SCOTTSDALE, Ariz., Nov. 14, 2011 /PRNewswire/ -- On November 8 and 9, Lithium Exploration Group (OTCBB-LEXG) CEO Alex Walsh was in Pennsylvania to get an in-person update on the progress of the ultrasonic generator being manufactured for its Valleyview Project. The trip included discussions about final design features, an update on work completed to date, the assembly schedule, and upcoming milestones. Some parts are still on order, including electrical components, the motor to run the generator, and some final customized components of the generator that have not come out of the foundry yet. At this time, those parts are not needed in the assembly and the overall schedule discussed in the September 30 10Q remains intact.
"After seeing the 3D drawings come to life in the form of five tons of stainless steel, I have never been more excited about the opportunity that we have to partner with the Glottech team. Their collective scientific and technical experience, along with the specialty product manufacturers and consultants they have brought on to complete this pilot unit, are second to none and I am completely confident in the entire team's ability to get this project across the finish line," commented CEO Alex Walsh. "We believe that this generator, when operational, will have the potential to change the lithium industry as we know it today and may give us the ability to become a substantial factor in the lithium marketplace."
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 and South America properties. 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 now 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. Such forward-looking statements include, among other things, the completion of the ultrasonic generator and the advancement of the company's projects in Canada and Argentina.
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