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Mining: AmeriLithium Draws $500,000 For Exploration

June 18, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — AmeriLithium (OTCBB: AMEL) said it has received its third draw down from a $10 million finance agreement. The purpose of the $500,000 draw is to fund the Company's next stages of lithium exploration on its Nevada-based Paymaster Project.  The company said it received positive results from the property's gravity survey in early June.

The gravity survey purportedly identified three significant bedrock elevation lows on the company's property that warrant further exploration. Each will be tested during the next phase of geophysical exploration, which will begin within the next few weeks, according to AmeriLithium.

Nevada-based AmeriLithium's domestic 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. The plant has been in production since 1967, producing an estimated 50 million kg of lithium to date.

Lithium is a lightweight metal used in a range of consumer products, an increasingly for battery production, which has expanded significantly in recent years due to rechargeable lithium batteries being used increasingly in electrical tools and in the rapidly expanding portable electronics market.

Nevada-based AmeriLithium is a mining company that has amassed a lithium portfolio consisting of ~724,000 acres, including three Nevada-based projects, a project in Alberta, Canada, and a project in Western Australia.

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