TSX Venture Exchange: MHI
Frankfurt Stock Exchange: N8Z/WKN: AODLHP
Pink Sheets: MHIFF
VANCOUVER, May 26 /CNW/ - Mineral Hill Industries Ltd. ("Mineral Hill" or "Company") wishes to announce that it has acquired the "Canadian and Martin McNeely Property" which represent additional lithium occurrences within the general area of "Chubb", "Athona" and "International" Lithium properties.
The Canadian and Martin McNeely Property contain multiple historical target areas for lithium mineralization and represent an ideal geological environment for hosting large tonnage lower grade lithium deposits. The Property is located in the northwestern part of Quebec, approximately 40 kilometres northwest of the mining town of Val d'Or within the Landrienne and La Corne townships and consists of 21 non-contiguous mineral claims of four blocks covering 2,088.8 hectares. Access to the newly acquired Claims is excellent.
MHI considers the Canadian and Martin McNeely 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 Company's Chubb, Athona and International lithium properties will make MHI's exploration efforts within Québec more economically efficient.
The Option Agreement (the "Agreement") to acquire the additional 100% interest in and to the Canadian and Martin McNeely Property is subject to applicable regulatory approval and in consideration of MHI making cash payments in the amount of $80,000 and issuing 600,000 common shares to the Optionors over three years from the effective date of the regulatory approval of the Agreement.
Mr. John Punzo, President of Mineral Hill commented: "Our goal is to become one of the significant lithium carbonate exploration property owners in Quebec. The acquisition of this new lithium property positions us well for future growth, as the demand for lithium as the mineral of choice for use in lithium-ion batteries, hybrid cars, laptops, cell phones and MP3 players continues to expand."
About Mineral Hill Industries Ltd.
Mineral Hill Industries Ltd. is a Canadian based 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 and the USA. The Company's primary focus is on developing its four 100%-owned hard-rock lithium carbonate exploration projects in Quebec, Canada, its brine lithium property in Nevada, USA, as well as its Praxis Goldfields Project in Northern BC.
Mineral Hill recently completed and filed a NI 43-101 Technical Report on three prospects 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 prospects in 2010 which will include drilling and expanded exploration. MHI intends to continue developing and completing the NI 43/101 report on its 100% owned Praxis Goldfields Property located in British Columbia.
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