Bookmark and Share Valleyview Lithium Project (Alberta)

First Lithium has earned 100% interest in nearly a million acres with lithium contained in basinal brines of the Western Canadian Sedimentary Basin. A report by the Alberta Research Council in 1995 discusses the area as having potential for very large resources of Lithium within formation waters. The property acquired covers a large portion of the area deemed "producible" for Lithium by the government study. In the report, the Alberta Research Council provides a "historical resource estimate" of roughly 2.8 billion lbs. Li2O. The estimated

Lithium is hosted in oilfield brines
concentrations of Li compare favourably with the known lithium brine deposits in Nevada, which are currently in production.

Hundreds of oil and gas wells are currently in operation on the Valleyview property. Oil and/or gas coexists within the same aquifers as FLR's lithium and potassium bearing brines. In recovering the oil and gas, brine is also drawn to the surface, but generally in much larger quantities.

The energy operator must process the brine and then separate it from the oil and/or gas. When this process is completed, the brine is returned to the aquifer. Given these circumstances, potential exists for a symbiotic relationship to be born between the energy companies and FLR, with a result being that FLR may never have to drill a hole, or even extract its own resource.

The tonnages, grades, and other technical data are taken from historical estimates prior to the implementation of NI 43-101. A qualified person as defined under NI 43-101 has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. First Lithium Resources is not treating the historical estimates as current mineral resources or mineral reserves as defined in NI 43-101 and the historical estimate should not be relied upon.