Lithium Exploration Group Meets with Resource Management Firm about Oil and Gas Assets in Alberta

SCOTTSDALE, Ariz., Dec. 13, 2011 /PRNewswire/ -- Lithium Exploration Group (OTCBB - LEXG) CEO Alex Walsh met in Scottsdale last week with executives from a resource management firm from Calgary, to discuss the potential acquisition of assets around the Valleyview Project.  Lithium Exploration Group's goal is to obtain oil and gas production revenue along with a facility on which to build a pilot plant for mineral processing to advance the Valleyview Project.  

"We had a great day of meetings discussing the region and some of the potential acquisition targets.  Our Valleyview Project is so closely tied to the production of oil and gas from the deep brines in the region that it makes sense for us to own a small asset where we can build a facility to process the minerals and participate in the revenue from the hydrocarbon production.  A number of small assets are being divested by large operators either because of the need to raise capital or the need to scale back on staff in the region.  Our ability to produce revenue while we are still in the exploration phase will be a great catalyst for shareholder value. We will be less dependent on raising capital to advance our projects," commented CEO Alex Walsh.  "Similarly, we invested in an exploration well near the Valleyview Project which has been completed and is currently being tested for flow rates.  Depending on the results of these tests, we could possibly begin receiving revenue as soon as March 2012. Our share in the value of that well could be as much as $6,400,000 based on our partner's projections.  For our investment, we are able to have our geological team review the well logs and core samples, and water samples from the initial production have been sent to the laboratory for analysis.  It is this same type of benefit that we are looking to gain by acquiring a producing asset and facility to expand our efforts at the Valleyview Project and benefit our shareholders."

About Us

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, including but not limited to any acquisitions in the region of the Valleyview Project, construction of a facility as a result of any potential acquisition, and the possibility of receiving any oil and gas revenues from the exploration well that we have invested in.  

Actual results could differ from those projected in any forward-looking statements due to numerous factors. 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