Exhibit 99.1
[LITHIUM CORPORATION LOGO]
NEWS RELEASE
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE OTCQB: LTUM
LITHIUM CORPORATION SIGNS FORMAL AGREEMENT ON FISH LAKE VALLEY PROSPECT
Elko, NV - March 10, 2016 - Lithium Corporation [OTCQB - LTUM] "the
Company" is pleased to announce that it has signed a definitive agreement with
1032701 B.C. LTD., a private British Columbia company with respect to the Fish
Lake Valley lithium brine property in Esmeralda County, Nevada.
The terms of the formal agreement are much the same as those laid out in
the February Letter of Intent (LOI) signed with 1032701; payment of $300,000,
issuance of 400,000 common shares of the publicly traded company anticipated to
result from a Going Public Transaction, and work performed on the property by
the Optionee in the amount of $1,100,000 over the next three years to earn an
80% interest in the property. 1032701 then has a Subsequent Earn-In option to
purchase Lithium Corporation's remaining 20% working interest within one year of
earning the 80% by paying the Company a further $1,000,000, at that point the
Company would retain a 2.5% Net Smelter Royalty, half of which may be purchased
by 1032701 for an additional $1,000,000. Should the Purchaser elect not to
exercise the Subsequent Earn-In, a joint venture will be established. During the
Joint Venture, should either party be diluted below a 10% working interest -
their interest in the property will revert to a 7.5% Net Smelter Royalty. The
first tranche of cash and shares are to be issued within 60 days of the signing
of the formal agreement.
Brian Goss, Lithium Corporations president commented, "We are pleased to
have executed the final agreement, and have been informed that Menika Mining
Limited (TSX-V: MML) released a press release on March 8, 2016 stating that they
have signed an agreement to acquire 1032701, and their interest in the Fish Lake
Valley agreement. As per the stipulations in the Lithium Corporation/1032701 LOI
and the resulting formal agreement, Menika Mining meets all criteria, and
Lithium Corporation looks forward to the working with Menika to develop the Fish
Lake Valley lithium in brine prospect."
For further information with regard to Lithium Corporation, please contact Tom
Lewis or Brian Goss at (775) 410-2206 or via email at
info@lithiumcorporation.com
About Lithium Corporation
Lithium Corporation is an exploration company based in Nevada devoted to the
exploration for energy storage related resources throughout North America,
looking to capitalize on opportunities within the ever expanding next generation
battery markets. The Company maintains a strategic alliance with Altura Mining,
an ASX listed natural resource development company that is currently developing
[LITHIUM CORPORATION LOGO]
its 100% owned world-class Pilgangoora lithium pegmatite property in Western
Australia.
NOTICE REGARDING FORWARD-LOOKING STATEMENTS
This current report contains "forward-looking statements," as that term is
defined in Section 27A of the United States Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Statements in this press release
which are not purely historical are forward-looking statements and include any
statements regarding beliefs, plans, expectations or intentions regarding the
future.
Actual results could differ from those projected in any forward-looking
statements due to numerous factors. Such factors include, among others, the
inherent uncertainties associated with mineral exploration and difficulties
associated with obtaining financing on acceptable terms. We are not in control
of minerals prices and these could vary to make development uneconomic. These
forward-looking statements are made as of the date of this news release, and we
assume no obligation to update the forward-looking statements, or to update the
reasons why actual results could differ from those projected in the
forward-looking statements. Although we believe that the beliefs, plans,
expectations and intentions contained in this press release are reasonable,
there can be no assurance that such beliefs, plans, expectations or intentions
will prove to be accurate. Investors should consult all of the information set
forth herein and should also refer to the risk factors disclosure outlined in
our most recent annual report for our last fiscal year, our quarterly reports,
and other periodic reports filed from time-to-time with the Securities and
Exchange Commission.