Amerilithium Pays Annual Maintenance Fees On Nevada-Based Lithium Properties And Optimizes Claim Holdings To Reduce Fee Costs
HENDERSON, NV, Sept. 7, 2012 /PRNewswire/ -- Amerilithium Corp. (OTCQB: AMEL) ("Amerilithium" or the "Company") is pleased to announce it has paid its annual Bureau of Land Management (BLM) maintenance fees for its four Nevada-based lithium properties: Paymaster, Full Monty, Clayton Deep and Jackson Wash.
Due to the increase in maintenance fee costs from 2011 to 2012 caused by changes in the BLM's payment structure, the Company has also optimized its claim holdings in two of the properties (Paymaster and Full Monty) to significantly reduce its maintenance fee costs while retaining all claims representing planned drilling targets and all areas of significant exploration interest. Based on the original property holdings, combined maintenance fees would have increased by more than $59,400.00 or approximately 274% over last year. However, following the optimization of the property holdings, overall maintenance fee costs for both of the properties combined were reduced by $54,218.50 or approximately 67%.
The Paymaster property previously consisted of 5,880 acres comprised of 23 claims of 160 acres and 55 claims of 40 acres. The new property holdings now consist of 3,160 acres comprised of 6 claims of 160 acres and 55 claims of 40 acres. In turn, overall maintenance fee costs were reduced by $19,388.50 or approximately 45%.
The Full Monty property previously consisted of 5,300 acres comprised of 66 federal placer mining claims. The new property holdings now consist of 480 acres comprised of six (6) federal placer mining claims. Overall maintenance fee costs were reduced by $34,830 or approximately 91%.The Company's Chief Executive Officer, Matthew Worrall, commented: "After carefully studying all of our past geophysical and drill exploration data, it became clear that by divesting the claims in question, we could retain all the exploration areas we see as significant while minimizing our maintenance fee overhead. This decision was the best course of action for the Company in terms of fiscal management while still maintaining our full asset potential." Additional Information More information on the Paymaster and Full Monty lithium projects, and additional information regarding the Company, can be found at Amerilithium's corporate website www.amerilithium.com along with the facility to sign up for regular news updates. About Lithium Lithium is a lightweight metal used in a wide range of consumer products all over the world: the medical industry uses lithium as an anti-depressant; industrial uses include glass, ceramic and porcelain enamel manufacture; and 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 rapidly expanding portable electronics market. Furthermore, the next generation of hybrid and electric vehicles are being designed to use high-capacity lithium-ion batteries as environmentally-friendly fuel alternatives, while the Obama administration has introduced $5 billion in funding and incentives for the development of a secure, domestic battery industry with special focus on lithium-ion batteries. About Amerilithium Amerilithium is a publicly traded (OTCQB: AMEL) mining company committed to progressively developing into one of the leading U.S. companies in the global lithium industry. The Company is headquartered in Henderson, NV. Amerilithium has amassed a lithium portfolio consisting of approximately 719,779 acres, including four Nevada-based projects near the only lithium producing plant in the U.S., a large project in Alberta, Canada, and a project in Western Australia. Forward Looking Statements The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
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