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Mining Industry News: Delta Mutual Acquires Argentine Lithium Deposit

May 3, 2010 (FinancialWire) — Delta Mutual, Inc. (OTCBB: DLTZ) said it has acquired a deposit of lithium and other commercial mining elements in an area of North Guayatayoc, Argentina.

The company said that it now controls 100% of an area of roughly 140,000 hectares. It added that results have been obtained from surface samples taken two areas and a sample taken from a well dug to 12 meters that demonstrate the existence of boron-potassium-lithium in the project area and its potential relation to the presence of saline paleolake.  

Lithium is considered the prime element in the production of long life batteries for use in electric autos, cell phones, solar energy panels as well as hundreds of consumer and industrial products. It has been considered in scarce supply by the industrial world.

Another mining firm, Dajin Resources, operates an Li-K project in an area directly south of Delta's property. Delta said that, given the size of Delta's property and the similarities in geological conditions with Dajin's project, it can be derived that Delta now controls a “world-class” prospect for the development of B-K-Li.

Arizona-based Delta said it is continuing its investment in the energy field and is currently in the process of opening oil wells in the Guemes area of Salta in Argentina and has partnered with major oil and gas companies to increase its presence and asset producing properties.

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