PHOENIX, AZ, United States, via ETELIGIS INC., 02/20/2015 – – Lithium Exploration Group Inc. (OTC Pink: LEXG) (PINKSHEETS: LEXG) received images last night of the oil unit taken at the location where it has been held since the accident. The pictures will be posted on the company website later today. From information received, it appears that the unit did not sustain severe damage from the wreck. The plan right now is to send it back to Spring, TX as soon as the company can take possession, so that it can be fully inspected at the machine shop where it was assembled. This is the best place for problems to be identified quickly and to fix any issues that there could be to the internal componentry of the unit. The condition of the motor and variable frequency drive are unknown at this time.
“As unfortunate as this accident was, we are lucky that the unit seems to not have sustained major damage. We cannot be sure until it is inspected, but the fact that it is still affixed to the pallet that it was shipped on is a good sign,” commented CEO Alex Walsh. “Our best-case scenario is that it is checked out next week and back on the road in short order. Our worst-case scenario is that it has some internal damage to the shaft or something that cannot be repaired and will have to be scrapped and a new one ordered once the insurance claim is processed. I will have a much more detailed update for distribution on next week.”
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: 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.