SCOTTSDALE, Ariz., April 30, 2013 /PRNewswire/ -- Lithium Exploration Group (OTCQB:LEXG.OB) announced today that the company has executed a term sheet to acquire 16,000 acres of Chilean lithium assets ("Project Chile"). Both parties executed an LOI to proceed on April 22, 2013, and due diligence has begun. The other party is a publicly traded company and both parties have elected to maintain anonymity until further due diligence is complete and terms have been negotiated. Both companies have been active in the lithium exploration space since 2010 and hope to be able to move these assets forward together.
"We have the experience and ability to acquire the acreage and advance the project toward a resource estimate. It is also important that this acquisition comes without any arduous future option payments. We will have complete control of the mining concessions on Day One," says Lithium Exploration Group CEO Alex Walsh. "These are prime assets in Chile and we continue to feel strongly that the demand for lithium and producible lithium assets will grow in the coming years. This acquisition will diversify our lithium holdings while expanding our balance sheet."
ABOUT "PROJECT CHILE"
"Project Chile" is comprised of 8,649 acres (3,500 hectares) in the southern section of the Salar de Maricunga, seven concessions for a total of 4,695 acres (1,900 hectares) in the Salar de Pujsa, and 2,471 acres (1,000 hectares) in the Salar del Laco for a total of just less than 16,000 acres throughout Chile.
