First Lithium Resources Inc. (TSX VENTURE:MCI)(PINK SHEETS:FLNTF)(FRANKFURT:MHN) has announced that a drill rig has been mobilized to the newly optioned Mollie River property, and a minimum 6 hole, 1200m program is set to commence today.
The Company is prepared and capitalized to expand on the designed program if it is deemed warranted.
The property is located ~75 km SSW of Timmins, Ontario, approximately 4 km from the western edge of Trelawney Mining and Exploration Inc.'s ("Trelawney" TSX-V: TRR) Chester Gold Complex.
The TSX Venture Exchange has accepted for expedited filing documentation of the option agreement dated Nov. 19, 2010, between the Company and Newcastle Minerals Ltd., whereby the Company may acquire up to a 75% interest in the Mollie River claims.
President, Craig Naughty, stated: "We feel very fortunate to have the opportunity to delve into what we feel to be an underexplored property in such close proximity to Trelawney, given the categorical success they have had in their drill programs to date."
The consideration payable to earn a 60%/75% interest in the property is $15,000 cash, 1,000,000/1,750,000 common shares of the Company and an exploration commitment of $500,000/$1,000,000.
Source: First Lithium Resources Inc.