Key Developments: Lithium Corp (LTUM.OB)
0.03USD
22 May 2013
$-0.01 (-19.75%)
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19,100
71,340
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Latest Key Developments (Source: Significant Developments)
Lithium Corp Signs Option Agreement to Acquire Graphite Property
Lithium Corp announced that it has signed an option agreement to acquire the Mount Heimdal Flake Graphite property in the Slocan Mining Division of British Columbia. The Mt Heimdal property is comprised of three mineral claims, which encompass 2,582 acres (1,045 hectares) of metamorphosed rock. The property is roughly six miles (10 kms) South of Eagle Graphite`s Black Crystal quarry, and is located within the same package of gneisses, graphite mineralized marbles, and calc-silicate gneisses. Data from BC Geological Survey assessment reports indicate that mineralization grading up to 4.8% graphitic carbon may be located on the property. The terms of the option agreement dictate that Lithco spend $15,000 in exploration on the property, and complete an assessment report by 30 November of 2013. Upon completion of the program and the report Lithium Corporation will earn a 100% interest in the claims, subject to a 1.5% Net Overriding Royalty to the vendor from the proceeds of production. The Company intends to conduct prospecting and geological field work on this property during the summer of 2013. Full Article
Lithium Corp Commences Drilling At Fish Lake Valley
Lithium Corp announced that a portion of the Fish Lake Valley playa in the area where anomalous lithium/boron/potash brine mineralization was discovered in 2011 has dried sufficiently to allow drilling operations. The Company has engaged Cascade Drilling for the drill program, a drill has been mobilized to the site, and drilling has commenced in the area of the anomaly. Full Article
Lithium Corp Announces Non-Brokered Private Placement
Lithium Corp announced that it has closed a non-brokered private placement, and has received $550,000 gross proceeds from the sale of 11,000,000 units. Each Unit is comprised of one warrant and one common share, and each warrant provides the subscriber the right to purchase one common share of Lithium Corporation for $0.10 USD within one year, or $0.15 USD within two years of the Closing date. Altura Mining Ltd., the sole subscribers to this private placement will have the preferential right to participate in any subsequent private placements. Lithco intends to use the proceeds from this private placement for continuing exploration on its lithium properties in Nevada, and on generative efforts in the Great Basin and elsewhere . Full Article
Altura Mining Ltd To Acquire 15% Of Lithium Corporation
Altura Mining Ltd announced that it has entered into a letter of intent to acquire 11,000,000 Lithium Corporation (OTCBB: LTUM) shares at a price of USD0.05 per share. The investment will provide Altura with a stake of approximately 15% in LTUM who are actively seeking to explore lithium and potash bearing brine deposits in Nevada, the United States. Altura will also receive a free attaching warrant (option) for an additional 11,000,000 shares exercisable at a price of USD 0.10 per share until the first anniversary of the completion of the transaction, or USD 0.15 per share if exercised during the period between the first and second anniversaries. The shares in LTUM will be in escrow for 6 months. The stake in LTUM will provide Altura with a strategic alliance and exposure to alternate lithium and potash product supply from brine deposits. Full Article
Lithium Corp Announces Non-Brokered Private Placement
Lithium Corp announced that it has signed a letter of intent with Altura Mining Limited of Brisbane Australia, whereby Altura will provide $550,000 of financing to the Company in a non-brokered private placement. The terms of the arrangement are that Lithco is to issue Altura 11,000,000 units of Lithium Corporation common stock at a price of $0.05. Each unit comprises one common share and a warrant to purchase a further common share at a price of $0.10 per share until the first anniversary of the closing of the financing, or $0.15 per share if exercised during the period between the first and second anniversaries. Full Article
Lithium Corp Makes Application To List On Canadian Exchange
Lithium Corp announced that it has submitted an application to the BC Securities Commission (BCSC) to list the Company on the Canadian National Stock Exchange (CNSX). In support of this application Lithium Corporation has filed a Preliminary Long Form Prospectus with the BCSC, which includes a 43-101 report on its Fish Lake Valley prospect, authored by James Chapman PGeo. Full Article
Lithium Corp Acquire Stake In San Emidio Property
Lithium Corp announced that it has recently acquired, at a nominal cost to the Company, a new lithium-brine property through staking in Washoe County, Nevada. The Company intends to begin the permitting process shortly on this prospect, and expects to conduct a short, shallow drilling program on the property early in 2012. Terms of the transaction were not disclosed. Full Article
Lithium Corp Commences Drilling At Cortez
Lithium Corp announced that it has commenced drilling on its Cortez/Grass Valley Lithium property. The Company has engaged the drilling arm of Pediment Gold LLC as the contractor for the drill program. Full Article
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