Mammoth Energy Group Continues to Acquire Chilean Lithium Assets
June 03 2011 - 8:45AM
Marketwired
Mammoth Energy Group Inc. (PINKSHEETS: MMTE), a lithium and
alternative energy mining company, announced today that its wholly
owned subsidiary Compania Lithium Investments Limitada of Chile has
signed a Letter of Intent to acquire six concessions for a total of
2471 acres (1000 hectares) of lithium concessions located in the
Salar de laco in northeast Chile.
"The Salar de laco is approximately 10 miles from the border of
Argentina and approximately fifty miles away from the Salar de
Atacama, Chile's largest mined lithium reserve," said William
Lieberman, President of Mammoth Energy Group. He added, "With the
Salar de laco and Salar de Pujsa LOI's currently in place, we are
continuing our acquisition hunt to become one of the largest
international holders of Lithium concessions in Chile."
The Salar de laco has similar geology to the Salar de Atacama
where lithium concentrations average between 500 to 750 ppm
lithium. The company intends to begin pursuing Canadian National
Institute 43-101 compliant geographical reports on all of its
announced acquisitions and current projects in negotiation.
Lieberman added, "Past geological reports have been done on the
Salar de laco and the company is currently studying the
concentration levels, but in past testing lithium concentration
levels have averaged between 9-20 mg/l of lithium."
Mammoth Energy Group's Compania Lithium Investments Limitada has
already acquired an initial thirteen lithium concessions for a
total of 8649 acres (3500 Hectares) in the southern section of the
Salar de Maricunga basin located in the province of Copiapo, Chile.
The company has signed letters of intent to acquire an addtional
7165 acres (2900 hectares) of lithium reserves. The company is
currently in acquisition mode and Compania Lithium Investments
Limitada was created to acquire, develop and explore lithium and
mining assets in Chile on behalf of Mammoth Energy Group Inc.
About Mammoth Energy Group Inc. (PINKSHEETS: MMTE)
www.mammothenergygroup.com Mammoth Energy Group Inc. is focused on
acquiring, developing and operating strategic mining energy
reserves in locations throughout the world. With an ever changing
shift to alternative energy and fuels Mammoth Energy Group will be
prepared to be a leading energy supplier and operator. Mammoth
Energy's goal is to become an important partner as the world's
energy paradigm begins to change throughout the next decade and
beyond.
Forward-Looking Statements This press release may contain
certain forward-looking statements within the meaning of Section
27A of the Securities and Exchange Act of 1933, as amended, and
Section 21E of the Securities and Exchange Act of 1934, as amended,
and such Forward-Looking Statements are intended to be covered by
the safe harbors created thereby. Investors are cautioned that all
forward-looking statements involve risks and uncertainties. All
statements other than statements of historical fact in this
announcement are forward-looking statements, including but not
limited to the viability of the company's business plans, the
effect of acquisitions on our profitability, the effectiveness,
profitability, and the marketability of the Company's products; the
Company's ability to protect its proprietary information; general
economic and business conditions; the volatility of the company's
operating results and financial condition; and other risks detailed
in the Company's filings with the Securities and Exchange
Commission.
These forward-looking statements involve known and unknown risks
and uncertainties and are based on current expectations,
assumptions, estimates and projections about the company and the
industry. The Company undertakes no obligation to update
forward-looking statements to reflect subsequent occurring events
or circumstances, or to changes in its expectations, except as may
be required by law. Although the company believes that the
expectations expressed in these forward-looking statements are
reasonable, management cannot assure the public that their
expectations will turn out to be correct, and investors are
cautioned that actual results may differ materially from the
anticipated results.
Contact: Mr. S. Ahshrup Phone: (212) 613-5453 Email:
info@mammothenergygroup.com Web: www.mammothenergygroup.com