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Mining Industry News: AmeriLithium Buys Nevada Project

April 29, 2010 (FinancialWire) — AmeriLithium (OTCBB: AME) said it has recently executed a definitive agreement thereby acquiring 100% of the assets of the 5,760-acre Full Monty project in Nye County, Nevada. According to the company, the federal placer mining claims lie 25 miles north of Clayton Valley's prime Lithium-mining region.

Clayton Valley is home to the only U.S.-based Lithium producing plant, operated by Chemetall Foote, a subsidiary of Rockwood Holdings. The plant has been in production since 1967, producing an estimated 50 million kg of lithium to date from the region's brines.

Lithium is a lightweight metal used in a range of consumer products. The medical industry uses Lithium as an anti-depressant, while industrial uses include glass, ceramic and porcelain enamel manufacture. The aviation industry uses Lithium in alloys. Of particular interest is the use of Lithium for battery production, which has expanded significantly in recent years due to rechargeable lithium batteries being used increasingly in electrical tools and in the portable electronics market.

According to AmeriLithium, the Full Monty location represents favorable logistics for project exploration and development, including an established road system and high voltage power lines that cross the company's property.

Robert Allender, AmeriLithium's VP of exploration and chief geologist, said that gravity lows and geothermal highs in this area of Nevada are clear indications of subterranean sources for the widespread occurrences of precious and base metals, lithium, and other minerals, as well as geothermal resources.

Nevada-based AmeriLithium is a mining company that has amassed a lithium portfolio consisting of ~718,000 acres, including two Nevada-based projects, a project in Alberta, Canada, and a project in Western Australia.

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