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Prospect acquires option over 2nd lithium deposit in Zimbabwe

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Prospect acquires option over 2nd lithium deposit in Zimbabwe

ProspectResources Ltd. said July 19 that it has entered a deal for afour-month option to acquire, via its 70%-owned Zimbabwe subsidiary HawkmothMining & Investment (Pvt.) Ltd., a 90% interest in the God's Gift lithiumproject in Zimbabwe for US$50,000.

A further US$450,000 is payable on exercise of the option.

During the option period, Prospect plans to undertake ashort exploration program.

God's Gift claims cover some 225 hectares of prospectiveground. The project has produced 315 tonnes of beryl, 2.8 tonnes of tantaliteand 17 tonnes of cassiterite from 1952 to 1992.

In May, Prospect secured a two-month option to acquire a 90% interest inthe Arcadia V claim and the mineral claim applications comprising the Arcadialithium deposit in Zimbabwe.