NEW YORK, NY--(Marketwire - 08/13/10) - Mammoth Energy Group Inc. (Pinksheets:MMTE - News) announced today it has signed an advisory agreement with GR WHITE Capital Ltd. of Toronto, Ontario Canada to advise on the raising of up to $30 million for its lithium projects in Chile.
GR WHITE Capital Ltd. is led by Mr. Grant White, the former head of investment banking at Blackmont Capital in Toronto, Ontario Canada. GR WHITE Capital Ltd. is an advisory services company with a primary focus on natural resource companies worldwide including mining. At Blackmont, Mr. White was head of investment banking where his department was involved in over $1 billion of natural resource and mining transactions.
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.
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.
"We are very pleased to be moving forward with Mr. White, his team is top notch and with his extensive track record, Mammoth Energy Group is moving in the right direction," said William Lieberman, President of Mammoth Energy Group.
About Mammoth Energy Group Inc. (Pinksheets:MMTE - News) 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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