Lithium Exploration Group Inc. (fka LEXG)

[Dobie Lama]

As of December 31, 2010, Lithium was in default of payment of a total of 1,500,000 shares of its common stock and of its obligation to perform $100,000 CND of exploration and development work on the optioned mining claims as part payment of the option exercise price. Lithium has since terminated its option agreement with Beeston, by notice dated February 14, 2011, to be effective March 17, 2011. The Company is currently pursuing Lithium in regard to these outstanding debts, the loss of four mining claims and the ongoing maintenance requirements for the reclaimed mining claims.

LEXG just admitted that they owe Beeston 1,500,000 shares x $1.66 = $2,490,000. Doesn't matter on what property its on.

In 2010, they were into gold mines in Nevada, now its lithium properties in Canada and Argentina. With what funds did they acquire these extremely valuable properties? They were broke according to their own filings.

http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=7528367