LEXG News Lithium Exploration Group Updates Status of Ultrasonic Generator Unit and Settles Outstanding Dispute with Glottech

2012-07-09 08:30 ET - News Release

SCOTTSDALE, Ariz., July 9, 2012 /PRNewswire/ -- Lithium Exploration Group (OTCBB: LEXG) (OTCQB: LEXG) is pleased to announce that it has reached an agreement in principle with Glottech to fund the completion of its Ultrasonic Generator Unit.  The parties are currently finalizing the settlement agreements and have laid out a clear path to troubleshoot the electrical issues that occurred during the process of bringing the Ultrasonic Generator up to full operational speed.  The company firmly believes that all material roadblocks have now been lifted and expects to have a fully functional machine imminently.

"We continue to have full confidence in the successful completion of the Ultrasonic Generator Unit.  This technology is critical for the next steps in development at our core Valleyview Project and it must be completed and tested without further delay.  We fully expect to resolve this issue promptly," commented CEO Alex Walsh.  "Protecting the interests of our shareholders is our number one priority at the moment, and we are excited to see what the coming months will bring as we implement this technology and proceed with other developments at our Valleyview Project