Oxford, MS 5/18/2011 (PennyPayDay) -- Lithium Exploration Group (OTC:LEXG) in a press release yesterday addressed recent developments and future planning.As previously announced, the company’s Chief Executive Officer, Alex Walsh, has pledged 10,000,000 of his shares in the company to assist in securing both strategic partnerships and additional financing. In regards to his pledge, Mr. Walsh states, “The goal of this pledge is to ensure that the additional capital that could come into the company over the next few months will be non-dilutive to the shareholder base while adding value to the company.”
Mr. Walsh also goes on to provide an update, in which he states, “Our strategic plan has been to test the Valleyview Project brines, identify a technology to concentrate the brines, and retain a laboratory to design a separation process to produce commercially viable forms of lithium, potassium, and other minerals present in the brines. The next steps for our company are to pay for the manufacturing of an ultrasonic generator to be brought to Alberta for onsite testing and production and to retain a laboratory partner to design the separation process specific to the Valleyview Project brines.”
The company is of the view that both of these milestones can be achieved before the end of the third quarter of 2011. Once the generator has been tested in the field and the separation process has been designed in the laboratory, the construction of a pilot plant in the field will begin. The pilot plant will be designed based on the required specifications of the separation process and will be built to handle the production capabilities of the generator once it has been tested in the field and is ready for commercial production. The construction of the pilot plant is contingent on the final separation process and testing of the ultrasonic generator but is expected at this time to be operational by the end of 2011.
Lithium Exploration Group intends to raise additional capital over the next few months to secure the financing required to engage a laboratory partner and construct the pilot plant. At this time, the capital to manufacture the ultrasonic generator has been secured and that process should begin before the end of May.
In regards to recent market activity, Mr. Walsh states, “There has been a lot of third party activity around and about our stock over the past 2 months from both promotional companies making us look good and blogging websites making us look bad. Each of these groups have an agenda that they are trying to get across and do not provide a legitimate basis, good or bad, for what they are saying. We urge all investors in our stock to review our website and filings as you make decisions about investing in our stock, and seek advice from a qualified investment professional. Please go to our website www.lithiumexplorationgroup.com and read through our letter to shareholders filed under a current report on Form 8-K on April 27, 2011, which discusses our strategy in greater detail than this press release.”
Mr. Walsh goes on to state, “We are very excited about the direction in which our company is headed and will continue to update our website with new developments.”
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.
For more information, please visit: www.lithiumexplorationgroup.com.
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