Lithium Exploration Group Plunging, Down 55% (LEXG)

Shares of Lithium Exploration Group Inc (NASDAQ: LEXG) are plunging today, down nearly 55% to $4.70 after the company secured $1 million in financing.Shares have risen over 10,000% so far this year. The company is a penny stock, and investors should be careful investing in penny stocks, as they can have explosive moves like this.Lithium Exploration Group, Inc., formerly Mariposa Resources, Ltd., is an exploration-stage company. The Company is engaged in the acquisition, exploration, and development of resource properties. On December 16, 2010, the Company entered into an Assignment Agreement to acquire an undivided 100% right, title and interest in and to certain mineral permits located in the Province of Alberta. Its properties have lithium content. The Company's projects include Valleyview Project in Canada and Salta Project in Argentina. Its Valleyview project covers 45,952 hectares. Its Valleyview project has 5 mining permits. Its Salta project has five properties, including Arizaro Vega Sur, Arizaro Vega Este, Arizaro Vega Oeste, Arizaro Vega Cono and Rio Grande. Effective November 30, 2010, the Company merged with its wholly owned subsidiary Lithium Exploration Group, Inc.