PHOENIX, AZ, United States, via ETELIGIS INC., 03/13/2015 – – Lithium Exploration Group Inc. (OTC Pink: LEXGD) (PINKSHEETS: LEXGD) (OTC Pink: LEXG) (PINKSHEETS: LEXG), reported today the results of the full inspection of the Ultrasonic Generator in Spring, TX. The only major damage to the unit in last month’s highway accident was the exposed part of the shaft. The shaft was bent but none of the other critical parts of the unit were damaged. A new shaft and a new set of seals and bearings have been ordered from the manufacturer. Once those arrive, the unit will be reassembled and shipped as planned to the Tero facility in Alberta, Canada.
“This is another piece of good news for us. Even though the initial pressure test went well yesterday, we had concerns about minor dents and dings inside of the unit. The full inspection found that the shaft needs to be replaced, but all other critical componentry is sound and ready for reassembly,” commented CEO Alex Walsh. “The shaft is a simple replacement part from the manufacturer and we hope to have an estimated turnaround time early next week so that we can make arrangements for reassembly and shipment of the unit ASAP. Given the severity of the accident that occurred on I-45 last month, this is absolutely fantastic news.”
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 OTC Markets under the symbol LEXG. Website: http://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.
SOURCE: Lithium Exploration Group Inc.