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Australian commodity producer Altura Mining has agreed to acquire a 15% interest in American junior mining company Lithium Corporation for $550,000.

With the alliance, Altura seeks to explore brine deposits bearing lithium and potash in Nevada, US.

Under the terms of the agreement, Altura will purchase 11 million shares of Lithium at a price of $0.05 a share.

The company will also gain an option to purchase an additional 11 million shares at $0.10 a share before the first anniversary of the transaction’s closure, or $0.15 before the second anniversary.

Focused on the production of iron ore, coal and Lithium, Altura owns the Pilgangoora lithium project in Western Australia.

The company recently intersected a JORC compliant inferred resource of 25.2 million tonnes of Spodumene at the mine, containing Pegmatite with 1.23% Li20 grade from 310,000 tonnes of lithium oxide.

Lithium Corporation is currently exploring two lithium brine prospects in Nevada, at its Fish Lake project located in south-west Nevada and the San Emidio project in the north-west.

The company commenced a geotechnical survey at Fish Lake in July this year, while the drilling programme at San Emidio was undertaken in February and the results evaluated in March.

Further drilling at both the prospects is expected during October and December 2012.

Lithium Corporation president Tom Lewis said, "I am extremely pleased that Altura Mining has decided to invest in Lithium Corporation. They are a strong development and production company that shares Lithco’s goals and outlook."

Image: Altura had intersected pegmatite at its Pilgangoora lithium project in Western Australia. Photo: Rob Lavinsky.