Lithium Exploration Group provides update on the Ultrasonic Cavitation Generator (UCG)
SCOTTSDALE, Ariz., April 2, 2013 /PRNewswire/ -- Two weeks ago, Lithium Exploration Group (OTCQB: LEXG) purchased a pump and had drawings commissioned to be used to develop the second UCG. This week it will be moved to GD Glottech International's (GDGI) facility to complete the modifications, assembly, and testing. After review by GDGI's industry experts the rebuilding of the shaft on the initial unit is underway and testing is expected to resume in 4 to 6 weeks.
"Our partners at GDGI have a new state-of-the-art 40,000ft2 facility that is ideal for machining, assembly, and testing of the next UCG and all future orders. This facility has a yield of 60 UCG's per month at full capacity. GDGI reports the next Unit will be ready for field testing in early July," commented CEO Alex Walsh. "We have experienced delays with the testing of the first unit in Pennsylvania but the testing performed in November and December of 2012 has produced important feedback on correcting the problems and improving the design of the second unit."
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