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| August 17, 2009 Mineral Hill Announces Additional Lithium Property Acquisition | |
| Vancouver, BC, Canada -- August 17, 2009 Mineral Hill Industries Ltd. ("MHI" or "Company") wishes to announce that it has acquired the International Property claims which represent additional lithium occurrences within the general area of MHI's 773.46 hectares Chubb Lithium property announced on May 12th, 2009. The Chubb and International properties contain multiple target areas for lithium mineralization and represent an ideal geological environment for hosting large tonnage-high grade lithium deposits. The Chubb Lithium property is located in the Archean Abitibi Greenstone belt in the La Corne Towship (NTS sheet 35C05) about 32 km northwest of Val d'Or, Quebec. Access to the property is excellent. The lithium mineralization within the Chubb Lithium property is contained in the mineral spodumene within three parallel, zoned and steeply dipping granitic pegmatite dykes oriented N10°-15°W and intruding granodioritic/quartz monzodioritic rocks. Spodumene content reaches 15-25% in the pegmatites with subordinate amounts of colombo-tantalite, beryl, molybdenite and bismuthine. Early work in 1956 by American Lithium Corporation involved trenching and short hole drilling. In 1994, les Mines Wrightbar conducted a small drilling campaign totaling 330 m in 4 holes (GM 52881). The best intersection results were 1.62 wt.% Li2O/3.72 m (hole L-94-1), 1.25 wt. % Li2O/2.19 m (hole L-93-3) and 1.06 wt. % Li2O/0.61 m (hole L-94-4). The International Property is also located in the Abitibi Greenstone in the Figuery Township (NTS sheet 32D08) about 16 km south of the town of Amos. In the field, the property reveals two zoned spodumene-bearing granitic pegmatite dykes invading metsedimentary rocks. The first dyke (290°/80°), located on the western bank of the Harricana River, exposes a spodumene-rich core with a 1 m thick zone rich in spodumene. Accessory colombo-tantalite is present (MB 89-29). The other pegmatite dyke lies on the eastern flank of a dirt road in a farm's field and contains a small green spodumene zone and accessory colombo-tantalite and molydenite. From 1951 to 1955, the Lithium Corporation of America carried out various drilling campaigns consisting of 89 DDH in lots 39 and 40, Range II. The campaigns unravelled a large spodumene-bearing dyke, 200 m long and 5 to 15 m wide accompanied by satellite dykes and dykelets (GM12686A and B). The company reported an inferred reserve of 135,000 t grading 0.95 wt.% Li2O on a 119 X 104 m zone having a thickness of 3.7 m (RP 466). This report is not 43-101 compliant. MHI considers the International Property with its multiple lithium target areas not only a valuable addition to the Company's focus on lithium metals, but its proximity and logistics to the Chubb lithium property will make MHI's exploration efforts within Québec also more economically efficient. The Option Agreement (the "Agreement") to acquire the additional 100% interest in and to all 12 contiguous mineral claims of the "International Property" covering approximately 276.35 hectares located within the Figuery Township in the Province of Québec, is subject to applicable regulatory approval and in consideration of MHI making cash payments in the amount of $83,108 and issuing 600,000 common shares to the Optionors over three years from the effective date of the regulatory approval of the Agreement. Mr Dieter Peter, Chairman and CEO of MHI quoted: "Under standard conditions, lithium is the lightest metal and the least dense solid element. The demand for lithium has been growing in the past years as it is the mineral of choice for use in lithium-ion batteries, in hybrid cars, laptops, cell phones and MP3 players". Michel Boily, PhD, P. Geo, a "Qualified Person" as such term is defined by National Instrument 43-101, has reviewed and approved the technical information in this news release on behalf of Mineral Hill Industries Ltd. For further information, please contact: Dieter Peter Chairman & CEO Telephone: (604) 685-4170 Pamela Keck Investor Relations Co-ordinator Telephone (direct): (604) 630-6792 The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. | |
You can view the Next News Releases item: Mon Aug 24, 2009, Commencement of Field Work on the Chubb Lithium Property and Appointment of New Director You can view the Previous News Releases item: Thu Jul 9, 2009, Private Placement Closing You can return to the main News Releases page, or press the Back button on your browser. |