PHOENIX, Dec. 04, 2017 (GLOBE NEWSWIRE) -- Lithium Exploration Group Inc. (OTCPINK:LEXG) CEO Alex Walsh updates shareholders on company activities.
We have two main focuses in the month of December as we finish out 2017:
- To assist in the closing of the White Top acquisition before year end.
- To complete internal evaluation of the Korean patent portfolio.
A few weeks ago, our partners at White Top reached an agreement with an investment group to fund the acquisition of the field in Louisiana and to provide some additional funding for initial drilling opportunities and the operational transition. The final legal agreements are still in process and the goal today is to have the funding complete in the next few weeks, which will allow the acquisition of the field to be complete before the year end.
The seismic data continues to be processed. We have hired an independent team to collaborate with the geophysical team at White Top and a seismic contractor to both assist and provide a third-party report on the findings regarding the potential size and scope of all aspects of future development opportunities. Discussions internally are ranging from five to 20 million BOE (barrels of oil equivalent) yet to be extracted from this field. All interested parties (including myself) will be meeting in Houston during the week of December 10 to discuss the findings and next steps.
One of the most exciting developments of the early processing is that there is clear data down to 17,000 feet below the surface. This gives the geophysical consultants a high degree of confidence that they will be able to identify targets in the Hackberry (10,000-12,000 ft.) and the Yegua (12,000-14,000 ft.). These two horizons could generate significant proven reserves above and beyond what we had initially targeted.
We continue to evaluate market opportunities all over the globe for the lithium battery patents we have an option to purchase. Ultimately it comes down to online penetration, then manufacturing execution. I am confident that the contractors we are working with externally will be able to give me a good execution plan. I also plan to travel to China to tour the manufacturing facility where the initial batch of product was made before we complete the acquisition, just to make sure everything is as it should be.
The SonCav team continues to work on their demonstration testing. We should have a lot of information to fill you in on in the coming weeks, and I plan to meet with their team in Houston with some prospective customers the week of December 10 when I am there for our seismic review.
Happy holidays to all our shareholders and followers. We will have a new trading price as of December 18 and, hopefully, a more robust market with a lot of great news to come.
Lithium Exploration Group
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 its SonCav Technology and the acquisition of oil and gas related assets. Lithium Exploration Group is traded on the OTCPINK under the symbol LEXG. Website: 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, Inc.