SOURCE: Mammoth Energy Group Inc.

Mammoth Energy Group Inc.

February 23, 2011 10:30 ET

Mammoth Energy Group to Cancel Preferred Stock Issuance

NEW YORK, NY--(Marketwire - February 23, 2011) - Mammoth Energy Group Inc. (PINKSHEETS: MMTE), a lithium and alternative energy mining company, announced today that it intends to file resolutions with the state of Nevada to cancel all remaining Preferred shares issued to past management.

The company has been unable to come to a considerable resolution and is only protecting the interests of all shareholders while it works through financing situations. 

The company is in final stages of negotiations and expects to announce acquisitions of its Chilean concessions by the end of the first quarter with quick plans to up list to the OTC-BB market.

Mammoth Energy Group has signed a Letter of Intent with Salt Gold Inter Chile Limitada whose concessions are located in the Salar de Maricunga. The company is currently speaking with five other local Chilean and Canadian companies to acquire mining rights and concessions. The company expects its entire lithium package once complete will total acreage of approximately 12,500 hectares or close to 31,000 acres. The value of acres in Chile has been estimated to be $10,000 to $30,000 depending on lithium concentration levels.

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.

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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