OTC Bulletin Board S & P Company Insight for LITHIUM CORP
Profile
	Business Summary: Lithium Corporation engages in the identification, acquisition, and exploration of mineral properties with a focus on lithium mineralization in Nevada.   Address   200 S. Virginia St., 8th Floor   Reno , NV 89501   Phone: 714-475-3512   Website: http://www.lithiumcorporation.com Auditor   Silberstein Ungar Transfer Agent   Nevada Agency & Trust Co. ShareHolders:  22 Founded:  2007 Domicile:  Nevada
Background
	Lithium Corporation, an exploration stage mining company, engages in the identification, acquisition, and exploration of mineral properties with a focus on lithium mineralization in Nevada. It holds interests in several properties in Nevada. The Fish Lake Valley property, a lithium enriched salar (also known as a Playa, dry lake, or Salt Pan), is located in northern Esmeralda county in west-central Nevada. The company holds 80 acre association placer claims that cover approximately 6,400 acres. Lithium-enriched Tertiary-era Fish Lake formation Rhyolitic tuffs or ash flow tuffs have accumulated in a valley or basinal environment. Over time interstitial formational waters in contact with these tuffs, have become enriched in lithium, which could possibly be amenable to the extraction by evaporative methods. Further sediment and brine sampling studies were conducted on the property in early September 2009, and as of November 2009 the company was awaiting further assay information. The company anticipated additional sampling programs in fall 2009, followed by a geophysical survey, and eventual drilling in spring 2010. The property is held under a mining lease purchase agreement. The Fish Creek Caldera prospect, located in west-central Lander County in northern Nevada, is comprised of 117 conventional 20 acre lode mining claims which cover an area of approximately 2,340 acres. Unlike the Fish Lake Valley prospect, it is a more traditional bulk mining target which covers an area of clay altered Caetano, and Fish Creek formation Tertiary volcanic tuffs. Both formations originally contained relatively high concentrations of lithium, and locally, through a possible combination of weathering and hydrothermal processes, these volcanic rocks have been altered to clays. It is thought that the alteration process may have contributed to further lithium enrichment of the clays. The company intended to begin preliminary work in fall 2009 to outline areas of lithium enrichment in an effort to define drill targets, for more precise evaluation of the economic potential of the property in 2010. A subsidiary of the company entered into a lease agreement with Cerro Rico Ventures LLC in March 2009. Cerro Rico reserves a 3% NSR. The West Big Smoky Valley property, a lithium enriched Salt Pan, was acquired through staking claims in northern Esmeralda country, west-central Nevada. On January 14, 2010, the company announced the acquisition of an additional lithium brine prospect in central Nevada. The Salt Wells property was acquired through staking a 12,320 acre parcel. History:  INCORPORATED in Nevada Jan. 30, 2007, as Utalk Communications Inc.; name changed to Lithium Corporation Sept. 30, 2009, through the merger of a wholly owned subsidiary. On Oct. 19, 2009, the company acquired all of the issued and outstanding Common stock of Nevada Lithium Corporation. The company issued 12,350,000 Common shares to the former stockholders of Nevada Lithium Corporation. Also, pursuant to the terms of the share exchange agreement, 220,000,000 Common shares of the company were cancelled. Nevada Lithium Corporation was incorporated in Nevada Mar. 16, 2009, as Lithium Corporation; name changed to Nevada Lithium Corporation Sept. 10, 2009.   Subsidiaries: Nevada Lithium Corporation
Management
	Management Officers Position  Tom  Lewis President, Secretary, Treasurer, Chief Financial Officer, Chief Accounting Officer & Chief Executive Officer Directors  Stephen  Goss  John  Hiner  Tom  Lewis  Henry  Tonking  John G. Webster
Annual Report
	Annual Report   Income Statement   2009 2008 Operating expenses: Professional fees 33 12 Exploration expenses 66 - Website development fees - 3 Write-down of software development costs 12 - Interest expense 7 - General and administrative 72 12 Net income (190) (27) Share earns. basic Nil Nil Share earns. diluted Nil Nil   Balance Sheet   2009 2008 Assets: Cash & equiv. 360 7 Prepaid expenses 27 7 Tot. curr. assets 387 14 Computer equipment, net 1 Software development - 12 Mineral properties 263 Total assets 651 26 Liabilities: Accts. pay. & accruals 100 4 Loans payable 169 Due to stockholder 6 6 Tot. curr. liabs. 275 10 Stockholders' Equity: Com. stk. p.$0.001 61 4 Paid-in cap. 556 62 Retained earns. (241) (50) Total Stockholders Equity 376 16 Total liabs. 651 26    * On October 9, 2009, Lithium Corp. (Formerly Utalk Communications, Inc.) entered into a share exchange agreement with Nevada Lithium Corp. Pursuant to the terms of the share exchange agreement, Lithium Corp. agreed to acquire all of the issued and outstanding shares of Nevada Lithium Corp.'s common stock in exchange for the issuance of 12,350,000 shares of common stock. The acquisition was accounted for as a purchase with Lithium Corp. treated as the accounting & legal parent and Nevada Lithium being considered the accounting and legal subsidiary.
Interim Report
	Interim Report      Data Not Available
Pro Forma Report
	Pro Forma Report      Data Not Available
Quarterly Report
	Quarterly Report Information      Quarterly Revenue   Data Not Available   Quarterly Net Income, US$ Year Quarter Revenue   2010   1 Nil   2009   4 Nil   2009   Full Year (190,000)   2008   Full Year (30,000)   2007   Full Year (30,000)     Quarterly EPS, US$ Year Quarter Revenue   2010   1 Nil   2009   1 Nil   2009   2 Nil   2009   3 Nil   2009   4 Nil   2009   Full Year Nil   2008   1 Nil   2008   2 Nil   2008   3 Nil   2008   4 Nil   2008   Full Year Nil   2007   2 Nil   2007   3 Nil   2007   4 Nil   2007   Full Year Nil
Stock Data
	Capitalization as of 03/31/2010:     Authorized Shares Outstanding Shares Common $0.001 par 3,000,000,000 62,603,484   LONG TERM DEBT: None.   Common $0.001 par   Stockholders:  04/14/2010, 22. Transfer Agent:  Nevada Agency & Trust Co.   Reno , NV   OTC Bulletin Board( Primary): LTUM   Exchange Year High Low OTC Bulletin Board 2009 0.9500 0.0019   DIVIDENDS: Common $0.001 par: No cash. Common split 60-for-1, Oct. 1, 2009.