Arkoma Basin, East Texas, South Louisiana and the shallow waters of the Gulf of Mexico.
Cliffs Natural Resources (NYSE: CLF) $50.26. Today announced that it intends to make take-over bids pursuant to which Cliffs or an affiliate would acquire all of the common shares of each of KWG Resources Inc. and/or Spider Resources Inc. not owned by Cliffs or its affiliates. Neither of the proposed take-over bids, which will be funded with Cliffs’ existing cash resources, is conditional on the completion of the other.
Cliffs intends to offer to acquire KWG at a price of Cdn.$0.13 in cash per KWG common share. This represents a premium of 62.5% over the closing price of the common shares of KWG (the “KWG Shares”) on the TSX-V on May 21, 2010. This offer price implies a total value for KWG of Cdn.$100 million. Directly or indirectly, Cliffs currently holds an aggregate of 111,733,215 KWG Shares and warrants to acquire 48,460,049 KWG Shares. This represents approximately 19.4% of the issued and outstanding KWG Shares on a fully-diluted basis.
Cliffs intends to offer to acquire Spider, also at a price of Cdn.$0.13 in cash per Spider common share, before giving effect to any share consolidation. This represents an identical 62.5% premium over the closing price of the common shares of Spider (the “Spider Shares”) on the TSX-V on May 21, 2010. The offer price implies a total value for Spider of Cdn.$86 million. Cliffs holds an aggregate of 19,642,500 Spider Shares representing approximately 3% of the issued and outstanding Spider Shares on a fully-diluted basis.
What They Do: Cliffs is an international mining and natural resources company.
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