SOURCE: Mammoth Energy Group, Inc.

September 01, 2010 16:45 ET

Mammoth Energy Group Signs Second Letter of Intent to Acquire Lithium Concessions of Salt Gold Inter Chile Limitata of Chile

Mammoth Energy Group to Acquire Remaining 51% of Chilean Lithium Concessions at Salar de Maricunga

NEW YORK, NY--(Marketwire - September 1, 2010) -  Mammoth Energy Group Inc. (PINKSHEETS: MMTE) announced today that it has signed a Letter of Intent to acquire fifty-one (51%) 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.

"We are very pleased to be finalizing our intentions with Salt Gold Inter Chile Limitada on the official signing of the Letter of intent to acquire Salt Gold Inter Chile's lithium concessions," announced William Lieberman, President of Mammoth Energy Group.

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," said William Lieberman.

About Mammoth Energy Group Inc. (PINKSHEETS:

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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