Lithium Exploration Group Inc (OTCMKTS:LEXG) is making an explosive move up on accelerating volume in recent trading after the Company issued a number of press releases including a big update from SonCav.
LEXG is trading back under its original ticker since trading as LEXGD for 20 days following a 1 for 200 reverse stock split on September 30. LEXG made history several years back when the stock ran from a dime to $11.64 a share.
Lithium Exploration Group Inc (OTCMKTS:LEXG) 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 is a highly chemically reactive element not found on Earth in elemental form. It isn’t mined as lithium. But the commercial world uses the name of the element when talking about the array of lithium resources, supply and demand.
Lithium is the lightest metallic element. As a metal it has important though minor use as its numerous applications in refined mineral form and in a variety of chemical combinations are owed to its innate mineralogical, chemical, electrochemical, and physical properties. Lithium is mined as a silicate mineral or harvested from natural brines and then used in mineral form or converted into lithium chemicals or metal.
To Find out the inside Scoop on LEXG Subscribe to Microcapdaily.com Right Now by entering your Email in the box below
Today the supply of lithium raw materials is dominated by a handful of producers in Chile, Argentina and Australia. New potential demand scenarios have created a rush on the part of junior mining companies and others, some partly supported by major automotive and electronics companies, to develop projects in traditional resource types as well as new ones. Today’s producers have also made clear their resources potential and capabilities for capacity increases.
On November 2 CEO Alex Walsh issued a letter to shareholders stating the Company has been busy recently completing their annual audit and are focused on the testing and deployment of the ultrasonic technology units, but have several other business initiatives that we hope to be able to tether into that business in the future. I hope this update gives you a good idea of our current situation, and more information on all fronts will be released as it becomes available.
The oil and water units have been waiting for the past few months for upgraded parts to arrive from Europe. Unfortunately these parts took a lot longer to get from the manufacturer than initially expected, but I am happy to announce that they have arrived in Houston at the facility, where both units are located, and the reassembly is underway. We are now able to continue with our planning and schedules to get the oil unit ready for field-testing.
SonCav also have recently made a change in their management team, inserting a new CEO to ensure that things stay on track with all of their business initiatives. We have been working collaboratively with the new management on testing strategies for both the oil and water units. We are extremely happy with the way that their team is set up, and have a stronger relationship with them now than we have in years.
On November 6 LEXG updated shareholders about progress with the oil unit. The oil unit is being balanced today and tomorrow and will be reassembled next week at the shop in Houston. The company is making final preparations and part orders to get the unit ready for field-testing.
CEO Alex Walsh said “We are excited to finally have the oil unit ready to go in the field. Our goal is to get the unit testing under way as soon as possible and report to the public on progress. The pain that the oil industry is feeling at present is proving to be positive for our company. We should be able to take advantage of the need for lower production costs and higher value end product by smaller operators. We also should be able to take advantage of lower vendor costs for the assembly and availability of componentry needed.”
We have a Monster Pick Coming. Subscribe Right Now!
LEXG is making a big move up on the back of an exciting new pr campaign from the Company after many months of steady decline took the stock well into the subs before the 1 for 200 reverse stock split back in September. LEXG moves quickly and has a long history of spectacular moves so it’s no wonder it quickly attracts a fast growing shareholder base every time it heats up. We will be updating on LEXG when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with LEXG.
Sign Up now for our 100% FREE Penny Stock Newsletter
Disclosure: we hold no position in LEXG either long or short and we have not been compensated for this article.