SCOTTSDALE, Ariz., Jan. 25, 2012 /PRNewswire/ -- Last week, Lithium Exploration Group (LEXG: OTCBB) CEO Alex Walsh reviewed the progress of the technology unit being built for its Valleyview Project in Alberta, Canada. The meeting in Pennsylvania included an overview of progress made to date, the timing of the final assembly process, the testing schedule for the unit, and engineering logistics surrounding the transportation of the unit to Canada and final installation. All parts of the unit have been completed and are in the final phase of measurement and testing for optimal performance. Preparations have been made to test the generator once it is delivered from the manufacturer. Mr. Walsh also travelled to New York to meet with private equity firms and investment banks about the potential for additional capital requirements once the generator is completed and has been successfully tested.
"The trip last week was extremely successful. Our technology partners have made significant progress on the ultrasonic generator for our Valleyview Project. We are in the final stages of building that unit. All that remains is the final milling of custom-made parts, down to measurements that can only be calculated in fractions of a millimeter. All of the components are ready for assembly, and once the final parts have been milled to specification, the unit will be delivered to the site in Pennsylvania where we will test the unit's capabilities. We're hopeful that that test will take place in the next few weeks but have not pinpointed an exact date. We'll be producing a video of the test of the unit to show our shareholders exactly what it can and will do for our project," commented CEO Alex Walsh. "We will have our initial resource estimate complete any day now and intend to spend the next few months commissioning a feasibility study to assess the technology unit application with the mineral processing technique. We have enough cash on hand to meet our obligations for the next year but want to be able to test this unit as soon as possible in order to move aggressively on expanding our strategy in Canada and growing our business."
About Us
Lithium Exploration Group is a US based exploration and development company focused on the acquisition and development potential of lithium brines and other precious metals that demonstrate high probability for near-term production. Currently the company is focused on its Western Canada and South America properties. Lithium Exploration Group is a fully reporting company traded on the OTCBB under the symbol LEXG. Website: www.lithiumexplorationgroup.com. Lithium Exploration Group is also now on Facebook, LinkedIn and Twitter @LEXG_OTCBB.
Safe Harbor Statement
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to the completion, testing, transportation, and final installation of the unit, the acquisition of additional capital, and the completion of any resource estimates or a feasibility study.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of lithium prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Contact Info
Shanon Chilson
480-641-4790
info@lithiumexplorationgroup.com
SOURCE Lithium Exploration Group
