LAS VEGAS--(BUSINESS WIRE)--Lithium Corporation (OTCQB: LTUM) (the "Company") is pleased to announce that it has entered into an Asset Purchase Agreement to sell its interests in the BC Sugar flake graphite property, as well as the San Emidio and Fish Lake Valley lithium – brine properties, to PATHION, Inc. Additionally, Tom Lewis will step down as President of the Company, but will remain a director, while Brian Goss, who has been a consultant to the Company since 2010 and is currently a director of Lithium Corporation, will assume the roles of President, Secretary and Treasurer.
The terms of the agreement require that PATHION (a privately held Delaware corporation headquartered in Los Gatos, California) pay Lithium Corporation an initial $1.25 million, and issue 500,000 common shares of PATHION stock at the Closing. A further $1 million will be held in escrow and paid out to Lithium Corporation on the first anniversary of the closing of the deal. The agreement also lays the groundwork for continuing co-operation between the two companies moving forward. The companies anticipate that the agreement will close by the end of September 2014.
PATHION is an energetic materials and advanced power device company created to develop and commercialize applied materials and battery products utilizing its proprietary processes and technologies. PATHION has acquired the rights to key advanced materials developed in the process of research and development at Los Alamos National Laboratory (LANL). The company also is a sub-recipient of an ARPA-E grant from the DOE to further develop its fire resistant lithium, a solid-state advanced superionic conductor (AdSIC) material, developed at LANL. PATHION is thus uniquely positioned to provide critical power technology for a broad array of devices that fundamentally change the way they operate and their cost of operation.
PATHION CEO, Michael Liddle said, “PATHION’s control and eventual use of these strategic North American based assets will help to ensure a steady supply of these precursors for use in our advanced energy chemistries including our lithium-rich anti-perovskite (LiRAP) solid-state electrolyte. We look forward to working with the esteemed Lithium Corporation geologists on the development of these claims and the identification of additional prospects for energetic materials.”
After the PATHION deal, Lithium Corporation will continue to progress with its assessment of the Mount Heimdal graphite property, and its 25% interest in Summa, LLC, a private Nevada company that holds the residue of Howard Hughes’ once mighty Summa Corp. Recently research has been conducted on the Hughes properties, focusing on the Tonopah area where reporting in the 1980’s indicate that over 2.175 million tons of mine dumps and mill tailings exist at surface on Summa’s properties that contain in the order of 3.453 million ounces of Silver, and 28,500 ounces of Gold. In addition to this easily extractable surficial resource, other reports indicate that 300 – 500,000 tons of mineralized material is expected to remain at depth in old workings on Summa’s properties, which is believed to contain an average 20 ounces Silver and 0.02 ounces Gold per ton. Also several partially tested exploration targets have been identified on Summa’s Tonopah claims, where further work could potentially lead to a marked increase in known underground resources. Field work is slated to start at Mount Heimdal as soon as local forest fires abate. Additionally Lithium Corporation is looking to ramp up its generative program exploring for new deposits of next generation battery related materials.
For further information with regard to Lithium Corporation, please contact Andy Dewey at Lithium Corporation at (775) 410-2206 or via email at firstname.lastname@example.org
For further information regarding PATHION Inc. please contact Dave Hurley at (408) 484-9031 or via email at email@example.com
About Lithium Corporation
Lithium Corporation is an exploration company based in Nevada devoted to the exploration for new battery related resources throughout North America, looking to capitalize on opportunities within the ever expanding Lithium-Ion and next generation battery markets. Lithium Corporation’s recent agreement with PATHION Inc., is the start of a new alliance with the up-and-coming battery producer. The Company also maintains a strategic alliance with Altura Mining, an ASX listed coal producer who recently began production of Iron Ore from its Mt Webber property in Western Australia. Altura is currently searching for off-take contracts for its 100% owned world-class Pilgangoora lithium pegmatite property in Western Australia.
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, including but not limited to, any mineralization, exploration and development of our mineral properties, specifically in regards to any future drilling programs.
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.