Rodinia Lithium Inc. Increases Land Position in Clayton Valley and Provides Diablillos Update - COMPLETED STAKING OF AN ADDITIONAL 18,040 ACRES AT CLAYTON VALLEY- TOTAL CLAIM PACKAGE COMPRISES ALMOST 70,000 ACRES AND COVERS THE ENTIRE GRAVITY LOW, IN
- COMPLETED STAKING OF AN ADDITIONAL 18,040 ACRES AT CLAYTON VALLEY
- TOTAL CLAIM PACKAGE COMPRISES ALMOST 70,000 ACRES AND COVERS THE ENTIRE GRAVITY LOW, INTERPRETED AS THE DEEPEST AND MOST PROSPECTIVE AREA OF THE BASIN
- A SECOND DRILL RIG HAS BEEN MOBILIZED TO THE SALAR DE DIABLILLOS PROJECT
- DRILL RIG MOBILIZED TO ENSURE TIMELY DELIVERY OF RESOURCE ESTIMATE
TORONTO, ONTARIO -- (Marketwire) -- 10/28/10 -- Rodinia Lithium Inc. ('Rodinia' or the 'Company') (TSX VENTURE: RM)(OTCQX: RDNAF), is pleased to report that it has staked an additional 451 placer claims comprising approximately 18,040 acres immediately adjacent to the southern block. These new claims were added to ensure proper coverage of the gravity low, an area interpreted to hold the greatest potential of containing a significant lithium brine resource. With these claims, Rodinia now holds the rights to acquire almost 70,000 acres within the only producing lithium brine valley in North America.
William Randall, President and CEO of Rodinia, commented 'the addition of this land to our Clayton Valley project adds to its resource potential and secures the company's position within the valley. We now feel certain we have access to the deepest parts of this producing valley and are eagerly looking forward to getting back to drilling and further exploration on the project.'
A Plan of Operations was submitted to the Bureau of Land Management to permit an additional 72 drill holes on the Clayton Valley property. This permit is anticipated to be received within the current year and will allow sufficient drilling to define the potential resource.
DIABLILLOS
Rodinia is also pleased to announce that a second drill has been mobilized to the Salar de Diablillos project in Salta, Argentina and is expected to commence drilling within a week. This second drill will ensure timely delivery of a lithium, potash and boron resource estimate and is anticipated to help advance the project at an accelerated pace. In addition to a second drill rig, the Company is in the process of acquiring downhole porosity measurements and performing slug tests. Both these procedures provide valuable information that will help determine the valley's lithium resource, in conjunction with drill and gravity survey results.
About Rodinia Lithium Inc.:
Rodinia Lithium Inc. is a Canadian mineral exploration company with a primary focus on lithium exploration and development in North and South America. The Company is positioned to capitalize on the expected increase in demand for lithium carbonate that is projected to result from the anticipated paradigm shift to mass adoption and use of key lithium applications like lithium-ion batteries as well as glass ceramics, greases, pharmaceuticals etc.
Rodinia is currently exploring its Clayton Valley project in Nevada, USA, which surrounds the only lithium-brine producer in North America, and its Salar de Diablillos project in Salta, Argentina.
Please visit the Company's web site at www.rodinialithium.com or write us at info@rodinialithium.com. Follow us on Twitter: http://twitter.com/RodiniaLithium
Cautionary Notes
Except for statements of historical fact contained herein, the information in this press release constitutes 'forward-looking information' within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as 'plans', 'proposes', 'estimates', 'intends', 'expects', 'believes', 'may', 'will' and include without limitation, statements regarding the impact of the staking of the additional claims in Clayton Valley, the ability of the Company to acquire rights to conduct further exploration on the Clayton Valley project, the timing and ability of the Company to acquire the necessary permits with respect to the Clayton Valley project, the proposed exploration plan with respect to Clayton Valley, the drill program at the Diablillos property and results of such drill program; the potential of the Diablillos property; the potential results and timetable for further exploration with respect to the Clayton Valley project and the Diablillos property, the timetable with respect to future acquisitions and exploration developments at Clayton Valley and Diablillos, timetable for further exploration, analysis and development, title disputes or claims; and governmental approvals and regulation. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, financing risks, acquisition risks, title risks, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
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.
Contacts:
Investor Cubed Inc.
Neil Simon
+1 (647) 258-3310
Rodinia Lithium Inc.
Aaron Wolfe
Vice-President, Corporate Development
+1 (416) 309-2696