NEW YORK, NY--(Marketwire - 12/08/10) - Mammoth Energy Group Inc. (Pinksheets:MMTE - News), a lithium and alternative energy mining company, announced today that it is in the final stages of negotiations for lithium concessions in Chile. The firm is currently working with its Chilean lawyers to finalize the formation of its Chilean subsidiary and in completing final due diligence on all properties under negotiation.
Mammoth has signed a Letter of Intent with Salt Gold Inter Chile Limitada whose concessions are located in the Salar de Maricunga. The company is currently speaking with five other local Chilean and Canadian companies to acquire mining rights and concessions. The company expects its entire lithium package once complete will total acreage of approximately 12,500 hectares or close to 31,000 acres. The value of acres in Chile has been estimated to be $10,000 to $30,000 depending on lithium concentration levels.
Mammoth Chief Executive Officer William Lieberman stated, "It's been a long and tiring process over the last eight months, but 2011 will establish Mammoth Energy Group as a leading Lithium miner with significant concessions finalized in Chile. We appreciate the patience and time that our shareholders have given us throughout the year. Terms of the deal will be announced in the immediate future."
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