TSX Venture Exchange: MHI
Frankfurt Stock Exchange: N8Z/WKN: AODLHP
Pink Sheets: MHIFF
VANCOUVER, April 8 /CNW/ - Mineral Hill Industries Ltd. (TSXV: MHI) (FSE: N8Z) (the "Company" or "Mineral Hill") is pleased to announce that it has signed an agreement to acquire a 100% interest in the RR Lithium Property ("RRLi"), located on the northwest side of the Railroad Valley playa, in the north east of Nye County in central Nevada, U.S.A. The RR Li Property is comprised of 8 contiguous claims covering 1280 acres located in townships 8 North, 55 East; 8 North 56 East; and 9 North, 56 East.
Dieter Peter, CEO of Mineral Hill commented stating: "these prospects are an excellent acquisition as they establish our position in the most prospective area for lithium exploration in North America."
The Railroad Valley is a large graben valley bordered on the east by a steep range front bounding a large upthrown block of Paleozoic sedimentary rocks and on the west by gently dipping Tertiary felsic and mafic volcanic rocks and Paleozoic sediments. The claim block is located on the Railroad Valley playa to encompass an area of high lithium values found in historic NURE sediment samples.
The Company has agreed to pay the Vendors US$130,000 in cash and issue 675,000 common shares over four years from the effective date of regulatory approval. The claims shall be subject to a 2% Net Smelter Return Royalty. Mineral Hill has the right to purchase up to 1.5% of the NSR, by paying the Optionor US$500,000 per 0.5% purchased, for a total of US$1.5 million, thereby reducing the Optionor's NSR to 0.5% and the right of refusal to purchase Optionor's remaining 0.5% NSR if Optionor decides to sell its remaining NSR.
John Punzo, President of Mineral Hill commented on the acquisition stating: "we are very pleased with this lithium brine acquisition as it represents another step forward in the implementation of Mineral Hill's strategic business plan. Adding this high quality lithium brine prospect to our portfolio, which already includes high potential hard-rock lithium projects in Quebec, allows the company greater diversification, and adds great potential to the company. We look forward to conducting exploration on all of our projects later this year."
About Mineral Hill Industries Ltd.
Mineral Hill Industries Ltd. is a Canadian-based rare earth mineral exploration and development company trading on the TSX Venture Exchange (MHI), the Frankfurt Exchange (N8Z/WKN: AODLHP), and the OTC Pink Sheets (MHIFF). Mineral Hill has accumulated a diversified portfolio of quality lithium and precious metal properties in Canada. The Company's primary focus is on developing its three 100%-owned hard-rock lithium carbonate exploration projects in Quebec, Canada, its brine lithium property in Nevada, U.S.A. and also actively pursuing new acquisitions of brine lithium projects. Mineral Hill recently completed and filed a NI 43-101 Technical Report on three projects located near Val d'Or, Quebec which confirmed elevated Li2O concentrations. Following completion of the NI 43-101 Technical Report, Mineral Hill is evaluating the next stage of development for its Quebec lithium projects in 2010 which may include drilling and further exploration.
Neither the 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.
SOURCE Mineral Hill Industries Ltd.
For further information: For further information: on Mineral Hill Industries Ltd. and its projects visit the Company's website at www.mineralhill.com or contact: John Punzo, President, Mineral Hill Industries Ltd., Telephone: (604) 685-4170; Michael Johal, Mineral Hill Industries Ltd., Tel: (604) 630-6792, firstname.lastname@example.org; Investor Relations, Senergy Communications, Shiro Rae, Tel: (778) 331-2031, email@example.com