|By Marketwired .||
|October 21, 2013 08:35 AM EDT||
SCOTTSDALE, AZ -- (Marketwired) -- 10/21/13 -- On Friday, October 18, Lithium Exploration Group Inc. (OTCQB: LEXG) funded the third installment payment to complete the acquisition of the Blue Tap disposal facility near Morinville, AB. All of the required closing documentation contemplated in the June 11, 2013 Letter of Intent was executed on Friday. The site work to bring the facility to active status is underway and is expected to be completed shortly.
"We are glad to have finalized this transaction. It's the first of many planned acquisitions in the disposal space and it is critical that we execute flawlessly on these first few transactions to set a good foundation for the future. This Morinville facility has great potential as one of only a handful of Class Ia facilities in the region," commented CEO Alex Walsh.
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 on its Western Canada lithium assets, testing its Ultrasonic Generator Technology and the acquisition of oil and gas related assets in Western Canada. Lithium Exploration Group is a fully reporting company traded on the OTCQB 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.