Phoenix, AZ / Lithium Exploration Group Inc. (OTCPINK: LEXG) announced that it has established itself as an early adopter of a disruptive technology within the burgeoning lithium industry. Lithium Exploration Group has partnered with Sonic Cavitation Ltd to test and commercialize a proven lithium extraction technology that is anticipated to make the Lithium Exploration Group a recognized brand name in the rapidly evolving and expanding lithium industry.Goldman Sachs has labeled the 'lithium battery' as the 'new gasoline' with lithium battery sales expected to grow by 21% next year as a result of the growing demand from both the electric car market and the consumer electronics market.
CEO Alex Walsh updates shareholders on company activities:
As we transition into 2017, it is important to update the market on our strategic planning for 2017. This month we completed the independent validation testing of the Sonic Cavitation Ltd oil unit. We have been testing the unit ourselves since August, but recently brought in two independent groups to take samples and witness the power consumption, temperature increase, and other operational variables of the unit. Along with our partners at Sonic Cavitation Ltd, we are now ready to start showing those performance results to potential customers and start to customize a solution for their specific needs.
This execution will be part of our ongoing activity, but it is also important to note that we are still very focused on utilizing the technology for lithium extraction. In the very near future our partners at Sonic Cavitation Ltd will begin to initiate the testing of brine and other salt water feedstock and begin collecting performance data on the flash evaporation of suspended solids. Obviously this application can be used for water purification and other industrial purposes, but we will be very focused on how it can be used in the mining industry specific to the expedited extraction of lithium from brine.
We have had a lot of inbound calls and emails from our shareholders and companies in the mining industry about when we will be able to bring this to their market and our answer is - soon. Certainly they will need to be patient as we conduct testing of various brines, but we know that we will be able to bring them a solution very soon in the same way that we are bringing the oil unit solution to the energy industry.
The lithium industry is positioned to boom over the next three decades as hybrid vehicles continue to gain market share and as companies like Tesla turn their attention to the much-needed bulk energy storage application for massive rechargeable lithium batteries. Presently the most economical way to extract lithium is from shallow brine in arid climates where the producers use solar evaporation to turn the brine into a moist cake. That process takes almost 18 months to get lithium carbonate to market. Our hope is to be able to show producers that, with this technology, they can produce that same moist cake byproduct in other geographies and in other climates. This dewatering step is critical for the entire industry and we plan to explore joint ventures with companies that are close to producing lithium and will look to sell units to other operators, just as we are poised to do in the oil and gas industry.
We have the exclusive distribution rights to this technology for the mining industry in Canada and plan to exploit that as much as possible.
About Lithium Exploration Group
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 testing its SonCav Technology and the acquisition of oil and gas related assets in Western Canada. Lithium Exploration Group is traded on the OTCPINK under the symbol LEXG. Website: http://www.lithiumexplorationgroup.com.
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 testing of the ultrasonic technology.
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 Inc.