The Teels lithium prospect, located at Teels Marsh, Mineral County, Nevada, approximately 54 miles northwest of Clayton Valley, is comprised of 123 Placer claims (2,460 acres – 3.8 square miles) which cover approximately the west 2/3 of the Teels Marsh. The property was first worked in the 1860’s for salt needed in chlorination production plants at Aurora, Comstock, and Candelaria. In approximately 1872 borax was discovered and was produced steadily until 1892 by U.S. Borax, which still holds the private ground to the east. Operations ceased when other borax resources were found in Death Valley. The Teels prospect is a playa deposit containing chlorides, sulfates, carbonates, bicarbonates, and borates of sodium and potassium. These occurrences and the existence of historical data suggesting lithium water flows into the marsh are the reasons for Ashburton’s interest.

The Clayton Valley lithium deposit was also mined in the 1800s for salt and borax, so the similarities with Teels are obvious. As lithium bearing brines tend to be the last product of evaporation, it appears (and from the Clayton Valley work) that the deeper portions of the playa, usually fault derived (as at Atacama, Chile) have allowed the proper time for evaporation of these last stages of brinesf A fault along the western margin of the Teels playa, which we now control, appears to have down-dropped (or tilted) potentially forming a deep basin.

An initial ground program on the Teels Marsh lithium prospect claims was completed on January 11th, 2010, approximately 50 miles northwest of Chemetall Foote’s Clayton Valley lithium brine operation in western Nevada. Water sampling along the northwest margin of the Teels Marsh playa confirmed lithium anomalies detected in previous work in surveys conducted in the 1970s. Three follow-up samples from areas of anomalous 1970s sampling contained 530, 540 and >1000 micrograms per liter (ppb) Li. Geochemical analyses were performed by ALS-Chemex Laboratories of Reno, Nevada, and North Vancouver, BC. The samples were collected from springs near the edge of the playa and are interpreted to reflect Li input into the playa from the hills to the northwest. The hills are largely underlain by Tertiary volcanic rocks and Cretaceous granodiorite, either of which could be source rocks for lithium-bearing brines at depth in the playa.

As of Februrary 25th, 2010, Ashburton has entered into an Option Agreement to allow First Lithium Resources Inc. (MCI-TSX:V) to earn an 80% interest in the Teels lithium prospect, located approximately 87 kilometers (54 miles) northwest of the Clayton Valley lithium brine operation in southern Nevada. The prospect comprises 120 placer claims (2,400 acres - 3.7 square miles) that cover approximately the western two-thirds of the Teels Marsh, a closed desert basin that was confirmed as having anomalously high Li spring waters in the reconnaissance water sampling program. In order to maintain the Option in good standing and to earn an 80% interest in the Property, First Lithium Resources shall make cash payments, issue common shares to the Optionor and incur Exploration Expenditures by their respective deadlines.