American Lithium to Acquire South Fish Lithium Property

American Lithium (TSXV:LI) has entered a property agreement with TY &Sons Explorations (Nevada), an arms length party, whereby American Lithium may earn up to an 80 percent interest in 36 mining claims in Esmerelda County, Nevada.
As quoted in the press release:

In order to earn an eighty (80%) interest in Fish South, initially the Company must complete a cash payment of USD$150,000, issue 1,000,000 common shares and 300,000 share purchase warrants exercisable at a price of CAD$1.10 for a period of three years, as well as pay certain costs associated with maintaining the Property.  The Company must also issue 500,000 common shares on or before the first anniversary of the Option Agreement, and a further 500,000 common shares on or before the second anniversary of the Option Agreement.  Following completion of these payments and share issuances, the Company will hold an eighty (80%) interest in Fish South, subject to a two-and-one-half (2.5%) percent net smelter returns royalty in favour of the underlying property owner.

American Lithium CEO, Mike Kobler, said:

American Lithium continues to evaluate potential acquisition targets and conduct due diligence with a view to consolidating a dominant land position in Fish Lake Valley, Nevada, a known and well understood lithium brine basin.  The Fish South property is an important step in furthering American Lithium’s strategy of accumulating a large, high quality portfolio of strategically located lithium brine properties in a region we believe is one of the most promising and largely undeveloped lithium brine basins in the State of Nevada.  We look forward to commencing our initial work program during the second half of 2016, to advance our significant exploration assets.

Click here for the full press release.