SOURCE: Mammoth Energy Group Inc.

August 23, 2010 16:20 ET

Mammoth Energy Group Comments on Launch of Lithium ETF

LIT Has Topped $20 Million in Assets and Regularly Sees Daily Trading Volumes North of a Million Shares

NEW YORK, NY--(Marketwire - August 23, 2010) -  Mammoth Energy Group Inc. (PINKSHEETS: MMTE) announced today that the new Lithium ETF, sponsored by Global X, already a fast-growing exchange traded fund (ETF) provider, has made its biggest impression on the market yet by offering a lithium ETF. It's the first product that gives investors a way to get exposure to this rare but increasingly popular metal.

The fund itself is about evenly split between lithium producers and battery producers, with the heaviest weights given to the lithium industry's largest producers, who make up 44% of the fund's assets. The United States is the largest country weighting at 49%. Chile, the world's largest producer of lithium, is 20% of the fund. Japan, Canada, France and Australia all have smaller weightings.

"We expect Global X and the ETF Lithium fund to take serious notice as the development of the Salar de Maricunga moves forward," said William Lieberman, President of Mammoth Energy Group.

Mammoth Energy Group has signed a Letter of Intent to acquire 49% of Salt Gold Inter Chile Limitada and a Memorandum of Understanding to acquire the remaining shares. Salt Gold Inter Chile Limitada lithium concessions are located in the North West region of Chile in the heart of the Lithium belt stretching across Bolivia, Chile and Argentina. Initial test wells have confirmed average brine concentrations with 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.

About Mammoth Energy Group Inc. (PINKSHEETS: MMTEwww.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.

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