Lithium Exploration Group Announces Exclusivity Agreement with Technology Provider
04 Mai 2011 - 2:00PM
Business Wire
Lithium Exploration Group (OTCBB: LEXG) has reached an
exclusivity agreement with Glottech USA for the utilization of its
patented ultrasonic generator for mineral extraction.
The Agreement:
The exclusivity terms grant Lithium Exploration Group rights to
use of the technology in the Swan Hills region of Alberta. The
region outlined in the agreement encompasses more than 12,000
square kilometers and overlays all of the aquifers reported to
contain high levels of lithium in a 1995 Alberta Geological Survey
study. The terms of the agreement also give Lithium Exploration
Group the ability to expand the exclusivity agreement for mineral
processing purposes throughout Canada.
The Opportunity:
The ultrasonic generator provides the opportunity to separate
the minerals, like lithium and potassium, from the water without
requiring a large amount of energy. The exclusivity to this
technology for the 12,000 square kilometer area covering the Swan
Hills region will ensure that it cannot be used by any other group
in the area, targeting lithium or potassium in the brines, without
financially compensating Lithium Exploration Group.
The expansion of the exclusivity agreement to cover mineral
processing in the entire country of Canada has applications in
waste water disposal and solution mining. This ultrasonic generator
has the ability to significantly reduce operating costs associated
with the separation of solids from water in these applications and
could lead to a number of revenue opportunities that go beyond
lithium and potassium production in Valleyview.
"This technology has many applications in Lithium Exploration
Group’s long-term plan," said CEO Alex Walsh. "It is going to help
us bring the Valleyview Project to near-term production, but it is
also going to give us the ability to leverage acquisitions and
could result in significant revenue to the company through
licensing arrangements to third parties.”
About the Company
Lithium Exploration Group is a U.S.-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 uneconomical. 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.