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Replies to post #325 on Lithium Exploration Group Inc. (fka LEXG)
04/05/11 8:26 PM
Corporate Overview
We were incorporated on May 31, 2006 under the name Mariposa Resources, Ltd. in the State of Nevada, U.S.A. The company is based in Scottsdale, Arizona, USA.
Effective November 30, 2010, we changed our name to Lithium Exploration Group, Inc. by way of a merger with our wholly owned subsidiary Lithium Exploration Group, Inc., which was formed solely for the change of name.
We are an exploration stage company that engages principally in the acquisition, exploration, and development of resource properties. Prior to June 25, 2009, we had the right to conduct exploration work on 20 mineral mining claims in Esmeralda County, Nevada, USA. On July 31, 2009, we acquired an option to enter into a joint venture for the management and ownership of the Jack Creek Project, a mining project located in Elko County, Nevada. On September 25, 2009, the joint venture was terminated and we entered into an agreement with Beeston Enterprises Ltd., under which our company was granted an option to acquire an undivided 50% interest in eight mineral claims located in the Clinton Mining District of British Columbia, Canada. On February 14, 2011 we sent notice to Beeston to terminate the option agreement.
On December 16, 2010, we entered into an assignment agreement to acquire an undivided 100% right, title and interest in and to certain mineral permits located in the Province of Alberta, Canada. To date, our activities have been limited to our formation, the raising of equity capital and its mining exploration work program.
We had cash of $Nil as of December 31, 2010 as compared to cash of $1,965 as of December 31, 2009. We had a working capital deficit of $139,185 as of December 31, 2010 compared to a working capital deficit of $37,658 as June 30, 2010.
04/05/11 8:59 PM
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.
