SCOTTSDALE, Ariz., Feb. 5, 2013 /PRNewswire/ -- Lithium Exploration Group (OTCBB: LEXG) (OTCQB: LEXG) announces the development of a new oil refining technology. In late 2012, a team from Lithium Exploration Group (LEXG) and the inventor of the technology, GD Glottech International Ltd., the company from whom LEXG has secured its licensing rights for ultrasonic cavitation water treatment units, began discussing an oil refining technology to refine Canadian crude oil. The development of this technology unit will run parallel to the water treatment unit being tested in Pennsylvania but will target a completely different market of customers. This new Technology has already been run and tested in Russia using Russian Urals heavy crude oil and this will be a first application addressing tar sands bitumen. The project development will begin immediately.
"The ability to refine crude oil and tar sands bitumen in Canada at a competitive cost and in an environmentally conscious way into distillates such as Kerosene, Benzene, and Diesel is a huge market opportunity in Western Canada. Lighter crude products sell at a twenty dollar premium per barrel to heavy crude and through utilizing this technology smaller operators will be able to significantly increase their revenue from the same production. The development of this additional application of the ultrasonic cavitation technology significantly enhances our revenue opportunity in Canada and further diversifies all of our activities," commented CEO Alex Walsh.
It is expected that the parallel projects, perfectly aligned, will begin to show profits as early as Q3 2013. LEXG expects that it will actually be conducting R&D on its own oil production in the near future pending the acquisition of assets in Canada, part of an aggressive overhaul of its business activities and strategy.
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