The company made the decision after reviewing the geological findings, evaluating both the short- and long-term financial commitments of the option agreement, and considering the recent political unrest in Argentina.
The company said it will now focus its attention on its Valleyview project in Alberta, Canada.
Lithium Exploration Group CEO Alex Walsh said after evaluating the investment required to advance the project and the capital commitment now – and in the future – to continue the company’s option payments (both stock and cash), it was an easy decision.
"And the added risk of committing a large investment to an early stage project in politically unstable Argentina right now was a major consideration," Walsh said.
The company has amassed 650,000 acres and is in the final stages of completing its initial 43-101 resource estimate at its Valleyview project in Alberta.
