LEXG and MCITaken from page 3 of
https://thestreetsweeper.org/undersurveillance.html?i=1781 written on April 26, 2011. (Note: for some reason, when I try to make it an Internet link I get transported to another page)
Lithium Exploration VIII had just purchased that option itself from a Vancouver company known as First Lithium Resources (OTC: FLNTF.PK) a couple of months earlier. Although LEXG has yet to supply that option agreement in its corporate filings, First Lithium has disclosed enough information in a past quarterly report to offer some clues about the value of those assets.
First Lithium sold that option for an upfront cash payment of $90,000 and the promise of additional payments every year – except this one – through 2014. In addition, it mandated that the new owner keep making “such property payments as may be required to maintain the mineral permits in good standing.”
First Lithium owned a total of 41 permits granting it access to lithium mines collectively known as the “Valleyview properties” before it negotiated that deal. The company held onto all but five of those, which represent those that LEXG now controls.
If either company scores big on Valleyview’s lithium, logic suggests, First Lithium – not LEXG – stands the far better chance. It holds eight times as many permits as LEXG does, but its stock (with a similar share count) trades at a fraction of the price.
Summary:
First Lithium (MCI) sells 5 permits to Lithium Exploration VIII Ltd.
Lithium Exploration Group (LEXG) gets those options from Lithium Exploration VIII Ltd.
Now, since First Lithium (MCI) owns 8 times more permits in the same area, who do you really think stands to gain the most if something actually happens (other than prmoted hype) in the Valleyview sector of Alberta? Duhhhhhhhhh!