LITHIUM EXPLORATION GROUP DISCUSSES Q1 2017 AND ONGOING OPERATIONS
11 April 2017 - 11:21PM
InvestorsHub NewsWire
April 11, 2017 -- Phoenix, AZ -- InvestorsHub NewsWire Lithium
Exploration Group Inc. (OTCPINK: LEXG) CEO Alex Walsh updates
shareholders on company activities.
We had an extremely busy quarter, completing the testing of the
SonCav Oil Unit in Texas and working on several other strategic
initiatives. At the same time, we continue to clean up our balance
sheet and move the company towards revenue and profitability.
We are in on-going discussions with a lithium technology aggregator
about the utilization of the SonCav technology to expedite the
lithium extraction process with continental brines. They have
been finalizing their initial acquisition of a set of lithium
patents, the catalyst for moving forward. We are hopeful that
they can complete that process soon and we can finalize an
arrangement with them.
Last month we announced the potential acquisition of a battery cell
technology that would be utilized in conjunction with the SonCav
technology unit. Unfortunately, after diligence, we found we would
be unable to use it as planned so we will not be pursuing that
option any further. It is a very interesting technology, but
we don’t have the resources to make it work in the way we would
require.
The testing of the SonCav Oil Unit in Texas was completed in
February and, since then, we have been gathering market feedback on
the real-world application potential of the technology. We will be
publishing a presentation to our website in the next few days based
upon that feedback. The exciting news is that we have
received a lot of great feedback regarding the need to heat and
circulate oil in many more applications than we had initially
anticipated. The ability to retrofit existing operations and
bring a mobile solution that provides zero emissions was always
nice in theory, but now that we have proven the application, it is
great to have people in the industry validate the theory.
I spent last week with the SonCav vendors initiating the design
work for the first field-deployable unit, which we hope to have
ready to deliver to our first customer later this summer. All
of the participants in this process were part of the initial design
work for the unit that we have been testing for the past few
months, so there is no learning curve involved. The key
differences between the testing unit and the future unit are that
it must meet code with specific types of coating and pressure
settings. We also need the ability to remotely monitor and operate
the unit, which is an important step for future commercialization.
We continue to be delayed in the drilling of our well in
Pennsylvania due to a delay in financing from other parties. Our
funds are on deposit with the driller, but because it is part of a
multi-well package, nothing can be done until the other wells have
been paid for. This has been a source of a lot of internal
frustration and we recently filed a complaint with the Superior
Court in Arizona and hope to have some resolution on that dispute
shortly. I continue to look at various other oil and gas
opportunities and, if any come to fruition, I will certainly be
letting you know via releases and 8K filings for the details.
The goal for the company in the coming months is to clearly
delineate our business efforts by establishing subsidiary entities
to handle each of the industries and applications with which we
intend to work, concerning both the SonCav technology and our other
interests. I hope that this will not only create greater
overall visibility and clarity to our actions and future direction,
but eventually will also create greater overall enterprise value to
our stake holders.
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 developing the 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.
Contact Info Shanon Chilson
480-641-4790
info@lithiumexplorationgroup.com