SCOTTSDALE, Ariz., Feb. 13, 2012 /PRNewswire/ -- Last week, Lithium Exploration Group (LEXG: OTCBB) completed the final draft of its 43-101 Technical Report. The report outlines an inferred resource at the Valleyview Project, including lithium, potassium, magnesium, and other minerals calculated using sample data from testing completed in May 2011. The company is awaiting feedback from the TSX on the inferred resource calculation before publishing the results of the study, but hopes to receive feedback this week. The final parts of the ultrasonic generator also were delivered to the testing facility in West Chester, PA, last week. The team from Glottech is currently connecting the water source, valves, and electrical componentry and hopes to begin testing the unit during the last week of February.
"We have experienced a number of delays with both the 43-101 and the testing of the ultrasonic generator, but now both are complete and we're ready to move to the next steps. We have the final calculations on the inferred resource for the Valleyview Project but have chosen to not release those until we have had the calculation method reviewed by the TSX. The generator has been delivered from the manufacturer and I fully expect to be on site overseeing the initial testing before the end of February. We are going to have a video crew there to tape the testing and will be putting that on our website for everyone to see. It is exciting that these two huge milestones for our company are coming to fruition at the same time, and we anticipate moving forward aggressively to the next steps in our strategic plan," 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 Valleyview Project in Western Canada. 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," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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, and the completion of any resource estimates or a feasibility study.
The United States Securities and Exchange Commission permits US mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this release, such as "measured," "indicated," and "inferred resources," which the SEC guidelines strictly prohibit US registered companies from including in their filings with the SEC. US Investors are urged to consider closely the disclosure in our Form S-1 or Form 10-K which may be secured at http://www.sec.gov/edgar.shtml.
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