LEXG Acquires 113,000 Acres in Lithium-rich Region of Alberta
Lithium Exploration (OTCBB:LEXG)
Today : Monday 28 March 2011
Lithium Exploration Group (OTCBB:LEXG) has acquired 100 percent of the mineral rights to 113,000 acres in Western Alberta, Canada. The property, located near Valleyview, AB, about 100 miles northwest of Edmonton, sits in a region rich with oil and gas deposits that have been explored and extracted over the past 100 years. The activity of the oil and gas companies drilling led the Alberta Geological Survey (AGS) to do extensive testing of the minerals contained in the water resulting from the recovery process from those aquifers.
Since 1970, the aquifers in the surrounding area have been assessed for various mineral deposits and the results have shown uniquely high levels of lithium in the brines. Lithium is present in trace amounts in almost all groundwater, but those in the Swan Hills Region of Alberta contain levels of lithium that are economically viable for production.
The Lithium Exploration Group property encompasses the section of the aquifer called the Northern Leduc Formation Reef. The property contains a number of wells that AGS tests revealed to contain economically viable levels of lithium. It also includes more than 200 active and inactive wells that have been drilled into the aquifer over time, offering opportunities for further exploration.
“We are excited about the prospects of this property," said LEXG CEO Alex Walsh. "It certainly is an advantage as an exploration company to acquire a property that has already had more than 30 years of successful exploration work completed by a government agency. Alberta is a mining- and exploration-friendly province, and has all of the resources and infrastructure that we will need to move this asset forward.”
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
