Lithium Corporation Quiet Title Hearing Result
Elko, Nevada (FSCwire) - Lithium Corporation (OTCQB:LTUM) (“LTUM” or “the Company”), a North American company focused on energy metals for the growing energy storage sector and high tech industries, is pleased to announce that on March 15, 2018 Judge Wanker of the Fifth Judicial District Court in Tonopah Nevada ruled in favor of Lithium Corporation’s partly owned subsidiary Summa, LLC. This ruling reaffirmed that the title to Summa’s mineral lands in Nye County is sound, and that there is no reasonable challenge in law to our ownership (through Summa) of these lands.
As previously mentioned in our press release dated May 18, 2015, “The Nye county lands include the Tonopah project, where feasibility studies done in the 1980’s on behalf of Houston Oil and Minerals Corporation (HIMCO), and their successor Tenneco Minerals determined that our current property package contains an indicated resource in the order of 1,458,235 tons of tailings containing 2,067,461 ounces silver, and 15,137 ounces of gold, and a further 2,175,630 tons on various dumps containing 3,453,398 ounces of silver and 28,534 ounces of gold. The 1980 HIMCO report determined that using $16 silver and $600 gold a 1000 tpd cyanide plant which would operate for 7 ½ years while running the tailings and the dumps, would generate $4 million in gross revenue per year, or $2.2 million after tax (not including depreciation of capital costs etc.). Also it is believed that mining in the early 1900’s focused on extracting only “high-grade” ore so the property may be extremely prospective for hosting what could be considered currently economic mineralization that may be easily accessible in the old workings. In keeping with the old adage that “The best place to find a new mine is near an old mine” it is believed that the property still holds great promise for the discovery of additional resources in new locations.”
The Tonopah camp has recently sprung to life again with West Kirkland Mining continuing to consolidate its land picture here, and move its properties towards production. The Company is pleased with the result of the court challenge, and is presently considering entering into a joint venture arrangement on this prospect in a greatly revitalized and exciting mining camp.
About Lithium Corporation
Lithium Corporation is an exploration company based in Nevada devoted to the exploration for energy storage related resources throughout North America, and looking to capitalize on opportunities within the ever expanding next generation energy storage markets. The Company maintains a strategic alliance with Altura Mining, an ASX listed natural resource development company that is currently developing its 100% owned world-class Pilgangoora lithium pegmatite property in Western Australia.
Tom Lewis, CEO
Notice Regarding Forward-Looking Statements
This current report contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of minerals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
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Source: Lithium Corp. (OTCQB:LTUM)
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