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Lithium Corporation Initiates Drill Permitting at Fish Lake Valley Prospect

^{Published on 2010-08-24 05:40:43 - Market Wire}
 

RENO, Nev.--([ BUSINESS WIRE ])--Lithium Corporation (OTCBB: LTUM) (the "Company", or aLithcoa) is pleased to announce it has recently submitted a drilling permit application to the BLM field office in Tonopah, Nevada.

The permit makes provision for the drilling of up to 13 RC drill holes with depths in the order of around 1000 feet, on its Fish Lake Valley lithium brine property in Esmeralda County, Nevada. Lithco is currently in discussions with drill contractors, and intends to commence drilling sometime in early October.

Lithium Corporation has given notice to Cerro Rico Ventures LLC. of its decision to terminate the option agreement on the Fish Creek lithium clay prospect in Lander County, Nevada. After conducting geological and geochemical surveys earlier this year, the Company believes that its shareholders are better served by focusing entirely on high quality lithium brine prospects due to the more favorable economics presented by this deposit type.

For further information please contact Tom Lewis of Lithium Corporation at (888) 299-3989 or via email at [ info@lithiumcorporation.com ]

About Lithium Corporation

Lithium Corporation is an exploration company based in Nevada devoted to the exploration for new lithium resources within the state of Nevada. The Company explores and develops potentially economic lithium-enriched brine fields, with an eye to becoming a long-term producer of this increasingly strategic and economically important commodity.

Forward-Looking Statements

Included in this release are certain "forward-looking" statements involving risks and uncertainties which are intended to conform to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's financial performance. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual future results may differ materially from those anticipated, depending on a variety of factors, sales and earnings growth, ability to attract and retain key personnel and general economic conditions, including uncertainties relating to global political conditions, such as terrorism. Information with respect to important risk factors that should be considered may be contained in the Company's Annual Report on Form 10-K and its Reports on Form 10-Q to be filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.