Lithium Exploration Group CEO
Distributes August 2016 Update Part 1
August 1, 2016 -- Phoenix, AZ / Lithium Exploration Group Inc.
(OTCPINK:
LEXG) CEO Alex Walsh updates shareholders on company
activities.
Dear Shareholders,
I want to take a moment to update shareholders on a number of
fronts. We currently have two main initiatives on which we are
focused: (1) the oil unit testing and (2) the purchase of interest
in oil wells that we have identified. Today I am only going to
discuss the imminent testing of the oil unit. Later this week, I
will provide an update on the oil wells.
Oil Unit Testing:
The final valves and flanges arrived a few weeks ago and, after
final pressure testing this week, we will be ready to start testing
the oil unit. We will be performing initial testing of the unit at
the site where it has been assembled outside of Houston, TX. Over
the next few days, we will be preparing the test location by
getting tanks in place and ensuring that all of the electrical
components and drives needed to run the unit are in good working
order. We have posted pictures of the Oil Unit progress on our home
page. (Oil Unit Pictures)
Id like to recap the business strategy surrounding the oil unit.
We tested this unit last summer in Dallas alongside the water unit.
During that testing the oil unit was able to utilize the cavitation
reaction to increase the heat of fresh water to levels in excess of
300 degrees Fahrenheit. After many months spent replacing some of
the seals on the two units and getting our filings in order, we
were able to continue making progress on testing the oil unit. We
have been able to design and build a customized skid assembly to
test the impact that the unit will have on crude oil from the
field. The vertically positioned testing vessel that you see in the
pictures on the website was custom-designed for the oil unit
testing so that we can see multiple layers of oil after it goes
through the generator unit, and we can test from multiple zones
while in operation.
The immediate goal is simply to replicate what we were able to
do last summer by running the oil through the unit and increasing
the heat of the fluid. Once we have done that, we will want to test
the makeup of the oil to see if its specific gravity or chemical
makeup has changed at all. The final goal is to eliminate all
impurities from the crude oil (water bubbles, gas, and solids) and
make it a lighter product, which increases its value when sold.
With that simple accomplishment, we will have a baseline for this
technology that has applications for thousands of small oil
operators that currently spend thousands of dollars every day to
accomplish that simple result.
Once we have completed this initial testing on multiple oil
inputs, we will start working to break down the oil by increasing
the heat and speed of the cavitation. Well attempt to break down
the crude oil by producing refined oil products, with the eventual
goal of producing a diesel grade fuel. When we hit that
accomplishment, we will then have a transformative technology with
the ability to remotely refine crude oil.
We are excited to get going and have been working to finalize
our March 30 10Q at the same time as we are preparing our YE2015
financial statements to send off to the auditors. I will continue
to provide updates in the coming weeks and look forward to sharing
our success with you.
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 Ultrasonic Generator 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: 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