American Lithium Minerals to File Delayed Form 10-Q
May 20 2011 - 8:04AM
Marketwired
American Lithium Minerals Inc. (OTCBB: AMLM)
(www.AmericanLithium.com) (American Lithium) wishes to inform its
investors that, due to unanticipated administrative delays in the
preparation of the company's financial statements, the company was
not able to timely file its quarterly report on Form 10-Q for the
period ended March 31, 2011. The company is working with its
auditors and advisors to complete the financial statements and
anticipates that its report on Form 10-Q will be filed within seven
business days.
About American Lithium American Lithium is
a U.S.-based mineral exploration company focused on the development
of lithium and boron resources in Nevada. The company's key
objective is to develop world-class lithium projects that will
capitalize on surging demand for lithium-ion batteries,
particularly for hybrid and electric vehicles. Lithium is a
high-priority and strategic mineral for the United States. The
country's green energy legislation and long-term energy policies
depend on developing a vibrant, domestic lithium-ion battery
manufacturing sector. The Borate Hills Project is the Company's
current primary focus; however, it is also active in grassroots
exploration for lithium deposits in the Great Basin of the United
States with ten other highly prospective projects in Nevada and
Utah.
About Lithium Lithium is used for
batteries, specialty glass, lubricants, pharmaceuticals and lithium
alloys. Lithium ion (Li-ion) batteries have become the rechargeable
battery of choice in cell phones, computers, hybrid-electric cars
and electric cars, with the worldwide market for lithium batteries
estimated at over $4 billion per year. Demand for lithium carbonate
is expected to increase four-fold over the next decade as demand
for Li-ion battery-powered hybrid-electric and electric cars rises.
GM, Ford, Toyota, Chrysler, Mitsubishi, Nissan, Tesla and
Mercedes-Benz have all announced plans to build Li-ion
battery-powered cars and the demand for such vehicles is expected
to increase five-fold by 2012. There is currently only one producer
of lithium carbonate in the United States, Chemetall's Clayton
Valley operation in Nevada. The Great Basin of the United States
represents excellent potential for the discovery of new lithium
brine deposits and American Lithium is well positioned for
detection with its projects.
Forward-Looking Statements This press
release contains forward-looking statements. Actual results could
differ from those projected in any forward-looking statements due
to numerous factors. Such factors include the speculative nature of
mineral exploration and mining, difficulties associated with
obtaining financing on acceptable terms or at all, fluctuations in
the price of lithium and boron, competition and scarcity of mineral
lands for claim staking, delays and costs associated with
regulatory compliance, our limited operating history, and our lack
of historical revenues or profits. These forward-looking statements
are made as of the date of this press 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 is no assurance that such
beliefs, plans, expectations, or intentions will prove to be
accurate. Investors should consult all of the information set forth
in this press release and should also refer to the risk factors
disclosed 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.
Contact: For Additional Information, Contact: Stephen
Cook Vice President/Investor Relations Tel: 877-717-2656 E-mail:
info@americanlithium.com
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