Elko, Nevada (FSCwire) – Lithium Corporation (OTCQB:LTUM) (“LTUM” or “the Company”), a North American company focused on energy metals for the growing energy storage sector and high tech industries, is pleased to announce that Summa LLC (“Summa”), which LTUM owns a 25% interest in, has recently entered into an agreement whereby it will sell a 100% interest (subject to a 1/2% Net Smelter Royalty or NSR) in the 20-acre Copper Chief patented mineral claim located in Nevada for $103,000. Additionally, Summa has received an offer to option its other four patented claims in the Goodsprings Mining District.
Lithium Corporation’s President, Tom Lewis, is a Managing Member of Summa, which holds multiple properties throughout Nevada that originated from Howard Hughes’s Summa Corporation. There has recently been considerable activity in the area around Summa’s Goodsprings properties in Clark County Nevada. The Goodsprings area was previously a producer of a host of minerals, including cobalt, which occurs in the wall rocks of the past producing copper mines in the area.
Cobalt is an essential component of lithium-ion batteries. There has been a noticeable increase in the price of cobalt products in the past several months and hence a surge of interest in the mining community in areas that have previously produced cobalt, or may be prospective for becoming a future producer. Summa’s land position here is scattered, unconsolidated and modest is size. Therefore, LTUM and its partners in Summa have determined that they are best served by dealing off these properties rather than incur the risk and costs of trying to develop them on their own.
About Lithium Corporation
Lithium Corporation is an exploration company based in Nevada devoted to the exploration for energy storage related resources throughout North America, and looking to capitalize on opportunities within the ever-expanding next generation energy storage 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.
Tom Lewis, CEO
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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.