Lithium Exploration Group CEO Distributes June 2017 Letter to
Shareholders
June 1, 2017 - Phoenix, AZ / Lithium Exploration Group Inc.
(OTCPINK: LEXG) CEO Alex Walsh updates
shareholders on company activities.
Dear Shareholders,
It has been a landmark month at LEXG. We were able to finalize and
fund a joint development agreement with an oil and gas team out of
Houston, Texas, that will give LEXG an interest in an asset outside
of Lake Charles, Louisiana, that could generate passive income for
decades to come.
The agreement called for LEXG to fund the cost of an updated
seismic analysis of the field and operating capital to complete the
interpretation and prioritization of the development targets. Our
partners obligation is to now raise money to drill the development
wells and finance the full acquisition of the field between now and
May 2018. Our investment provides us with a 3% gross override from
all revenue from the existing five wells and all future drilled
wells. Today there are more than 54 targeted locations and, once
the updated seismic analysis is complete, our partners believe that
number may be closer to 100 locations. Our partners are presently
negotiating with a handful of investment groups to bring capital to
the table, and none of that money will dilute our override in the
project.
We are very excited about the prospects for this partnership
because the revenue potential of the override has the potential to
sustain our efforts for years to come with no requirement for
additional investment. A secondary benefit of the partnership is
that we now have a location just 100 miles from the Houston airport
where we can work with our partners at Sonic Cavitation Ltd. to
test various versions of their technology units on produced water,
oil, and other fluids. We are in a position in which we have a
working unit that can go into commercial production this year, but
there will certainly be modifications to the design, size, and
componentry in next generation units and applications. We will be
able to use this field in Louisiana as the testing ground for
future models, which is a massive benefit.
I hope to be able to announce the drilling of development wells
as well as the progress on the seismic shoot in the coming weeks,
and will be updating our website and adding pictures and videos of
the facilities for you all to see. Thanks again for your continued
support in our efforts.
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: 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