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Mining Industry News: AmeriLithium Receives 2nd $10 Million From Exploration Finance Deal

May 6, 2010 (FinancialWire) – AmeriLithium (OTCBB: AMEL) said it has received its second draw down from a $10 million finance agreement struck on April 29 to accelerate the company's ongoing U.S. exploration program on its Paymaster Project in Nevada.

The first phase of a three-phase exploration program on the Paymaster asset is currently about to conclude, the company said in a statement. That phase encompasses a gravity survey over the claim area to determine the depth of the basin and define areas of maximum potential for lithium brine concentrations.

AmeriLithium said that a second exploration phase includes completing a 2d seismic survey over the claim block to delineate the depth and thickness of the Lithium rich layers.

If results from the gravity and seismic surveys are successful, the third phase would be recommended: a drill program to define reserves and establish the grade of lithium mineralization within the delineated basins that contain anomalous amounts of lithium.

AmeriLithium said that its Paymaster Project represents a 5,880-acre claim block adjacent to the Clayton Valley playa. Clayton Valley is home to the only U.S.-based lithium producing plant, operated by neighboring Chemetall Foote, a subsidiary of Rockwood Holdings, Inc. 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, with expanded use in recent years due to rechargeable lithium batteries being used increasingly in electrical tools and in the portable electronics market.

Nevada-based AmeriLithium has amassed a lithium portfolio consisting of ~724,000 acres, including three Nevada-based projects in the U.S., a project in Alberta, Canada, and a project in Western Australia.

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