American Lithium Minerals Inc.

American Lithium Minerals Inc. operates as an exploration stage company focused on mineral properties. The company initially commenced operations and in August 2005, acquired an interest in the Raven property, a 524,728-hectare mineral claim located approximately 17 kilometers northeast of Princeton, British Columbia. However, due to a lack of funding, this mineral claim could not be kept in good standing, and the company's interest in it expired. Subsequently, pursuant to a mineral property purchase agreement dated June 15, 2009, with GeoXplor Corp, American Lithium Minerals Inc. acquired an option to obtain a 100% interest in 88 unpatented mining claims in Esmeralda County, Nevada. This property is situated approximately 25 miles east of the Nevada-California border and 35 miles southwest of Tonopah, Nevada. The consideration for this acquisition included cash payments totaling $61,000, which have been paid, and the issuance of 250,000 common shares at a market price of $0.48 per share, which have been issued. Additional consideration included future cash payments totaling $303,000 over three years and the issuance of an additional 500,000 common shares over two years. This acquisition was subject to a 3% royalty on the sale or disposition of lithium carbonate or other lithium compounds, with an option to acquire up to 2% of the royalty for $1,000,000 per 1%. The company also committed to incur $2,000,000 in exploration expenditures over five years. American Lithium Minerals Inc. later elected not to proceed with this property and expensed $295,609 as mineral property impairment during the year related to capitalized costs. Following this, pursuant to a letter of intent dated August 30, 2009, American Lithium Minerals Inc. acquired an option to obtain a 100% interest in 50 mineral claims, also located in Esmeralda County, Nevada, subject to a 3% Net Value Royalty.