Nevada Energy Metals Announces Update: American Lithium Corp Joint Venture in Clayton Valley

July 19, 2016 Vancouver, British Columbia- Nevada Energy Metals (TSXV:BFF) (OTCQB:SSLMF) is pleased to announce that, subsequent to the company’s news release of June 17^th, 2016, American Lithium Corp. has received TSX-V approval to acquire all of the outstanding shares of 1074654 B.C. Ltd which holds the right to acquire up to a 70 % interest in and to the Clayton Valley BFF-1 project “the Property” located in Nevada.
American Lithium Corp. now assumes the obligations in respect to the previously announced option agreement, which in addition to a non-refundable deposit of USD$25,000 (paid) is USD$2750,000 and 1,200,000 million common shares of American Lithium Corp. in three tranches on or before the second anniversary of closing, and $1-million in exploration expenditures on or before the third anniversary.
Following the exercise of the Option, the American Lithium Corp shall have a seventy (70%) interest in and to the Property, with Nevada Energy Metals retaining the balance.  Thereafter, the parties will work diligently and in good faith to negotiate the terms of a joint venture to advance development of “the Property. The joint venture will provide that expenditures on the Property will be funded on a pro rata basis, based upon the respective parties proportionate interest in the Property. In the event that any one party declines to fund the expenditures in proportion to their interest, their respective interest in the joint venture shall be reduced accordingly, provided that no party shall be diluted below a fifteen (15%) interest in the Property.
Rick Wilson, Chief Executive Officer of Nevada Energy Metals, commented:“We are delighted to have American Lithium Corp as our partner with which to advance the Clayton Valley property.  The BFF-1 Project covers an area similar to the structural and geologic settings at Albemarle’s Silver Peak lithium-brine operation and lies only two hundred meters to the north west side of their property.  We look forward to an exciting exploration program being carried out in the months ahead.”
Connect with Nevada Energy Metals (TSXV:BFF) (OTCQB:SSLMF) to receive an Investor Presentation.