Mineral Hill Industries Ltd. Announces Mineral Property Acquisition
15.03.2012 | CNW
VANCOUVER, March 15, 2012 /CNW/ - Mineral Hill Industries Ltd ("Mineral Hill") is pleased to announce that it has entered into a mineral acquisition agreement (the "March Agreement") to purchase outright one hundred (100%) interest in a property consisting of 8 registered mineral claims and 7 pending mineral claims (the "Property") covering approximately 704.64 hectares located approximately 40 kilometres northwest of the mining town of Val d'Or and 13 kilometres south of Amos in Quebec, Canada. This Property is important and complementary to the Company's four other lithium properties in Quebec and will increase Mineral Hill's lithium property holdings to approximately 4,266 hectares. The acquisition will not only keep the Company in the forefront of the most significant lithium property holders in Quebec, but will also make Mineral Hill's future exploration efforts more cost efficient. All of Mineral Hill's lithium properties are well located with respect to access roads and transportation and are partly only 700 meters east-southeast of the old Quebec Lithium Mine property boundary line.In consideration for this March Agreement for the new property, the Company will pay the vendors five hundred and fifty thousand (550, 000) common shares of the Company. The Vendor has agreed to the conditions that two hundred and fifty thousand common shares (250,000) will be legended with a sale restriction of four months and a day and the remaining three hundred thousand (300,000) common shares will be legended with a hold period of one year from the date of issue of the shares. This transaction is subject to the Company being satisfied with the title to the Property and the approval from the TSX Venture Exchange.
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.
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.
Although the Company's determination to develop its promising lithium exploration projects will remain a major focal point, as demonstrated through the above acquisition, Mineral Hill's accelerated effort will be the permitting and development of its Liberty Hill Mine gold project in the United States, and attracting a strong mining and management team.
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.
For further information:
on Mineral Hill Industries Ltd. and its projects visit the Company's website at www.mineralhill.com or contact:
Dieter Peter, President and CEO
Mineral Hill Industries Ltd.
Telephone: (604) 685-4170
Email: dpeter@3xgmm.com