SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Lithium Exploration Group (OTCBB:LEXG) has acquired 60% ownership of five mining concessions in the Salta Province in northwest Argentina. The five concessions (“cateos”), totaling 104,765 acres, are located on the western edge of two salt lakes (“salars”) in the region, Salar de Rio Grande and Salar de Arizaro. The properties are under-explored to date, but have proven to have measurable levels of both lithium and potassium in the surface water.
All five properties are located in the Puna plateau, a lithium-rich, high-elevation basin on the eastern slopes of the Andes that straddles the Argentina-Chile border. The area is approximately 75km south of the Salar de Atacama and 100km northwest of the Salar de Hombre Muerto, both of which are actively producing lithium assets.
“We are very excited about the opportunity to explore these five cateos," said Lithium Exploration Group CEO Alex Walsh. "The group that staked the properties has already completed a NI 43-101 compliant technical report, including surface water tests and an outline for exploration of the assets. It is an amazing opportunity to explore the groundwater in a region that holds some of the largest deposits of lithium in the world.”
About Us
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 and South America properties. Lithium Exploration Group is a fully reporting company traded on the Nasdaq OTCBB under the symbol LEXG. Website: www.lithiumexplorationgroup.com
Safe Harbor Statement
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.