08:51 AM EST, 12/02/2016 (MT Newswires) -- American Lithium Corp. (LI.V) reports that the Company anticipates the closing of the Clayton Valley acquisition announced November 15, 2016, prior to year-end.

The acquisition consists of a total of over 41,850 acres in the Clayton Valley Basin in three separate property packages, all of which is deemed prospective for lithium brines and/or lithium clay potential. This new acreage complements the Company's current landholdings of 1,078 net acres in the Clayton Valley and the 18,552 contiguous acres (7,508 hectares) in Fish Lake Valley, as well as the 2,240-acre (907 hectares) San Emidio project in Washoe county.

As announced on November 16, 2016, the Company is undertaking a non-brokered private placement for gross proceeds of $3 million. The terms of that private placement have been revised. The Company will place up to 13.4 million units at a price of $0.225 per Unit. The proceeds of the private placement will be used for general working capital, and to advance the Company's exploration and acquisition programs in Nevada.

American Lithium also reported on Thursday that its QA/QC process has found material flaws in the sample assay results announced August 11, 2016; October 12, 2016; October 21, 2016, and November 3, 2016. American Lithium retained Florin Analytical Services of Reno, Nevada to conduct multi element assays including Lithium on samples from its Fish Lake Valley projects. The assays were completed by Inductively-Coupled Plasma-Atomic Emission Spectrometer (ICP-AES) except for lithium. On the basis of discussions with Florin, Lithium was assayed by Atomic Absorption Spectrophotometer (AAS) as the assayer at Florin felt the AAS

At this point the Company advises that the 2016 assays reported to date from the Fish Lake Lithium project should not be relied on. The Company will engage ALS Minerals to have all sample splits re-assayed at ALS laboratories and will report the updated assay results as soon as they are available. Pursuant to the Company's check assay protocols, and for consistency, ALS will utilize the ICP-AES assay technique for these sample splits.

"Although we are quite disappointed that oversights in our third-party assay lab will result in a lowering of our surface brine sample results, the samples in question are the surface brines taken to provide basic geological information and do not influence our January 2017 drilling campaign into the classic depths targeting the lithium brine aquifers in the North Playa of Fish Lake and Clayton Valley," commented Michael Kobler, Chief Operating Officer of American Lithium.

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