SCOTTSDALE, AZ--Lithium Exploration Group Inc. (OTCQB: LEXG) announced today that the initial testing required to reactivate its disposal well near Morinville, AB, was successful. Canadian Petroleum Engineering (CPE) sent a team to the site on Monday and Tuesday where initial testing was performed to ensure the integrity of the well bore and to measure the injectivity pressures as required by Alberta regulation for injection facilities. The initial tests resulted in pressures within acceptable ranges indicating daily injection capabilities in excess of 300 cubic meters (m3). This initial data will be submitted to the AER (Alberta Energy Regulator) and further injection tests and surface work will be performed in the coming weeks in preparation for resumption of disposal operations. Disposal fees for produced water in the area range from $6-8 per m3. If regulatory approval is granted to dispose of 300 m3 per day and proper marketing execution takes place, this initial phase of development could result in over $50,000 in monthly revenue from this facility.
"While we fully expected the results of these initial tests to be positive, it is a huge weight off our shoulders to have it completed and to have received positive results so that we can move on to next steps," commented CEO Alex Walsh. "This facility has huge potential to provide alternative disposal options to operators in the area and we are excited to move the project forward."
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 OTCQB 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, including but not limited to the completion, testing, transportation, and final installation of the unit.
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.