PITTSBURGH, Nov. 24, 2020 (GLOBE NEWSWIRE) -- Altair International Corp. (the “Company” or “Altair”) (OTC: ATAO) is pleased to announce that it has entered into a definitive agreement (the “Agreement”) with American Lithium Minerals Inc., a Nevada based publicly held corporation, whereby Altair will have the exclusive right to earn in up to a Sixty Percent (60%) interest in the Stonewall Lithium Project in southwestern Nevada and the Kingman Rare Earth Project in northwestern Arizona.
The Stonewall Lithium Project is presently comprised of 63 unpatented placer mining claims covering a total of approximately 1,260 acres strategically located within Nye County and Esmeralda County just within the neighboring valley southeast to Clayton Valley, the only Lithium producer in Nevada.
The Company recognizes that global lithium-ion battery market is about to precipitate a massive shift in global markets and Altair is rapidly positioning itself within both the supply sector and in green energy technologies and end use products.
Valued at over 30 billion USD in 2019 the Lithium marketspace is expected to accelerate over the coming decade as the oil industry wanes and governments worldwide cement legislation for the Electric Vehicle (EVs) revolution. Lithium, the essential component of the driving force behind EV production and smart investment has flowed into companies like Tesla and other EV makers. Lithium demand is expected to triple within just the next few years and place a major strain on the battery grade Lithium supply chain as demand outstrips supply.
Altair is purposefully locating efforts within the Nevada lithium supply hub just 191 miles southeast of Tesla's Gigafactory 1. The Stonewall claims cover a miles long area of highly anomalous Lithium within a valley with the exact characteristics as the Clayton Valley. The Clayton Valley is the target of active Lithium exploration as well as production at Silver Peak by the lithium giant, Albemarle, who seized the area in its 6.2 Billion acquisition of Rockwood Holdings.
In lockstep with the search for new Lithium sources, is the hunt for viable Rare Earth Element (REEs) deposits outside of China. The Kingman Rare Earth Project is comprised of 3 unpatented lode mining claims (approximately 55 acres) located in Mohave County, Arizona that encompasses an important past producing mine where analytical work by the Arizona Bureau of Mines have identified the occurrence of high grade Rare Earths Elements (REEs).
REEs are used to manufacture everything from electric and hybrid vehicles, wind turbines, consumer electronics and plays a critical role in the Defense Industry. The Company plans a rapid path to production for its high grades REEs.
The Earn-in agreement is granted to Lithium Now, a Nevada based subsidiary of Altair for a primary term of three (3) years in consideration of cash and stepped annual exploration expenditure commitments. Excited about the potential within both project areas the Company is presently planning its resource building exploration programs. Full details of the Agreement will be made available on the Company’s website.
About Altair: Altair International Corp (OTC Markets: ATAO) is a diversified holding company whose strategy is to acquire interests in a range of profitable ventures within the Energy and Minerals sector.
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company's business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company's periodic filings with the Security and Exchange Commission.
Source: Altair International Corp.
2020 GlobeNewswire, Inc., source Press Releases