June 1, 2017 - 8:00 AM EDT
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Lithium Exploration Group CEO Distributes June 2017 Letter to Shareholders

PHOENIX, AZ / ACCESSWIRE / June 1, 2017 / Lithium Exploration Group Inc. (OTC PINK: LEXG) CEO Alex Walsh updates shareholders on company activities.

Dear Shareholders,

It has been a landmark month at LEXG. We were able to finalize and fund a joint development agreement with an oil and gas team out of Houston, Texas, that will give LEXG an interest in an asset outside of Lake Charles, Louisiana, that could generate passive income for decades to come.

The agreement called for LEXG to fund the cost of an updated seismic analysis of the field and operating capital to complete the interpretation and prioritization of the development targets. Our partners' obligation is to now raise money to drill the development wells and finance the full acquisition of the field between now and May 2018. Our investment provides us with a 3% gross override from all revenue from the existing five wells and all future drilled wells. Today there are more than 54 targeted locations and, once the updated seismic analysis is complete, our partners believe that number may be closer to 100 locations. Our partners are presently negotiating with a handful of investment groups to bring capital to the table, and none of that money will dilute our override in the project.

We are very excited about the prospects for this partnership because the revenue potential of the override has the potential to sustain our efforts for years to come with no requirement for additional investment. A secondary benefit of the partnership is that we now have a location just 100 miles from the Houston airport where we can work with our partners at Sonic Cavitation Ltd. to test various versions of their technology units on produced water, oil, and other fluids. We are in a position in which we have a working unit that can go into commercial production this year, but there will certainly be modifications to the design, size, and componentry in next generation units and applications. We will be able to use this field in Louisiana as the testing ground for future models, which is a massive benefit.

I hope to be able to announce the drilling of development wells as well as the progress on the seismic shoot in the coming weeks, and will be updating our website and adding pictures and videos of the facilities for you all to see. Thanks again for your continued support in our efforts.

Sincerely,

Alex Walsh
CEO
Lithium Exploration Group

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 testing its SonCav Technology and the acquisition of oil and gas related assets in Western Canada. Lithium Exploration Group is traded on the OTCPINK 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.

Contact Info:

Shanon Chilson
480-641-4790
[email protected]

SOURCE: Lithium Exploration Group


Source: ACCESSWIRE (June 1, 2017 - 8:00 AM EDT)

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