SCOTTSDALE, Ariz., Nov. 5, 2012 /PRNewswire/ -- Lithium Exploration Group (OTCBB: LEXG.OB) (OTCQB: LEXG.OB) announces the resumption of work on the Ultrasonic Generator in Pennsylvania. In early October, Glottech USA's board passed a resolution granting GD Glottech International possession of the unit in order to complete the testing at the direction of the inventor. To avoid any further delays, the unit will stay at its current location in West Chester, PA.
"We're excited to get back to work on this project. We have full confidence that we will be back on track in short order. Due to inactivity over the past few months, it will take some time to get the electrical systems wired up again and to install the new variable frequency drive. However, we will be updating shareholders on a regular basis as progress is made. We are sending a team to Pennsylvania immediately to provide support in the ramp-up process," commented CEO Alex Walsh.
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