SOURCE: Mammoth Energy Group, Inc.

Mammoth Energy Group, Inc.

May 31, 2011 09:15 ET

Mammoth Energy Group Signs Letter of Intent to Acquire Additional Lithium Assets

NEW YORK, NY--(Marketwire - May 31, 2011) - Mammoth Energy Group Inc. (PINKSHEETS: MMTE), a lithium and alternative energy mining company, announced today that its wholly owned subsidiary, Compania Lithium Investments Limitada of Chile, has signed a Letter of Intent to acquire seven concessions for a total of 4695 acres (1900 hectares) of lithium concessions located in the Salar de Pujsa.

"The Salar de Pujsa is located in the north east corner of Chile, close to the borders of both Boliva and Argentina, approximately thirty-five miles away from the Salar de Atacama, one of the largest mined lithium reserves in Chile," said William Lieberman, President of Mammoth Energy Group. He added, "The Salar de Pujsa has similar geology to the Salar de Atacama where lithium concentrations average between 500 to 750 ppm lithium and 9000-10000 ppm for potassium and is the largest lithium brine mined in the world."

Mammoth Energy Group's Compania Lithium Investments Limitada has already acquired an initial thirteen lithium concessions for a total of 8649 acres (3500 Hectares) in the southern section of the Salar de Maricunga basin located in the province of Copiapo Chile. The company is currently reviewing potential acquisitions and Compania Lithium Investments Limitada was created to acquire, develop and explore lithium and mining assets in Chile on behalf of Mammoth Energy Group Inc.

About Mammoth Energy Group Inc. (PINKSHEETS: MMTE) 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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