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ASHBURTON ACQUIRES TEELS LITHIUM PROSPECT
November 9, 2009, VANCOUVER, B.C. – ASHBURTON VENTURES INC. (ABR-TSX:V) (“Ashburton” or the "Company”) announces it has signed a letter of agreement dated November 6, 2009 to acquire the “Teels” lithium prospect located at Teels Marsh, Mineral County, Nevada, approximately 54 miles northwest of Clayton Valley. The prospect comprises 123 Placer claims (2,460 acres – 3.8 square miles) which cover approximately the west 2/3 of the Teels Marsh, a closed, desert basin.
Teel Marsh 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 the Company’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 brines. 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.
Terms of the deal are cash payments totaling $22,500 plus 250,000 shares of Ashburton with a due diligence period included through December 12, 2009. A finder’s fee may be payable.
Ashburton Ventures is a junior exploration company actively seeking mineral and energy opportunities for the benefit of all its stakeholders. For more information please visit the Company’s website located at www.ashburtonventures.com.
David Hedderly-Smith, Ph.D, P.Geo is an advisor to Ashburton, a Qualified Person as defined by N.I. 43-101, and has approved the information in this press release.
Ashburton Ventures is a junior exploration company actively seeking mineral and energy opportunities for the benefit of all its stakeholders.
ON BEHALF OF THE BOARD
Michael England, President
For further information contact:
Telephone: (604) 683-3995
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.