Lithium Exploration Group (LEXG) stocks climb on agreement with tech company

Posted on: Wednesday, May 4th, 2011
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Lithium Exploration Group (OTCBB: LEXG) shares improved 16% Wednesday to $5.88, after announcing it had reached an exclusivity agreement with Glottech USA for the utilization of its patented ultrasonic generator for mineral extraction. Volume for the stock was 4.7 million shares.

The exclusivity terms grant Lithium Exploration Group rights to use of the technology in the Swan Hills region of Alberta. The region outlined in the agreement encompasses more than 12,000 square kilometers and overlays all of the aquifers reported to contain high levels of lithium in a 1995 Alberta Geological Survey study. The terms of the agreement also give Lithium Exploration Group the ability to expand the exclusivity agreement for mineral processing purposes throughout Canada.

“This technology has many applications in Lithium Exploration Group’s long-term plan,” said CEO Alex Walsh. “It is going to help us bring the Valleyview Project to near-term production, but it is also going to give us the ability to leverage acquisitions and could result in significant revenue to the company through licensing arrangements to third parties.”

Lithium Exploration Group, based in Scottsdale, Arizona, is an 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 and South America properties.

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Category: OTCBB, Technology Stocks
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