NEW YORK, NY, Aug 03 (MARKET WIRE) —
Mammoth Energy Group Inc. (PINKSHEETS: MMTE) announced today that the
Chilean government recently took the decision to open the business of
lithium to private companies.
“The measure is motivated by the need to see what the strategy is to
exploit the large reserves that Chile has of this non-metallic mineral,
which every day becomes more valuable in the international markets. Even
the Chilean National Mining Society (Sonami) has expressed the needs for
open markets,” said William Lieberman, President of Mammoth Energy Group.
Mammoth Energy Group Inc. has signed a Letter of Intent to acquire
forty-nine percent (49%) of the outstanding stake of Salt Gold Inter
Chile Limitada’s concessions in the Salar de Maricunga located in the
Atacama Desert near Copiapo, Chile.
The Chilean government is preparing a series of meetings and workshops to
openly discuss the next steps in terms of lithium, and support the idea
of entry to an open market. This is coupled with the explicit support to
reform public-law to remove the character “strategic reserve” of lithium.
The decision to open the private business of lithium is a measure that
has been applauded by miners and experts.
Chile provides approximately 50% of the world production of lithium
carbonate, locating it as the most important world producer. This
industrial mineral is the third most important product, positioned after
iodine and potassium nitrate, with exports of more than 42,586 tons,
which was valued at US$ 222 million in 2008. The large lithium reserves
in the Atacama Salar, in the Region of Antofagasta, are estimated to hold
3 million tons of lithium, placing Chile among the countries with major
reserves.
“We believe that the long term prospects for developing the Salar de
Maricunga and other strategic locations within Chile with our Chilean
partners Salt Gold Inter Chile Limitada will have considerable government
support,” Mr. Lieberman added.
Salt Gold Inter Chile Limitada lithium concessions consist of 1008 acres
in the Salar de Maricunga. Preliminary results of drilling and chemical
analysis from its project under development has returned results and
confirmed the presence of lithium — potassium brine bearing aquifers.
Brine Concentrations averaged grades of 650 ppm (parts per million) for
lithium and 9500 ppm for potassium. These results confirm a significant
third dimension to surface brines sampled on the project. The brine
chemistry in the first test wells compares favorably to other Lithium
companies in the region including the large multi-national Lithium
producers whose estimates in the Atacama and throughout the region
average 500 to 750 ppm Lithium and 9000-10000 ppm for potassium. Depths
at the Salar de Maricunga average 100 Meters or 300 feet and currently
acres are valued around $30,000 USD.
About Mammoth Energy Group Inc. (PINKSHEETS: MMTE)
http://www.mammothenergygroup.com
Mammoth Energy Group Inc is focused on acquiring, developing and
operating strategic mining energy reserves in locations throughout the
world. With an ever changing shift to alternative energy and fuels
Mammoth Energy Group will be prepared to be a leading energy supplier and
operator. Mammoth Energy’s goal is to become an important partner as the
world’s energy paradigm begins to change throughout the next decade and
beyond.
Forward-Looking Statements
This press release may contain certain
forward-looking statements within the meaning of Section 27A of the
Securities and Exchange Act of 1933, as amended, and Section 21E of the
Securities and Exchange Act of 1934, as amended, and such Forward Looking
Statements are intended to be covered by the safe harbors created
thereby. Investors are cautioned that all forward-looking statements
involve risks and uncertainties. All statements other than statements of
historical fact in this announcement are forward-looking statements,
including but not limited to the viability of the company’s business
plans, the effect of acquisitions on our profitability, the
effectiveness, profitability, and the marketability of the Company’s
products; the Company’s ability to protect its proprietary information;
general economic and business conditions; the volatility of the company’s
operating results and financial condition; and other risks detailed in
the Company’s filings with the Securities and Exchange Commission.
These forward-looking statements involve known and unknown risks and
uncertainties and are based on current expectations, assumptions,
estimates and projections about the company and the industry. The Company
undertakes no obligation to update forward-looking statements to reflect
subsequent occurring events or circumstances, or to changes in its
expectations, except as may be required by law. Although the company
believes that the expectations expressed in these forward-looking
statements are reasonable, management cannot assure the public that their
expectations will turn out to be correct, and investors are cautioned
that actual results may differ materially from the anticipated results.
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