Lithium Exploration Group Provides Progress Update
SCOTTSDALE, Ariz., Dec. 14, 2012 /PRNewswire/ -- Lithium Exploration Group (OTCBB: LEXG.OB) (OTCQB: LEXG.OB) today updated shareholders on the results of the most recent round of tests of its ultrasonic generator. The power regulation issues have been resolved and, over the first week of testing, the unit was ramped up to 70% of its target RPM and performance data was monitored and recorded. The inventor of the technology, Victor Glotov, arrived on Friday, December 7 and was able to observe the unit to review the pressure, torque, flow rates, temperature rise, and sound waves. He confirmed that cavitation was taking place in the reaction chamber by measuring the frequency of the sound waves. At 70% of optimum RPM the temperature of the water rose from 40 to 62 degrees Fahrenheit.
At these levels, which are well below optimum speed, he was able to detect that the RPM rate and pressure did not match his calculations. He suggested that the reactor be removed from the tank for inspection before proceeding. The team removed the reactor on Tuesday, December 11, and was able to identify that the shaft was misaligned, restricting the water flow and limiting the generator's performance. On Wednesday, December 12, the disassembly process began to correct the alignment issues and testing will be resumed after the holidays once that process is complete.
"We continue to progress in a positive direction and have collected valuable performance data that is indicative of this ultrasonic technology working as designed. When we get it to optimum speed with the alignment issue resolved, we will have heat well in excess of the 214 degrees Fahrenheit required to vaporize the liquid," commented CEO Alex Walsh. "We are now confident that it is not 'if' but 'when' this unit reaches the critical heat levels required to produce steam and prove its capabilities. Our shareholders have been supportive and patient over the past six months and we want nothing more than to reward them with proving this technology successfully and taking our company to the next level."
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