Lithium Exploration Group Drops Argentina Property

SCOTTSDALE, Ariz., Jan. 24, 2012 /PRNewswire/ -- Lithium Exploration Group (OTCBB: LEXG) has elected not to pursue its option to purchase the property at its Salta Project in Argentina.  The decision was made after reviewing the geological findings, evaluating both the short- and long-term financial commitments of the option agreement, considering the recent political unrest in Argentina, and most importantly the decision to focus Lithium Exploration Group's attention on its Valleyview Project in Alberta, Canada.

"After evaluating the investment required to advance the project and the capital commitment today -- and in the future -- to continue our option payments (both stock and cash), it was an easy decision.  And the added risk of committing a large investment to an early stage project in politically unstable Argentina right now was a major consideration.  We have amassed 650,000 acres and are in the final stages of completing our initial 43-101 resource estimate at our Valleyview Project in Alberta, Canada, and that must be our focus now as it is our most direct path to revenue.  As the technology unit is completed and we advance our Valleyview Project, we will begin reevaluating partnerships or acquisition targets in South America," commented CEO Alex Walsh.

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, and specifically, the company's ability to generate revenue from its Valleyview Project or its technology unit, as well as its intention to enter into acquisitions or partnerships in South America.

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.

Contact Info
Shanon Chilson
480-641-4790
[email protected]

SOURCE Lithium Exploration Group

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