SOURCE: Mammoth Energy Group Inc.

August 17, 2010 16:25 ET

Mammoth Energy Group Signs Memorandum of Understanding on Remaining Lithium Concessions of Salt Gold Inter Chile Limitada

NEW YORK, NY--(Marketwire - August 17, 2010) - Mammoth Energy Group Inc. (PINKSHEETS: MMTE) announced today that it has signed a Memorandum of Understanding with Salt Gold Inter Chile Limitada, of Chile, to acquire the remaining 51% of the project.

Mammoth Energy Group Inc. has already signed a Letter of Intent to acquire the first 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 pleased to begin to finally wrap up the stake in the Salar de Maricunga," said William Lieberman, President of Mammoth Energy Group.

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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