PHOENIX, Feb. 14, 2018 (GLOBE NEWSWIRE) -- Lithium Exploration Group (USOTC:LEXG) announced today that its partners in the White Top project have completed the documentation and initial investment from their new financial partner. The initial investment will cover the expenses associated with the drilling of the first few target wells and expenses associated with preparing the acquisition of the field (environmental review, purchase agreement, etc.). The permitting and AFE process for the first few drilling locations will begin immediately and the entire transaction should be completed in the next 60 days.
“I am very excited to bring you all this news. It has been a very smooth process working with the new financial partners, but it has taken a long time to get all of the agreements in place. The new partners are obviously bringing money to the project but, most importantly, they have substantial oil and gas exploration experience and some of their own team members are going to take full time roles at the White Top field through the initial phase of drilling,” commented CEO Alex Walsh. “This should be a very exciting project and, ultimately, our projections put us cash-flow-positive by the end of 2018, ensuring that we will continue on as a 'going concern' for the next decade.”
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.
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.