PHOENIX, July 19, 2017 /PRNewswire/ --
Lithium Exploration Group Inc. (OTCPINK: LEXG) CEO Alex Walsh updates shareholders on company activities.
Dear Shareholders,
I am pleased to announce that White Top Oil and Gas has granted exclusivity under an executed LOI with an Oklahoma-based investment group. The agreement was signed last week and provides exclusivity to the Oklahoma investor to finalize deal documentation and provide a non-refundable deposit by August 1, 2017. The expectation now is that the initial drilling funding could happen as early as August 15, but those details are not yet finalized. The team at White Top still has two to four other groups still interested in making an investment, should this transaction not be completed.
The seismic exploration is underway with some final permitting taking place and initial locations for data collection being prepared. Our goal is still to have the seismic shoot and data processing complete in October, which will provide significantly more concrete data on the overhang and other deep zones that can be exploited using modern technologies.
The development of our field well has been put on hold for the past few weeks, with both time and resources being devoted primarily to getting this oil asset going. All of the vendors still have their marching orders and, once we are ready to begin, they can all start building the unit within a few weeks, depending on other projects they have on the go.
While we have temporarily paused the development of the commercially-ready oil unit, our partners at SonCav have begun work on their field water unit. Their exact time frame is not yet available because they are still finalizing bids from vendors, but they are working feverishly to get that unit into testing.
I can't wait for the development drilling to take place so that we can further solidify the executability of the royalty stream potential in that field for years to come. All of that said, our primary business is still the commercialization of the SonCav technology. We will do whatever it takes to see this technology hit the market and we continue to believe that we are just scratching the surface of its capabilities.
Sincerely,
Alex Walsh
CEO
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 in Western Canada. Lithium Exploration Group is traded on the OTCPINK 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.
Contact Info
Shanon Chilson
+1-480-641-4790
info@lithiumexplorationgroup.com
SOURCE Lithium Exploration Group Inc.
