American Lithium begins EIA drilling at Falchani and

VANCOUVER, British Columbia, Aug. 24, 2022 (GLOBE NEWSWIRE) — American Lithium Corp. (“American Lithium” or the “Company”) (TSX-V: LI | OTCQB: LIACF | Frankfurt: 5LA1) is pleased to announce that it has commenced a hydrological impact assessment drilling program Environmental (“EIA”) (designed by SRK Peru and EDASI SAC) on its wholly-owned Falchani lithium project in southern Peru.

The company also announces that it has engaged DRA Global and Stantec Inc. to jointly produce an updated Preliminary Economic Assessment (“PEA”) for Falchani. The updated PEA will focus on the incorporation of sulphate of potash (“SOP”) and cesium (“Cs”) by-products, the significant increase in the price of lithium carbonate (“LCE”) and the current drilling results.

Strong points:

  • Diamond drilling has started at Falchani as part of the EIA hydrology study.
  • The program consists of 10 vertical holes to a depth of 150 meters within and adjacent to the Falchani resource footprint (see Figure 1 – EIA diamond drill hole location map, below and link ).
  • The program includes the installation of downhole piezometers to monitor local water table and groundwater parameters.
  • In conjunction with the EIA work, the Company remains focused on initiating its planned infill and expansion drilling in and around the Falchani deposit as final permits are received.

Simon Clarke, CEO of American Lithium, said, “We are very pleased to be drilling diamond again at Falchani for the first time since before COVID-19. We are also delighted that this work and other recent successes allow DRA Global to update the Falchani PEA. We expect this update to build on and improve upon the already strong economics of the original PEA, and further highlight the quality and scale of this large lithium deposit.

Figure 1 – EIA Diamond Drill Hole Location Map

Qualified person
Mr. Ted O’Connor, P.Geo., Executive Vice President of American Lithium, and a Qualified Person as defined by National Instrument 43-101 Disclosure standards for mining projectshas reviewed and approved the scientific and technical information contained in this press release.

A Bon American Lithium
American Lithium, a member of the TSX Venture 50, is actively engaged in the acquisition, exploration and development of lithium projects in mining-friendly jurisdictions across the Americas. The Company is currently focused on transitioning to the new energy paradigm through the continued exploration and development of its strategically located TLC lithium clay project in Nevada’s richly mineralized Esmeralda lithium district, as well as pursuing its development of Falchani lithium and Macusani uranium. projects in the southeast of Peru. Both Falchani and Macusani have undergone preliminary economic assessments, have strong potential for further exploration and are located near major infrastructure.

The TSX Venture 50 is a ranking of the best performing companies in each of the 5 industry sectors on the TSX Venture Exchange over the past year.

For more information, please contact the company at [email protected] or visit our website at www.americanlithiumcorp.com for project update videos and related background information.

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On behalf of the Board of Directors of American Lithium Corp.

“Simon Clarke”

CEO and Director

Tel: 604 428 6128

For more information, please contact:

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 press release.

Caution Regarding Forward-Looking Information
This press release contains certain forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements regarding the ability to appeal the court ruling, and any other statements regarding American’s business plans, expectations and goals. Lithium. Forward-looking statements are frequently identified by words such as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend”, “indicate”, “planned”, “target”, “goal”, “potential”, “purpose”, “efforts”, “option” and similar words, or their negative connotations, referring to future events and results. Forward-looking statements are based on management’s current beliefs and expectations are not, and cannot be, guarantees of future results or events. Although American Lithium believes that the current beliefs and expectations reflected in these forward-looking statements are reasonable based on information available at the time, undue reliance should not be placed on any forward-looking statements, as American Lithium cannot guarantee that these opinions and expectations will prove to be correct. All forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including risks, uncertainties and assumptions relating to: American Lithium’s ability to achieve its stated objectives; the risks and uncertainties associated with the COVID-19 pandemic and the extent and how actions taken by governments and their agencies, American Lithium or others to attempt to reduce the spread of COVID-19 could affect American Lithium , which could have a material adverse impact on many aspects of American Lithium’s business, including, but not limited to: the ability to access mining properties for indefinite periods of time, the health of employees or consultants resulting in delays or reduced capacity, social or political instability in Peru which, in turn, could impact American Lithium’s ability to maintain the continuity of its operating needs, may result in reduced availability or failures of various local governments and critical infrastructure, reduced demand for potential American Lithium products, availability of materials, restrictions worldwide travel plans and the availability of insurance and related costs; the judicial appeal process in Peru, and all future remedies pursued by American Lithium and its subsidiary Macusani to resolve title to 32 of its concessions; risks relating to pending regulatory proceedings with the Ontario Securities Commission; continued ability to work collaboratively with stakeholders, including but not limited to local communities and all levels of government; the possibility of delays in exploration or development activities due to the COVID-19 pandemic; interpretation of drill results, geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not meet our expectations; risks that permits will not be obtained as expected or delays in obtaining permits; mining and development risks, including risks relating to accidents, equipment failure, labor disputes (including work stoppages, strikes and loss of personnel) or other unforeseen difficulties or interruptions to exploration and development; risks related to fluctuations in commodity prices and exchange rates; risks related to foreign operations; the cyclical nature of the industry in which American Lithium operates; risks relating to the inability to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining government approvals; risks related to environmental regulation and liability; political and regulatory risks associated with mining and exploration; risks related to the uncertain global economic environment and the effects on the global market generally, and due to the COVID-19 pandemic, the measures taken to reduce the spread of COVID-19, any of which may continue to adversely affect global financial markets, including the stock price of American Lithium and could adversely affect American Lithium’s ability to raise capital and could also result in additional and unknown risks or liabilities for American Lithium. Additional risks and uncertainties relating to American Lithium’s prospects, properties and business strategy are identified in the “Risks and Uncertainties” section of Plateau’s MD&A filed on January 19, 2021, in the “Risk Factors” section. of the American Lithium MD&A. and Analysis filed January 29, 2021 and in recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements. American Lithium undertakes no obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. Macusani Claims Warning Thirty-two of the 151 claims held by American Lithium subsidiary Macusani are currently the subject of administrative and legal proceedings (together, the “Proceedings”) in Peru to overturn the resolutions issued by INGEMMET and the Mining Council of MINEM in February 2019 and July 2019, respectively, which declared Macusani’s title to 32 of the concessions invalid due to late receipt of annual validity payments. In November 2019, Macusani sought an injunction on 32 claims in a court in Lima, Peru, and was successful in obtaining such an injunction on 17 of the claims, including three of the four claims included in the Macusani Uranium Project PEA. . The granting of the precautionary measure (Medida Cautelar) restored the title, rights and validity of these 17 concessions to Macusani until a final decision is reached at the last stage of the judicial process. A request for a conservatory measure was filed at the same time for the remaining 15 concessions and was finally granted by a court in Lima, Peru, on March 2, 2021, which also restored the title, rights and validity of these 15 remaining concessions to Macusani, with the result being that the 32 concessions are now protected by a precautionary measure (Medida Cautelar) until a final decision on this matter is reached at the last stage of the judicial process. The judge’s favorable decision confirming the title of all 32 concessions as of November 3, 2021 represents the final step in the ongoing legal process. However, this decision was recently appealed by MINEM and INGEMMET. American Lithium has no assurance that the outcome of these appeals will be in favor of the Company.

A graphic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a225e453-c850-4c07-bd94-0eda2f28dffd

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