Pan American Lithium Corp. (TSX-V: PL.V) ("Pan American" or the "Company") today announced that it has entered into a Termination Agreement with two individuals to terminate the Option Agreement dated May 28, 2007 and to release its option on the 17 mineral claims that comprise the Aspen Grove copper property. As the Company is focused on the exploration and development of properties containing lithium and light metals, the Company decided to release its option on the Aspen Grove property and transfer all interest in such property back to the original optionors. Aspen Grove, situated in the Nicola Mining Division of British Columbia, had been under option to the Company since May 2007, and had been the subject of a NI 43-101 technical report, work program, and various expenditures through calendar year 2009.
Andrew Brodkey, CEO of Pan American, stated, "Pan American is a lithium and light metals company, focusing on its brine property interests in Chile and Mexico. After careful consideration, we have agreed to release and reconvey this heritage copper project option to the optionors, at no additional cost to the Company, so we can continue to concentrate on the significant opportunities in Chile and Mexico."
On Behalf of the Board
PAN AMERICAN LITHIUM CORP.
/s/ Andrew Brodkey
Andrew A. Brodkey
President and CEO
Neither 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 release.
CONTACT: Crescendo Communications, LLC
David K. Waldman
John J. Quirk
(212) 671-1020
panam@crescendo-ir.com