Exhibit 99.1
[LITHIUM CORPORATION LOGO]
NEWS RELEASE
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FOR IMMEDIATE RELEASE OTCQB: LTUM
LITHIUM CORPORATION SIGNS FORMAL AGREEMENT ON SAN XXXXXX PROSPECT
Elko, NV - May 11, 2016 - Lithium Corporation [OTCQB - LTUM] "the Company"
is pleased to announce that it has signed a definitive agreement with 1067323 NV
LTD, and 1067323 B.C. LTD., private Nevada, and British Columbia companies with
respect to the San Xxxxxx lithium brine property in Washoe County, Nevada.
The terms of the formal agreement are; payment of $100,000, issuance of
300,000 common shares of 1067323 B.C. LT., or of the publicly traded company
anticipated to result from a Going Public Transaction, and work performed on the
property by the Optionee in the amount of $600,000 over the next three years to
earn an 80% interest in the property. 1067323 then has a subsequent Earn-In
option to purchase Lithium Corporation's remaining 20% working interest within
three years of earning the 80% by paying the Company a further $1,000,000, at
that point the Company would retain a 2.5% Net Smelter Royalty, half of which
may be purchased by 1067323 for an additional $1,000,000. Should the Purchaser
elect not to exercise the Subsequent Earn-In, a joint venture will be
established. During the Joint Venture, should either party be diluted below a
10% working interest - their interest in the property will revert to a 7.5% Net
Smelter Royalty. The first tranche of cash and shares are to be issued within 30
days of the signing of the formal agreement.
For further information with regard to Lithium Corporation, please contact Xxx
Xxxxx or Xxxxx Xxxx at (000) 000-0000 or via email at
xxxx@xxxxxxxxxxxxxxxxxx.xxx
About Lithium Corporation
Lithium Corporation is an exploration company based in Nevada devoted to the
exploration for energy storage related resources throughout North America,
looking to capitalize on opportunities within the ever expanding next generation
battery 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.
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.
[LITHIUM CORPORATION LOGO]
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.
