On October 9, 2009, the Company entered into a share exchange agreement with Nevada Lithium Corporation, a Nevada corporation, and the shareholders of Nevada Lithium Corporation. The closing of the transactions contemplated in the share exchange agreement and the acquisition of all of the issued and outstanding common stock in the capital of Nevada Lithium Corporation occurred on October 19, 2009. Lithium Corporation issued 12,350,000 shares of their common stock to the former shareholders of Nevada Lithium Corporation in exchange for the acquisition, by the Company, of all of the 12,350,000 issued and outstanding shares of Nevada Lithium Corporation.
Fish Lake Valley is a lithium enriched salar (also known as a Playa, dry lake, or Salt Pan), located in west central Nevada in northern Esmeralda county. Lithium Corporation currently holds eighty acre Association Placer claims that cover approximately 6,400 acres. The geological setting at Fish Lake Valley is highly analogous to the salars of Chile, Bolivia, and Peru. Further sediment and brine sampling studies were conducted on the property in early September 2009. Lithium Corporation anticipates a geophysical survey, and eventual drilling in Spring 2010.
The Fish Creek Caldera prospect is in west-central Lander County approximately 55 kilometers south of the county seat at the town of Battle Mountain in northern Nevada. The property consists of 117 conventional 20-acre Lode Mining Claims, which cover an area of approximately 2,340 acres. This prospect is a more traditional bulk-mining target. During uranium exploratory drilling operations here in 1978 by Phillips Uranium Corporation, lithium mineralization of up to 20,000 ppm was discovered.