PHOENIX, December 20, 2017 /PRNewswire/ --
Lithium Exploration Group (USOTC: LEXGD) announced today that it has published an interim report on the seismic processing for the White Top project to its website (link below). The initial scrubbing of the data points known as traces or reflections is almost complete and already shows clear faulting and "bright spots". The internal and external teams are very excited about the quality of the data and feel that the final product will not only derisk the development drilling but will make the production from each well drilled much more efficient because of the ability to see traps and faults more clearly than ever before.
The 200 for 1 reverse split, approved in November, took effect today and concurrent with that split our trading symbol will change from LEXG to LEXGD for a period of 20 days. This reverse split changes both the issued and authorized shares at the same rate bringing our trading price to a higher level but does not change anything else about our capital structure.
"I am happy to share this seismic update with our followers. The investment we have made in the White Top project is a substantial part of our future. We hope to start collecting income from the investment in the next few months and within a year we believe that the monthly revenue from the investment could cover our overhead indefinitely. Concurrent with generating revenue we want to be able to work with our partners at SonCav to use this site as a "showroom" of sorts for their customers in the US and our customers in Canada to see the technology operate in a field setting," commented CEO Alex Walsh.
About Lithium Exploration Group
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 testing the Sonic Cavitation Ltd. technology and the acquisition of oil and gas related assets in the US and Canada. Lithium Exploration Group is traded on the OTC Markets under the symbol LEXG.
Website: http://www.lithiumexplorationgroup.com .
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 testing of the ultrasonic technology.
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