Big Volume Today for AmeriLithium (OTC:AMEL)

AmeriLithium Corp. (OTC:AMEL) announced today it has entered into a drilling contract agreement to commence work on its planned 8-hole drill program on the Paymaster Canyon Lithium brine project in Nevada, USA, to commence March, 2011. As I write, shares of AmeriLithium are up 7 percent at $0.31 per share on heavy volume of just over 600,000 shares compared to its average daily volume of 130,000 shares. The company has a market cap of $21 million and a 52-week range between $0.20 and $3.00 per share.

The program's 3 initial holes will test areas of significant Lithium brine potential identified by the Company's exploration program (i.e., areas marked by gravity lows and low resistivity), followed by the remaining 5 holes depending on the initial drilling results. By penetrating the formations comprising the basin fill in Paymaster Canyon, the holes should allow AmeriLithium to examine and sample the stratigraphy and lithology of the sedimentary sequence; the nature and extent of the saturated zones; and the concentration of Lithium and other constituents in the groundwater in these target zones.

Each hole is estimated to require one week's time, according to GeoXplor Corp., who will run the program along with Robert Allender, AmeriLithium's VP of Exploration. Mr. Allender will be onsite throughout the duration of the initial drilling stages. Skytech Drilling Inc. of Phoenix, Arizona, will serve as the drill operator, drawing on their significant experience from over 20 years of operation.

"We count ourselves fortunate to have the expertise of GeoXplor and Skytech in our corner for this drilling program," said AmeriLithium's Chief Executive Officer, Matthew Worrall. "GeoXplor has already proven themselves more than capable while managing our previous phases of exploration, including planning a drill program without significant surface disturbance, thereby minimizing our reclamation bonding requirements."

More information on the Paymaster Project drill program, and additional information regarding the Company, can be found at AmeriLithium's corporate website www.amerilithium.com.

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