Pan American Lithium Corp. Announces the Results of Depth Soundings on Its Laguna Verde Project
February 19 2010 - 3:08PM
Marketwired
Pan American Lithium Corp. (TSX VENTURE: PL) ("Pan American" or the
"Company") is pleased to announce that it has received initial
results of a bathymetric survey conducted on its wholly-owned
Laguna Verde Project located in Atacama Region III, Chile. This
survey determined the depth of the lake at 17 sample points and is
part of an ongoing detailed sampling program to determine a
National Instrument 43-101 compliant resource estimate, expected to
be finalized by the end of the first calendar quarter, 2010. The
deepest sounding taken was 60 meters and the average mean depth of
the lake is estimated to be 33 meters. At each point a brine sample
was taken at minimum depths of 0.5 meters. The UTM (Universal Trans
Mercator) grid coordinates and the lake bottom depths are as
follows:
(COORDINATES UTM SIST. WGS 84)
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POINT NORTHING EASTING DEPTH (meters)
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1 7026100 555100 30
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3 7025000 553800 10
----------------------------------------------------------------
4 7025400 554000 35
----------------------------------------------------------------
5 7025900 554300 42
----------------------------------------------------------------
6 7026600 554600 36
----------------------------------------------------------------
7 7026900 554900 38
----------------------------------------------------------------
8 7026900 554000 30
----------------------------------------------------------------
10 7025800 552500 35
----------------------------------------------------------------
11 7026200 552600 32
----------------------------------------------------------------
12 7026700 553000 60
----------------------------------------------------------------
13 7027100 553300 50
----------------------------------------------------------------
14 7027600 553500 49
----------------------------------------------------------------
16 7026400 552100 36
----------------------------------------------------------------
17 7026200 551200 34
----------------------------------------------------------------
18 7026500 551500 40
----------------------------------------------------------------
19 7027300 551900 32
----------------------------------------------------------------
22 7027100 550700 35
----------------------------------------------------------------
In light of the preliminary results of this survey, Pan American
intends to focus its sampling program to systematically collect
brine waters of the lake at various depths, at the same
coordinates, using specialized sampling equipment. These samples
will be submitted for analysis to an ISO-certified laboratory.
Concurrently, the Company will continue to take depth measurements
of the lake in order to confirm an estimate of its volume. The
Company expects to deliver the results of this phase of the scoping
study sometime during the first calendar quarter of 2010.
The Laguna Verde Project is intended to exploit the lithium and
potassium bearing brines contained in a 15 square kilometre surface
lake in the foothills of the Chilean Andes. Pan American is
conducting this initial sampling as part of its resource estimate
and initial scoping study at Laguna Verde. Because Laguna Verde is
an above-ground lake, its brine waters can be readily sampled and
represents a potential resource that may be quickly calculated,
with a production cost that could be the lowest among other sources
of lithium.
Pan American also has an existing portfolio of rights in nine
salars in Region III of Chile (including Laguna Verde), covering a
cumulative area in excess of 11,500 hectares and the option to
acquire an interest in a geothermal brine project in Mexico.
The Qualified Person responsible for the technical content of
this news release is John Hiner, L.P.Geo., who has reviewed and
approved the details contained herein.
On Behalf of the Board,
PAN AMERICAN LITHIUM CORP.
Andrew A. Brodkey, President and CEO
This press release contains projections and forward-looking
information that involve various risks and uncertainties regarding
future events. Such forward-looking information can include without
limitation statements based on current expectations involving a
number of risks and uncertainties and are not guarantees of future
performance of the Company such as the statement that the Company:
(i) intends to conduct depth measurements of the lake to determine
an estimate of depth; (ii) expects to deliver the results of this
phase of the scoping study sometime after the first calendar
quarter of 2010; and (iii) the project is intended to exploit the
lithium and potassium bearing brines contained in a 15 square
kilometre surface lake; and (iv) believes that the brine waters can
be readily sampled and represents a potential resource that may be
quickly calculated, with a production cost that could be the lowest
among other sources of lithium. There are numerous risks and
uncertainties that could cause actual results and the Company's
plans and objectives to differ materially from those expressed in
the forward-looking information, including: (i) adverse market
conditions; (ii) a decrease in demand for and price of lithium;
(iii) general uncertainties with respect to mineral exploration in
general; (iv) changes in the political or regulatory environment in
Chile; and (v) inability to raise required financing or execute the
Company's business plan. Actual results and future events could
differ materially from those anticipated in such information. These
and all subsequent written and oral forward-looking information are
based on estimates and opinions of management on the dates they are
made and are expressly qualified in their entirety by this notice.
Except as required by law, the Company does not intend to update
these forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Pan American Lithium Corp. Damien Lowry Toll Free:
1-866-669-9377
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