SCOTTSDALE, Ariz., April 30, 2013 /PRNewswire/ -- Lithium Exploration Group ( OTCQB: LEXG.OB) announced today that the company has executed a term sheet to acquire 16,000 acres of Chilean lithium assets ("Project Chile"). Both parties executed an LOI to proceed on April 22, 2013, and due diligence has begun. The other party is a publicly traded company and both parties have elected to maintain anonymity until further due diligence is complete and terms have been negotiated. Both companies have been active in the lithium exploration space since 2010 and hope to be able to move these assets forward together.
"We have the experience and ability to acquire the acreage and advance the project toward a resource estimate. It is also important that this acquisition comes without any arduous future option payments. We will have complete control of the mining concessions on Day One," says Lithium Exploration Group CEO Alex Walsh. "These are prime assets in Chile and we continue to feel strongly that the demand for lithium and producible lithium assets will grow in the coming years. This acquisition will diversify our lithium holdings while expanding our balance sheet."
ABOUT "PROJECT CHILE"
"Project Chile" is comprised of 8,649 acres (3,500 hectares) in the southern section of the Salar de Maricunga, seven concessions for a total of 4,695 acres (1,900 hectares) in the Salar de Pujsa, and 2,471 acres (1,000 hectares) in the Salar del Laco for a total of just less than 16,000 acres throughout Chile.
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