Lithium Exploration Group Enters into LOI to Purchase 16,000-Acre Chilean
SCOTTSDALE, Ariz., April 30, 2013
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
"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
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
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
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