SCOTTSDALE, Ariz., May 8, 2013 /PRNewswire/ -- Lithium Exploration Group (OTCQB: LEXG.OB) announced today that on May 6, 2013, it executed an LOI to acquire a water disposal facility near Edmonton, AB from Excel Valley Petroleum. The facility is not presently in operation but is a licensed disposal facility with the Alberta government and will require minimal capital expenditure to achieve profitability. Using prior historical disposal production, the primary disposal well, once operational, will produce more than $200,000 in profits per year to the company. It also will provide a facility in which to continue work on the extraction of lithium and potassium from mineral-bearing brine controlled by Lithium Exploration Group.
"We are an exploration company invested in the exploration of lithium-bearing brines in Alberta. The acquisition of oil and gas assets, along with this disposal facility, will bring us revenue and infrastructure to continue our exploration efforts, at the same time providing income to pay for those expenditures." said Alex Walsh, CEO. "In my opinion, there are very few junior mining companies with the ability to fund both operations and exploration efforts through company revenue without dilutive financings. For this reason I'm really pleased to be able deliver this alternative to our shareholders and investors."
The Company and its attorneys are expeditiously completing all due diligence with the expectation of closing by corporate year-end June 30, 2013. Details of all of the transactions announced in previous weeks will be disclosed in 8K filings upon completion.
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 property. 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 on Facebook, LinkedIn and Twitter @LEXG_OTCBB.
Safe Harbor Statement
This news release contains "forward-looking statements". 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.
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.
SOURCE Lithium Exploration Group