Liberty Star Uranium & Metals Corp. (“Liberty Star†or the “Companyâ€) (OTCQB: LBSR) is pleased to announce that very high grade copper oxide outcrops near the geochemical high derived from vegetation sampling have been discovered. These show up to 22% copper.
Recent detailed mapping found pervasively brecciated limestone, which led to the conclusion that the area called the Chrysocolla Block (where the first discovery of oxide copper in outcrop was made) was misidentified as the Colina limestone. Further evaluation led to the conclusion that the zone was of the lower Earp formation, which is the layer directly below the Colina. A red clay marker bed at the base of the exposed Earp limestone breccia clearly identifies it, but had been inexplicably missed by previous geologists. Current understanding indicates that the latest targets may bloom into major mineral zones 200 to 400 feet in depth at their intersection with the Horquilla limestone, the major mineral host in the region.
After ID of the lower part of the Earp, the Company’s skarn consultant (recently working on another Arizona project in the same sedimentary rocks, containing high grade copper) felt that there was a strong possibility that the two high grade copper oxide outcrops could be positioned right above high grade copper mineralization. This opinion correlates with Liberty Star’s geophysical–geochemical cross sections: see graphics.
Company CEO/Chief Geologist James A. Briscoe notes: “This is the specific target we have been searching for before kicking off a drill program. This development of discovery by use of the Niton and lots of boots on the ground carefully observing rocks gave us this completely unexpected outcrop; we have made the breakthrough we needed. This find is exciting and meaningful because it is the largest exposure so far located at Hay Mountain, and is similar to outcrops in the Bisbee mining district 15 miles south.â€
Briscoe continues: “This outcropping oxidized mineral occurrence, taken with our recent work, confirms increasing mineral intensity over the previous geochemical and geophysical anomalies, and is confirmation of the type of mineralization we wanted to find. We have much technical work, including drilling, to complete prior to declaring an ore body present at Hay Mountain, but until now we were working with indirect geochemical, geophysical and geologic interpretation; this is direct evidence.â€
Drilling Planned-Permitting Underway
Two drill holes 600’ apart have been spotted over the two sites of the gossan outcrops. Work on nine other targets across the heart of the geochemical-geophysical anomaly is underway. The flexible drill plan calls for vertical diamond core holes to as deep as 2,000 feet. If horizontal bedded ore grade copper or other metals are intercepted, 45 degree angle holes will be drilled to determine width, thickness and shape of the mineralization. Contorted, broken and brecciated beds are nearby and along the line of holes, which is characteristic of the porphyry copper geologic environment. “This is a good environment for defining out an important ore body,†comments Briscoe.
Plans call for holes up to 2,000 feet deep but could be shallower. Each hole would take about 20 days to drill and cost about $200,000 if drilled to total depth: estimated start time of about January 2016.
“James A. Briscoe†James A. Briscoe, Professional Geologist, AZ CA
CEO/Chief Geologist
Liberty Star Uranium & Metals Corp.
View Presentation on Libertystaruranium.com
Forward-Looking Statements
Statements in this news release that are not historical are forward-looking statements. Forward-looking statements include: findings led to the conclusion that the Chrysocolla Block was misidentified and the conclusion that the zone was of the lower Earp formation that the discovery constitutes the specific target we have been searching for before kicking off a drill program. Factors which may delay or prevent these forward-looking statements from being realized include: our inability to raise sufficient funds to complete our intended exploration or carry on operations; an inability to continue exploration due to weather, logistical problems or hazards even if funds are available. Readers should refer to the risk disclosures in the Company’s recent 10-K and the Company’s other periodic reports filed from time to time with the SEC.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151014006432/en/
Liberty Star Uranium & Metals Corp.
Tracy Myers, 520-425-1433
Investor Relations
[email protected]
or
Jim Briscoe, 520-907-9492
CEO/President/Chief Geologist
[email protected]
Liberty Star Uranium & Metals Corp. (“Liberty Star†or the “Companyâ€) (OTCQB: LBSR) is pleased to announce the voting results from its 2015 Annual & Special Meeting of Shareholders (the “Meetingâ€).
A total of 882,574,397 shares representing 75.97% of the issued and outstanding shares as of the Record Date (June 9, 2015) were voted at the Meeting.
All nominated directors were elected, shareholders voted for the ratification of the appointment of MaloneBailey LLP as the Company’s independent registered accounting firm (auditors), and shareholders voted for amending the Company’s articles of incorporation to increase the number of authorized shares from 1,250,000,000 to 6,250,000,000. Two advisory votes were considered: shareholders voted for the approval of a non-binding advisory vote on the compensation of our named executive officer, and voted for a non-binding advisory vote that the compensation of our named executive officers should be held every three years.
Voting totals and Minutes of the Meeting will be posted to http://www.libertystaruranium.com/ soon.
“James A. Briscoe†James A. Briscoe, Professional Geologist, AZ CA
CEO/Chief Geologist
Liberty Star Uranium & Metals Corp.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150716006458/en/
Agoracom Investor Relations
[email protected]
http://agoracom.com/ir/libertystar
or
Liberty Star Uranium & Metals Corp.
Tracy Myers, 520-425-1433520-425-1433
Investor Relations
[email protected]
Follow Liberty Star Uranium & Metals Corp. on Facebook , LinkedIn & Twitter@LibertyStarLBSR
Liberty Star Uranium & Metals Corp. (“Liberty Star†or the “Companyâ€) (OTCQB: LBSR) is pleased to announce a very positive response to the meeting and presentation of the Company’s wholly owned Hay Mountain Project by Liberty Star President James A. Briscoe and Director Brett Gross in Manila, Philippines. Mr. Briscoe offers his assessment of the presentation and meeting conducted March 2-3 in Manila:
“We presented the Hay Mountain Project in great detail to a group of 16 long experienced mining professionals and potential investors in downtown Manila, Philippines on Monday. The response was very positive to both the geologic details and the business proposition presented by Director Gross. The company has been in almost constant communication since the presentation, and we believe substantial and important progress is being made toward financing of Phase 1, which will then lead to Phase 2 in the following year.
“Preparation for the meeting took place on Sunday, March 1, 2015, as some of the participants arrived a day early and were staying at the same hotel we were presenting in. The prerequisite to attend the meeting was signing a binding legal non-disclosure and non-compete (ND/NC) agreement. This task had been completed by several of the early attendees, so they were able to partake in generalities about Hay Mountain. The following morning work started at 7 a.m. in obtaining signatures from the rest of the attendees, several of whom had traveled great distances to attend. Once all the ND/NC documents were signed, the meeting started on time at 9 a.m.
“I presented first, reviewing detailed geologic, geochemical, geophysical details and interpretation of the detailed and various studies that have been conducted over the last four years. At the end of about 2.5 hours, we took a short break and then Brett Gross presented the business plan, and ongoing questions and comments were answered and discussed, on both presentations.
“Significant interest continues after the Manila meeting. Four mining experts are expected to travel to Tucson, where a thorough tour will be arranged, which will take an expected three to four days, to examine local large mines that are similar to what is expected at depth at Hay Mountain. The tour will be conducted as soon as travel visas can be arranged. We believe that because of their background they will be as impressed with the potential as we are. Of course success cannot be assured, but this a very strong starting point.
“Other interested parties of significant stature are currently discussing a starting point, which is our stringent ND/NC document. We hope that we can continue meaningful negotiations with them as well.
“Considering the low point in the copper cycle, it is encouraging that we are getting such substantial response, and I look forward to the potential that Phase 1 will be financed soon.â€
“James A. Briscoe†James A. Briscoe, Professional Geologist, AZ CA
CEO/Chief Geologist
Liberty Star Uranium & Metals Corp.
Forward-Looking Statements
Statements in this news release that are not historical are forward-looking statements. Forward-looking statements in this news release include: that the meetings in Manila, Philippines were substantial and that important progress is being made toward financing of Phase 1, which will then lead to Phase 2 in the following year. Factors which may delay or prevent these forward-looking statements from being realized include: our inability to agree with a potential investor on terms of their participation in the Hay Mountain Project or any project; we may not be able to raise sufficient funds to complete our intended exploration or carry on operations; an inability to continue exploration due to weather, logistical problems or hazards even if funds are available. Readers should refer to the risk disclosures in the Company’s recent 10-K and the Company’s other periodic reports filed from time to time with the Securities and Exchange Commission.
Agoracom Investor Relations
[email protected]
http://agoracom.com/ir/libertystar
or
Liberty Star Uranium & Metals Corp.
Tracy Myers, 520-425-1433
Investor Relations
[email protected]
Follow Liberty Star Uranium & Metals Corp. on Facebook, LinkedIn & Twitter@LibertyStarLBSR
Liberty Star Uranium & Metals Corp. (“Liberty Star†or the “Companyâ€) (OTCQB: LBSR) is pleased to announce that three technical breakthroughs have occurred at the Hay Mountain Project over the last three months. These are:
1. Additional targets
2. The potential for leachable oxide copper bodies
3. The ability to separate diamond core drill cuttings using a centrifuge so that cuttings can be separated into samples corresponding to drill core intervals or fractions of those intervals at any depth desired as the drill turns without waiting for the core to be removed from the hole. Then x-ray fluoresce analyzers will be used to analyze these samples for an approximate assay in the field as the drill turns.
Liberty Star’s CEO/Chief Geologist elaborates point by point:
1. “Working with geologist Dr. S. Skirvin using geologic information systems (GIS) mapping tools, we clarified the geophysical relationships so that the geophysical data (ZTEM- electromagnetics and magnetics) for the Hay Mountain Project area could be related to culture on topographic maps, and recently produced high resolution space imagery, leading to the detection of significant number of additional targets
2. “We have also evaluated the surrounding copper and precious metal mines including Arizona’s Tombstone, Bisbee (historic and future Cochise ore body), Johnson Camp, I-10 Porphyry Gunnison- Excelsior, Safford, Morenci, Rosemont, Florence, Twin Buttes: New Mexico’s Tyrone mine, Mexico’s La Caridad, and Cananea, and many others, which all have oxide copper recovery units (Solvent Extraction-Electrowinning plants (SX-EW plants)). Most porphyry copper deposits in the southwest USA, Mexico, Latin America and other geologically similar areas have a green and black copper oxide cap or periphery as a result of their oxidizing history details dependent on rock type and other factors. Hay Mountain is easily compared to Bisbee, Nord Resources Corporation’s Johnson Camp and the Gunnison Copper Project (Excelsior Mining Corp), nearby where the same package of layered altered and mineralized rocks exists, as does a profound magnetic anomaly (Gunnison and Hay Mountain and others). Gunnison has disseminated oxides that can be treated by in situ (Latin: in place) leaching. Excelsior has done extensive testing and design of a proposed in situ leach operation that suggests an internal rate of return of about 45% and a payback in 2.5 years using a projected $2.75 copper price. (Pg. 246 Gunnison Copper Project: NI 43-101 Technical Report Prefeasibility Study). We have encountered more shallow outcrops containing green and what appears to be black copper oxide at Hay Mountain. Also, the horizontal tops of the recorded magnetic signals suggest the top of an oxide zone that compels us to consider that a large, near surface body of oxide copper may be located above the large sulfide targets which are more easily detected by ZTEM (electromagnetic, and magnetic) geophysics. The same host rock sediments are present at Johnson Camp, Gunnison, Bisbee and Hay Mountain. These rocks can be selectively mined using a Vermeer Terrain Leveler, resulting in lower cost mining and ore grade selection than standard methods of open pit mining. I have already had tests run at the Vermeer laboratories on ore material of each of the various sedimentary copper bearing units at Johnson Camp to see if the Vermeer can cut these altered and mineralized sediments. The results demonstrate that the Vermeer machinery can readily cut these units. Contacts between low and high grade can be followed to within 6 inches horizontal and a couple of inches vertically. Fragmentation achieved by the Vermeer concentrates on the ore bearing interstices of the host rock, thus maximizing the proportion of exposed surface area of the fragmented material that is ore bearing. This feature yields materials that may be much more available for solvent dissolution than conventionally crushed ore. The cut can be adjusted to get the optimum fragment size for heap leaching: all of this without using drilling or blasting. Thus, if we intersect significant amounts of leachable oxide copper mineralization at a shallow depth, which, as stated above, all surrounding porphyry copper mines have, we will immediately go into an evaluation mode. Nothing is definite until drills define such an oxide mineral body, but these types of deposits could go into production at a low cost, and quickly: in the range of 4 years (See pg. 249 Excelsior’s 43-101). The mining method at Hay Mountain could be open pit, heap leach or in situ like that planned at the Gunnison Copper Project.
3. “We will be using some advanced equipment in the drilling program which will make Phase 1 drilling proceed faster, more controlled, accomplished more accurately, and data gathered very quickly. This will be a Solids Removal Unit (SRU), developed by an Australian company and sold in the USA (see http://www.amcmud.com/en/products-range/equipment-rental/product-data-sheets.html).
i. This device uses a centrifuge to remove drill cuttings from the mud circulation that cools the diamond bit and carries cuttings to the surface.
ii. The SRU removes +99% of drill cuttings from the mud and then circulates the cleaned mud back down the hole.
iii. The cuttings are ejected from the SRU where they can be bagged and disposed of.
iv. This give us the opportunity to sample the drill cuttings at any interval we choose – say 2.5, 5, 7.5 or 10 feet – or all of those intervals through the length of the drill hole or whatever intervals are desired to determine what the diamond drill is cutting even before the core is extracted, by “assaying†using a modern XRF (X-Ray fluorescence) unit:www.niton.com either a hand held “gun†or a more powerful bench or pick-up tail gate style unit. While an XRF is not a true “assay†used for exact grade determination for ore calculations it is sufficient for the onsite geologist to determine whether the gross metals content is going up, down or remaining the same. This information can be transmitted by computer to the Internet so all senior management personnel can review the data if it is critical. Standard drill core assays by a certified lab will still be undertaken following standard procedures which can only be done that involve a carefully monitored and controlled half sample split of the drill core, prepared in a very clean sample prep lab, and sent under chain of custody control to a certified lab, which we will also do. However XRF is sufficient for the onsite geologist to determine whether the gross metals content is going up, down or remaining the same. This droll mud sampling methodology (but without the use of the SRU) was reported by D.K.F. McLachlan, in Mckinstry,H.E. – Mining Geology 1948 in the days when diamond drilling was young and the diamond drill core bit tended to grind up core that was soft, where the mineralized intervals were encountered. It is still a valid technique when combined with the SRU.
“The SRU also meets the requirements of the Arizona State Land Department permits that require collection of drill cuttings and disposal in permitted land fill.
All of this new data and our innovative techniques, as well many other details will be used in the presentation in Manila, Philippines March 2-3, 2015 by Director Brett Gross and myself during a full day presentation to potential investors and mining professionals.â€
“James A. Briscoe†James A. Briscoe, Professional Geologist, AZ CA
CEO/Chief Geologist
Liberty Star Uranium & Metals Corp.
Forward Looking Statements
Statements in this news release that are not historical are forward looking statements. Forward-looking statements in this news release include all our planned drilling program, planned methodology and our planned use of equipment, partners or funding sources, including without limitation our plan to commence Phase 1 drilling at Hay Mountain and define an economic body of mineralization there; that geological conditions may allow for an in situ leaching operation, or open pit heap leaching; that discovery of such a leachable ore body, similar those enumerated above, could result in a 4 year time line to production. Factors which may delay or prevent these forward-looking statements from being realized include: the failure of our proposals to be accepted; we may not attract any partners or funding sources; we may not be able to raise sufficient funds to complete our intended exploration, keep our properties or carry on operations; and we may encounter an inability to continue exploration due to weather, logistical problems, labor or equipment problems or hazards even if funds are available. Even if we find a partner, we may not be able to reach agreement or carry out the development program as contemplated. Despite encouraging data there may be no commercially exploitable mineralization on our properties. Readers should refer to the risk disclosures in the Company’s recent 10-K and the Company’s other periodic reports filed from time to time with the Securities and Exchange Commission.
Agoracom Investor Relations
[email protected]
http://agoracom.com/ir/libertystar
or
Liberty Star Uranium & Metals Corp.
Tracy Myers, 520-425-1433
Investor Relations
[email protected]
Follow Liberty Star Uranium & Metals Corp. on Facebook , LinkedIn & Twitter@LibertyStarLBSR
TUCSON, Ariz., Feb 18, 2015 — Liberty Star Uranium & Metals Corp. (“Liberty Star” or the “Company”) (OTCQB: LBSR), which holds 100% interests in the Company’s premier exploration property for porphyry copper, gold and associated commercial metals, The Hay Mountain Project (southeast Arizona – Cochise County), is pleased to announce a shareholder update and comments from the CEO. Additionally, new travel arrangements have been set: Mr. Briscoe and Director Brett Gross depart for Manila, Philippines, February 26th to meet a group of mining professionals introduced to the Company by a long-time Liberty Star shareholder, mining engineer and investor, in an all-day meeting on Monday, March 2, 2015. The pair plan to make multiple in-depth presentations to an audience of potential investors that have signed binding non-compete/non-disclosure agreements. The naseba roadshow announced in NR 193 has been postponed.
James A. Briscoe, Chairman, CEO and Chief Geologist, offers the following update and comments:
“At this time I feel it is important to reaffirm our goals for the Hay Mountain Project and the company at large. The financing of our yearlong Phase 1 drilling program at our Hay Mountain Project remains priority one. I plan to travel to Manila, Philippines, to meet sophisticated potential investors with this goal in mind. We were scheduled to travel to the Middle East for a roadshow sponsored by naseba/Naru Capital, but events there and ensuing turmoil have intervened and I and the board of directors have decided that I should not travel to the area until security issues have been resolved. I have arranged with Naru/naseba to undertake teleconference meetings with appropriate candidates from the Middle East area for now. While Hong Kong was on the agenda and is a good venue, we will have to put it off until more contacts have been made.
“Let me go over some of the financial realities we are operating under right now that have impacted the Company. Natural resource prices have hit multiyear lows which have turned investment not only away from our efforts, but the industry at large. I invite you to look at the stock trading charts of any exploration or mining company and you will see red ink everywhere. I believe this will not last long term and that copper and gold prices must go up: if not immediately, the trend must return to conform to the global demand for resources that is widely acknowledged. While I am in no position to take responsibility for this mega-trend knowledge, I do intend to capitalize on it for shareholders when negotiating with potential investors in Hay Mountain. Right now the cost of exploration is depressed: it will be a sage partner who will enter the market at its very lowest and understands the adage ‘buy low, sell high’ and understands the supercycle for metal prices, especially copper (see Don’t Get Hung Up on Short-term Copper Prices: Lawrence Roulston, Jan 22, 2015).
“I also want to address questions that have come to my attention:
“Question 1: Is a reverse split under consideration? I am not considering this option at this time. Even if I did decide to reverse split because of a new regulatory requirement or other unforeseen reason, I would first seek approval of the shareholders to increase the authorized capital, and there would be prior notice through our filings with the SEC. When we progress to the drilling stage and as the copper price rises, as it always does and will again, I believe our fortunes will rise as well, and a rollback will have seemed inconsequential.
“Question 2: Am I considering changing the Phase 1 drilling program to drilling a couple of mother holes soon, using Liberty’s funds, rather than waiting for a JV? No, I think that is not a good idea for the Company and its shareholders. My thinking stems from my experience and the history of exploration in the area. I’ve been involved in porphyry copper exploration and mining for 50 years. It was my good fortune to have worked directly for two of the world’s great ore finders and lifelong business partners, ASARCO geologists Kenyon Richard, and James Harold Courtright, respectively VP Exploration and Chief Geologist. I’ve spent many hours and days with these two mentors, who took time to review the exploration histories of the discovery of Silverbell, the Mission Mine (both in Pima County, Arizona), and many others in Arizona, Nevada, Canada, southern Peru, Mexico, the Mother Lode gold belt, California and the Mesquite and Cargo Muchacho gold mines in southeast California. I spent two intensive years working in the Silverbell mine under them where I extended and expanded the seven-year-long drill program which had about ‘six weeks’ to go on my arrival to an additional 4 years with additional drill rigs. I found with this intimate contact with a classic operating open pit porphyry copper mine that even a porphyry copper can have dead spots in it. In a study I personally set up, I determined that if Silverbell had been completely covered and had only an IP (induced polarization study and anomaly: the primary geophysical tool at the time) it would have required 21 holes spaced on a 1,000 foot grid, to be sure that one intersected ore grade material.
“To hope that ‘a hole or two’ would intersect ore is a sure road to a ‘gambler’s ruin’ and would never have been allowed under the Richard and Courtright team management. Note it took them 27 holes into the Mission target before ore grade material was cut by the diamond drills, resulting in the massive Mission Mine that has now been operating 50 years with at least 30 years left. Liberty Star will continue to pursue our careful plan that will result in a thorough and professional test of the world-class anomaly at the Hay Mountain Target 1. Remember, the Hay Mountain target is projected to be a mega multiyear exploration, development and mining project. The dimension of the geochemical and geophysical response is 4 miles long by 2 miles wide, a permissible size to contain a ‘World Class’ very large mineral deposit. The only way to determine where the hot spots are is to drill diamond drill holes to test for mineralization while confirming and honing our geophysics, geology, and geochemistry knowledge. Rather than making Phase 1 small and desperate, careful analysis sees the project expanding the possible number of viable targets and the funding requirements. One of the key attributes of Phase 1 is its economic practicality: that would be completely destroyed if a drilling rig was employed to only drill two holes because the drill and all of its men and equipment is expensive to mobilize and demobilize. Also ore grade mineralization might be missed entirely.
“Raising money is very hard in the current economic circumstances, but given recent interest the Hay Mountain Project has generated, certainly possible.
“We have serious interest from experienced mining professionals that also possess the financial means to invest in Hay Mountain and will also participate in the conceptualizing of operations there. The invitation to present in Manila came from Mr. Tomas Malihan, CEO & President of Oremet Corp., Mr. Angelito Doria, VP Civic Corp., and Mr. Alfonso Doria, Philippine mining engineer and longtime supporter and major Liberty Star shareholder. Mr. Alfonso Doria completed a 3 day trip with me to southeast Arizona copper mines surrounding Hay Mountain and then Hay Mountain, examining surface outcrops, and technical documents concerning the Hay Mountain Project. He was duly impressed with the thoroughness of the approach and indications of the presence of a large but covered metal source resulting in geochemical, alteration and geophysical indications. His report of his evaluation resulted in the above-mentioned invitation to present in Manila. In an all-day meeting at a major hotel in downtown Manila between 10 and 20 mining professionals, including mining representatives from the Philippines, China, and India, will listen to me and Mr. Brett Gross, Mining Engineer, Attorney and Liberty Star Director. I will speak extensively about the geology, geochemistry and geophysics of Hay Mountain and why they indicate a mineral body at depth. Mr. Gross will present an innovative and financially attractive proposal to them for funding Hay Mountain, Phase 1 and beyond. There will be time for detailed information transfer as well a question and answer session.
“Multiple copper and precious metal mines are underway in southern Arizona, primarily funded by Canadian junior to intermediate companies. We have now been contacted, regarding interest in Hay Mountain, by three major international mining companies that are among the world’s largest. This is indicative of the perceived quality of the Hay Mountain Project. We hope these expressions of interest generate visits to the Hay Mountain area, continued due diligence by multiple parties and the eventual signing of a joint venture agreement. This is not a quick process to undertake a large project, but it is a beginning. We are optimistic that even during this period of low metal prices we are generating genuine interest and feel optimistic that a deal or deals will be struck on Hay Mountain.”
“James A. Briscoe” James A. Briscoe, Professional Geologist, AZ CA CEO/Chief Geologist Liberty Star Uranium & Metals Corp.
Forward-Looking Statements
Statements in this news release that are not historical are forward-looking statements. Forward-looking statements in this news release include our entire planned drilling program; that mineral prices will rebound; and our planned route to access partners or funding sources. Factors which may delay or prevent these forward-looking statements from being realized include: the failure of our proposals to be accepted; we may not attract any partners or funding sources; we may not be able to raise sufficient funds to complete our intended exploration, keep our properties or carry on operations; mineral prices may not rebound in time for us to keep our properties; and we may encounter an inability to continue exploration due to weather, logistical problems, labor or equipment problems or hazards even if funds are available. Even if we find a partner, we may not be able to reach agreement or carry out the development program as contemplated. Despite encouraging data there may be no commercially exploitable mineralization on our properties. Readers should refer to the risk disclosures in the Company’s recent 10-K and the Company’s other periodic reports filed from time to time with the Securities and Exchange Commission.
http://cts.businesswire.com/ct/CT?id=bwnews&sty=20150218005211r1&sid=cmtx6&distro=nx&lang=en
SOURCE: Liberty Star Uranium & Metals Corp.
CONTACT:
Agoracom Investor Relations [email protected] http://agoracom.com/ir/libertystar or Liberty Star Uranium & Metals Corp. Tracy Myers, 520-425-1433 Investor Relations [email protected] Follow Liberty Star Uranium & Metals Corp. on Facebook, LinkedIn & Twitter@LibertyStarLBSR
Liberty Star Uranium & Metals Corp. (“Liberty Starâ€Â or the “Companyâ€) (OTCQB: LBSR) is pleased to update shareholders and interested parties regarding the Company’s 2014 activities, including progress toward obtaining approval of its Plan of Operation for the Hay Mountain Project (“Hay Mountainâ€) in southeast Arizona’s Cochise County within the historic Tombstone mining district. More topics of discussion include CEO/Chief Geologist James A. Briscoe’s travel plans for the 1st quarter of 2015 to the Middle East, Hong Kong and Manila to secure funding for Phase 1 exploratory drilling at Hay Mountain and other more long range planning.
The Last 12 Months:
| 1. |
Planning and Geoscientific Interpretation: |
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This period was primarily occupied with planning and permitting of Hay Mountain. This included conceptualizing and creating a plan for an aggressive drill program which would result in a strongly compressed time line to test and drill out what our evidence suggests is a large porphyry copper-moly precious metal system with a footprint large enough to contain a very large mineral body. Our goals are to drill out this body within a span of 4 years and to bring it into production within 7 years of the start of drilling. This is a very tall order, because the average time to bring an orebody into production now in the USA is 15 years. We have brought to bear a lot of computerized data gathering that we have used in other projects in order to reduce time to a minimum and lower costs. We refined this detailed computerized exploration plan and created a budget, using Microsoft Project® including 5,000 line items (resources) are scheduled and costed on a simple but effective computer Gantt Chart, that will allow us to keep track on a daily basis of projected cost vs actual cost and predict daily time- to- completion of our objectives would be as the project progresses. Many operations, permitting procedures and community outreach will proceed simultaneously with the exploration and mine development procedures. The reason for this attention to timing was the result of information gleaned from our visit to India and later China. In consultation with industry-leading drilling experts, and other specialists including our permanent staff and Technical Board of Advisors, it has resulted in one of the most innovative plans using various time and expense saving procedures throughout the exploration program that have resulted in a very low “all-in†cost per foot of drilling. We believe we can meet these timing expectations. |
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| 2. |
Permitting |
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| a. |
Approval by the Arizona State Land Department (ASLD) of the Company’s Plan of Operation (the “Planâ€) is required to conduct exploratory drilling at the first Hay Mountain target, which is located primarily on State Land. The Plan of Operation was submitted to the ASLD in August with a proposed period of operation of one year beginning September 29, 2014 (NR 187). Liberty Star has so far answered all questions and comments from the ASLD and expects final acceptance of its Plan within the next 20 to 60 days or so (given expected delays around the holiday season). Upon approval, Liberty Star’s drilling contractor will obtain drilling permits from the Arizona Department of Water Resources (ADWR) which takes very little time to process. Once those permits are in hand, and appropriate funding is in place, Phase 1 drilling can begin at Hay Mountain. |
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| b. |
Approval by the US Bureau of Land Management (BLM) we also need drilling permits on the relatively small amount of Federal Lode Mining Claims making up some of our land package. These permits are not as time-critical as the ASLD permits, but it is our objective to obtain these in the first quarter, 2015. |
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| 3. |
Altered and Mineralized Outcrops Discovered The only geologic map of sufficient detail covering the Hay Mountain area published in 1956 (James Gilluly, General Geology of central Cochise County, AZ, USGS Professional Paper 281, 169 pages) was prepared during the late 1930s and 40s appears to be of excellent quality considering its small scale. However, more detailed surface mapping in concert with new very high resolution natural color space imagery reveal previously unmapped outcrops with occasional specks of green copper oxide, and suspected black copper oxide, along with silica and carbonate veining similar to that adjacent to the Copper Queen Mine in limestones at Bisbee about 15 miles to the south. This recognition is important, and we believe with further work it will be expanded to reveal more outcrop. This suggests the following: |
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| a. |
The depth to mineralization may be much shallower at least in some areas than had been previously supposed; giving strength to the possibility that a mineral body amenable to open pit mining at relatively shallow depth may be present. |
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| b. |
The presence of oxide copper at the surface suggests there may be a near surface mineral body of oxide copper that could be recovered by heap leaching or in situ leaching, either one or both recovered by solvent extraction – electrowinning. This method of copper or gold /silver mining where the metallurgy is optimum, is the least costly to perform and requires minimal plant infrastructure and hence lower capital requirements for startup. Several such projects nearby either have been in production, are in production or are in testing and feasibility for production. These include: |
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• Bisbee – Copper and uranium – past |
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• Bisbee – the Cochise ore body – future |
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• Tombstone – silver and gold – past |
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• Safford – copper – production now |
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• Rosemont – copper – under consideration |
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• Johnson Camp, Texas Canyon, AZ –open pit heap leach copper -dormant |
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• I-10, Gunnison Hills, Excelsior, Texas Canyon, AZ -copper – in situ- in pre-feasibility studies. |
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Discovery of such a leachable ore body, similar those enumerated above, could result in a very fast tracked production facility producing wire grade copper which would be marketed as (or before) it was produced, creating an almost immediate positive cash flow from this production |
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| c. | Drilling would continue to define: | |||||
| i. | An expected sulfide enrichment mineral body or skarn limestone hosted body or both which might be mined by open pit: examples – Bisbee, Silverbell & Mission-Pima, Arizona, USA | |||||
| ii. | A deep seated high volume underground mineral body that would be mined via shafts, and appropriate underground methods examples – Bingham Canyon, Utah, USA, Grasberg, Papua Province, New Guinea | |||||
| d. |
If such mineral bodies as in a, b and c, above were to be defined and if they were to be projected by standard engineering studies to be profitable, by standard mining methods, mine and mill construction would be undertaken and large scale production would ensue. |
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| e. | Such developments as noted in a, b, and c above would be preceded by Bankable Feasibility Studies and funding could then become available through bank consortia or other typical sources. | |||||
| 4. |
New Targets Identified in the Last Two Months Over the last two months, additional redrafting, clarification and reinterpretation of the geoscientific data over the Hay Mountain area now defined as the “Area of Mutual Interest (AMI)†covering approximately 42 sq. miles (109 sq. km), and including previously identified anomalies, have been undertaken. Other anomalies of potential importance have been identified. This is not a reprocessing of the metadata received from the Geotech ZTEM metadata, or their Professional scientific interpretation of that data in their Professional Report on the survey, but simply a clarification and reinterpretation based on that clarification. |
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| a. |
These targets will be incorporated into an updated business plan that is currently being drafted with the intent of making future proposals more financially rewarding, and thus more attractive to venture partners. |
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| b. | When these plans are finalized and vetted by specialists, they will be incorporated into our proposals for funding. | |||||
| 5. |
ASLD Permits In addition to approval of its Plan by the ASLD, Liberty Star needs to fund Phase 1’s newly planned expenditure of $9 million that will incorporate proportional funding for preliminary exploration of the additional targets mentioned in 4, above. |
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| 6. |
Recent Tours of the Hay Mountain Project There are increasingly more parties interested in the Hay Mountain Project. Mr. Briscoe and our arm’s length skarn porphyry copper expert consultant have conducted several tours of the Hay Mountain Project area and other sites of importance to the understanding of Hay Mountain, in southeast Arizona, with potential funders. These other sites of importance draw a close comparison to existing porphyry copper deposits with Hay Mountain. |
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| 7. |
We expect to conduct as many as two more of these site visits and accompanying tours before traveling to the Middle East, Hong Kong and Manila, (Philippines) as previously announced in September (NR 188) and in this update. Naru Capital – naseba (“Naruâ€) will sponsor a Middle East (Saudi Arabia, Oman, Dubai) roadshow specifically designed to match Liberty Star’s funding expectations with the appropriate pool of prequalified potential funders. Their plan is to continue the roadshow in Hong Kong. Briscoe then intends to visit Manila, Philippines in response to specific expressions of interest from potential investors in that mining country; a representative of the group (a mining engineer and large Liberty Star share holder) has taken a field trip to the Hay Mountain Project area recently, with positive response. Briscoe’s travel is scheduled to begin the third week of February, 2015. |
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Comments Mr. Briscoe:
“Season’s Greetings to Liberty Star shareholders and supporters. As we face a new year it is time that I reaffirm Liberty Star’s goal to commence drilling at Hay Mountain and define an economic body of mineralization there. From surface studies and a deep understanding of the area, we have concluded that we may expect a very large, near surface porphyry copper mineral body, extending to great depth. This conclusion must be proved through exploration drilling. I expect that drilling in 2015 will confirm our geoscientific data. It has been frustrating that we could not move to the drilling phase this year, but the slow process of permitting State land, and the difficult state of the economy as a whole and the mining industry in particular cannot be denied. I am routinely asked why we have been unable to obtain funding for Hay Mountain since the indicators for success are so strong. The answer is long and complex. Those of you that follow mineral exploration and mining know the severe state of the industry due to the downturn in the minerals Super Cycle, which finds industry giants such as Freeport McMoRan and BHP Billiton and many others trading significantly down over last year. Despite this current downturn for us in mining, several current economic studies suggest the Super Cycle may be setting up for a resurgence, though it is much more complex with the entrance of China and other new consuming and producing countries versus earlier periods when it was driven primarily by North America and Europe (including the U.K. and Australia). Computer reduction of these complexities show it is, in fact, alive and well and is moving forward to another increase in time for us to profit from our efforts (from Keynote luncheon address SME Yearly meeting 12-08-2014 by Raymond Goldie, Salman Bros.). I believe we can turn the corner and prosper as metal prices are bound to rise substantially with this projected resurgence. I, and many others industry-wide, believe the long term demand is there and several studies show the World will need more copper in the next 25 years than in all the history of mankind. The task at hand is to find appropriately risk-tolerant investors that are seeking to enter a market that is at its bottom and willing to stay for a rise that will be several years in the making but just in time for our potential production. I will continue to work with the experts at naseba/Naru to help us find such investors with sufficient financial wherewithal, but I am open to hearing from any credible alternative funding sources for Phase 1, in combination with or independently of others. I believe that our Phase 1 investors will be rewarded greatly for the investment they make in funding our Hay Mountain Project.â€
Management discussion – Expectations, First Quarter 2015
| 1. | Director Brett Gross will be working to improve the Company’s structure to enhance long term stability and attractiveness to all prospective investors. This will include, in addition to other things, a succession plan for critical and key employees. A corporation, as an entity with a legally perpetual life, dictates such succession planning to assure long term company strength, stability and sustainability. While there are no current concerns of any critical or key employee becoming unable to perform his or her duties, prudent corporate policy demands planning for the duration of the corporation’s existence. This includes succession planning for positions essential to seamless corporate continuity. | |
| 2. | It is also our objective to move our existing projects forward including Walnut Creek and others in the Tombstone area, North Pipes, and other opportunities which have come and continue coming to our attention. Some of these are smaller (than Hay Mountain) and include precious as well as base metals. My trips to India, China, and the Middle East suggest there is also a strong interest in these types of more moderately sized projects as well as mega projects like Hay Mountain. |
During 2015
We hope to achieve several milestones following return from my trip to the Middle East, Hong Kong and the Philippines, including:
| 1. | Having funding in place to start Phase 1 drilling on the main Hay Mountain target in the second half, 2015 | |
| 2. | In the second quarter, have detailed geoscientific work on our other AMI targets well underway and subsequent drilling programs well into the planning – permitting stages | |
| 3. | Placing additional funding for the new AMI targets | |
| 4. | By mid-fourth quarter, 2015, being well underway with and increasingly successfully intersecting strong mineralization in Hay Mountain Target 1, Phase 1, and beginning Target 1, Phase 2 funding draw-down and the associated three-year drilling effort. |
“James A. Briscoe†James A. Briscoe, Professional Geologist, AZ CA
CEO/Chief Geologist
Liberty Star Uranium & Metals Corp.
Forward Looking Statements
Statements in this news release that are not historical are forward looking statements. Forward-looking statements in this news release include all our planned drilling program and our planned route to access partners or funding sources, including without limitation our plan to commence drilling at Hay Mountain and define an economic body of mineralization there; that we can drill out the project within a span of 4 years and to bring it into production within 7 years of the start of drilling; that discovery of such a leachable ore body, similar those enumerated above, could result in a very fast tracked production facility producing wire grade copper which would be marketed; that we expect final acceptance of our plan of operation within the next 20 to 60 days; that BLM permits will be granted in the first quarter 2015; that metal prices will rebound; and that Mr. Briscoe’s travels will result in a potential partner for our projects . Factors which may delay or prevent these forward-looking statements from being realized include: the failure of our proposals to be accepted; we may not attract any partners or funding sources; we may not be able to raise sufficient funds to complete our intended exploration, keep our properties or carry on operations; and we may encounter an inability to continue exploration due to weather, logistical problems, labor or equipment problems or hazards even if funds are available. Even if we find a partner, we may not be able to reach agreement or carry out the development program as contemplated. Despite encouraging data there may be no commercially exploitable mineralization on our properties. Readers should refer to the risk disclosures in the Company’s recent 10-K and the Company’s other periodic reports filed from time to time with the Securities and Exchange Commission.
Agoracom Investor Relations
[email protected]
http://agoracom.com/ir/libertystar
or
Liberty Star Uranium & Metals Corp.
Tracy Myers, 520-425-1433
Investor Relations
[email protected]
Follow Liberty Star Uranium & Metals Corp. on Facebook , LinkedIn & Twitter@LibertyStarLBSR
TUCSON, Ariz.–Liberty Star Uranium & Metals Corp. (“Liberty Star†or the “Companyâ€) (OTCQB: LBSR) is pleased to announce progress on various matters:
“Liberty Star is moving forward to capitalize on the hard work it has expended over a number of years. We have a very positive outlook about our future as a result of these recent and ongoing developments.â€
1. The Company has filed Articles of Organization with the Arizona Corporation Commission forming a wholly owned subsidiary named Hay Mountain Super Project LLC (“HMSP LLC†or the “Subsidiaryâ€). The new Subsidiary is to manage Liberty Star’s premiere multi-target exploration property, the Hay Mountain Project, in southeast Arizona’s historic Tombstone mining district (Cochise County) for porphyry copper, gold, moly, silver, REEs and other associated metals. HMSP LLC will serve as the primary holding company for development of the potential ore bodies encompassed in the Hay Mountain area of interest covering some 42 square miles as identified by the extensive geological, geochemical and geophysical work, including ZTEM, performed to date. This is the first step toward establishing a corporate structure that will maximize operational and tax efficiencies, and enable the transfer of profits to Liberty Star Uranium & Metals Corp. where tax loss carry forwards can be used against positive cash flow, if any, from previous exploration expenses, while at the same time preserve the flexibility to engage joint enterprise investors in the independent development of multiple Hay Mountain targets as drilling verifies their candidacy as potential economically viable mining operations. Funding and management of the Hay Mountain Project and other Liberty Star surface studied and/or claimed lands totaling 42 square miles in the area will be administered through the Subsidiary.
Comments Jim Briscoe, Liberty Star’s CEO and Chief Geologist: “This progress toward assembling the corporate machinery forming the basis for attracting and engaging qualified joint enterprise investors to participate in developing the potentially extraordinary mineral content of the Hay Mountain properties, as documented in prior Liberty Star press releases, is a milestone event in Liberty Star’s growth. I am pleased and excited with our establishing this threshold into the next phase of revealing Hay Mountain’s potential as a world class mining district.”
2. Liberty Star announces that the Company’s CEO/Chief Geologist Jim Briscoe and Director (mining engineer-attorney) Brett Gross will host a three day visit including a two day site visit to the Hay Mountain Project area for a potential funder from the Arabian Peninsula who has signed a non-disclosure agreement. This trip is tentatively planned before Thanksgiving, dependent only on US entry visa and travel arrangements. Accompanying the two parties will be an independent geologist/porphyry copper expert hired by the guest as well as an arms- length Registered Professional Geologist (RPG) who is experienced in a particular (classic) porphyry copper skarn deposit in the SW USA, participated in intensive postgraduate study of porphyry copper skarn deposits and has used vegetation geochemistry like that used by Liberty Star at Hay Mountain (and supervised by our Technical Board Member – and Geochemist, Shea Clark Smith) and is familiar with distal halos of the Hay Mountain type skarn mineralization. In addition to the Hay Mountain Project area, the visit will include ASARCO’s Mission Mine and the Bisbee mining district, both of which are corollaries to Hay Mountain (exposed rather than covered). The tour will also include two other similar porphyry copper drilling projects and one small porphyry copper production facility with exploration potential. During the trip in this mineral rich area there will also be viewings of dormant porphyry copper, gold and silver mines, including Tombstone itself. These sites, all within a 60 mile radius of the Hay Mountain Project, will demonstrate and solidify the similarity of other large porphyry copper operations to the as yet undrilled Hay Mountain which lies hidden beneath shallow cover. The trip will take two days and a 3rd day is reserved for a second review of the technical details of the Hay Mountain data, and discussion of Joint Venture parameters.
3. The final Archaeological Assessment document has been finished by the Company’s contractor Antigua Archaeology LLC, and was submitted to the Arizona State Land Department (ASLD) for their final approval on November 5, 2014. No significant archaeological material was found and the report recommends approval of our proposal as written. According to the ASLD, response time is dependent on the length of the queue but should take place in 30 to 90 days. This is the final step in the long approval process. When ASLD final approval is received, Liberty Star is ready to drill as soon as funding is in place.
4. The Company is getting more expressions of interest every day and expects to make additional presentation trips as described in number 2 until Phase 1 financing is attained. Currently there are three seemingly qualified entities that have expressed strong interest.
5. For more than a year, lengthy negotiations have been ongoing with Genesis Group International Inc. to option the North Pipes Super Project (uranium) which lies just south of the Utah border. Genesis has developed a unique, proprietary type of equipment and process to mining breccia pipe type vertical mineral ore bodies. The Company has executed a letter agreement subject to formal legal drafting. This will involve an exchange of Liberty Star’s real property and intellectual property pertaining to the North Pipes/ Arizona Strip properties. In exchange Liberty Star will receive a significant monthly payment toward retirement of its expenditures on the North Pipes Project. It will also receive a gross royalty (NSR – Net Smelter [mill return] Royalty type, which is common in the mineral industry) on production that would result from all metal commodities coming from any mining of the pipes. It is expected that this could commence in about six months from now, at which time full financial and state support will become available. Profitable operation of the breccia pipes even at current low uranium prices is anticipated from this rapid and unique mining equipment and approach.
Concludes Briscoe: “Liberty Star is moving forward to capitalize on the hard work it has expended over a number of years. We have a very positive outlook about our future as a result of these recent and ongoing developments.â€
“James A. Briscoe†James A. Briscoe, Professional Geologist, AZ CA
CEO/Chief Geologist
Liberty Star Uranium & Metals Corp.
Forward Looking Statements
Statements in this news release that are not historical are forward looking statements. Forward-looking statements in this news release include that the Hay Mountain Project is ready for drilling once we can obtain ASLD approval and financing for phase 1 drilling; that our project is prospective for many minerals; that we will be able to attract a partner/investor for the North Pipes uranium program; that our project will be profitable; and that we can come to a final agreement with Genesis. Factors which may delay or prevent these forward-looking statements from being realized include: the failure of our proposals or our Archeological Assessment to be accepted; we may not be able to raise sufficient funds to complete our intended exploration, keep our properties or carry on operations; and an inability to continue development due to weather, logistical problems, labor or equipment problems or hazards even if funds are available. Even if our proposals are accepted, we may not be able to carry out project development as contemplated. Despite encouraging data there may be no commercially exploitable mineralization on our properties. Readers should refer to the risk disclosures in the Company’s last 10-K and the Company’s other periodic reports filed from time to time with the Securities and Exchange Commission.
Agoracom Investor Relations
[email protected]
http://agoracom.com/ir/libertystar
or
Liberty Star Uranium & Metals Corp.
Tracy Myers, 520-425-1433
Investor Relations
[email protected]
Follow Liberty Star Uranium & Metals Corp. on Facebook , LinkedIn & Twitter@LibertyStarLBSR
TUCSON, Ariz.–Liberty Star Uranium & Metals Corp. (“Liberty Star†or the “Companyâ€) (OTCQB: LBSR) is providing an update on its plans to finance the Phase 1 exploration drilling program on its premier property, the Hay Mountain Project, for porphyry copper, gold, moly and other metals in Cochise County, southeast Arizona. The Phase 1 financing requires an expenditure of USD $6.5 million to drill up to 50 vertical “mother†holes (to a depth of up to 5,000 feet) and up to eight “daughter†holes per mother hole, depending on what is encountered (News Release 189). Another 31 holes on our Federal lode mining claims adjacent to the Arizona State Mineral Exploration Permits (MEPs) have subsequently been located, bringing the total number of planned, pre-positioned, permitted holes on the grid to 81. The Company is pursuing permitting on the entire grid simultaneously, allowing movement to almost any location within the geochemical, geophysical and geologic anomalies, depending on results of surrounding holes, as soon as that may be indicated by results of the previously drilled holes. The Company may not drill all 81 holes during Phase 1, but permitting the entire grid at once is more efficient in terms of time and costs given the lengthy permitting timeline under state and federal regulation. This would allow immediate continuation of Phase 2 drilling, with no time lag.
Phase 2 drilling could continue for up to an additional three or more years with multiple drills. Discovery of thin exposures of silicified and carbonate veined rock suggests that mineralization could be located at less depth than was previously suggested by old geologic maps. This, combined with the geochemistry and ZTEM geophysics, suggests a shallower top of the mineral zone and mineralization going to significant depth. In Phase 2 and beyond, planning could be for an open pit and a continuous deep underground skarn (altered limestone) mineral body.
The financing proposal is offered to foreign and domestic entities that have or might express an interest in the project as a joint venture (JV) arrangement:
1. The JV would be between partner and The Hay Mountain Project owned by Liberty Star, and would be managed by Liberty Star.
2. Partner would provide capital of $6.5 million for the Phase 1 drilling program and have an option to contribute $65 million for the second phase of drilling. Investors would also have the right of first refusal to contribute addition funds for the final permitting, design, construction and development of a mine(s) at Hay Mountain.
3. Liberty Star is not contemplating an arrangement exchanging stock to capitalize Phase 1 exploration drilling or subsequently Phase 2, and later phases for permitting, design and construction, which would be dilutive, but instead a Joint Venture, as is common in the industry.
The Company has received and anticipates receiving additional Non-Disclosure Agreements (NDAs) from potential funders introduced by naseba/Naru Capital and other entities, foreign and domestic. These NDAs allow Liberty Star to disclose confidential scientific data to potential funders as part of the potential funders’ due diligence programs.
States Liberty Star’s CEO/Chief Geologist James A. Briscoe: “The value of the Hay Mountain Project may be greatly enhanced with the discovery of factors that may indicate mineralization near the surface, in addition to a continuation of a skarn mineral body to great depth, which would be mined by underground methods. We have completed surface studies, and have scheduled due diligence visits to the site. We have received word from the Arizona State Land Department (ASLD) that our Plan of Operation with archaeology survey should be completed in one to three months, entirely dependent on their schedule. In effect, we are ready to get the diamond core drilling started. While I wish the process of financing Phase 1 drilling at Hay Mountain would quicken its pace, I am confident that the scientific data and the attractive JV proposal we have put forth will net us a suitable partner in due course.â€
“James A. Briscoe†James A. Briscoe, Professional Geologist, AZ CA
CEO/Chief Geologist
Liberty Star Uranium & Metals Corp.
View Liberty Star’s “Introduction to Hay Mountain Presentationâ€
Forward-Looking Statements
Statements in this news release that are not historical are forward-looking statements. Forward-looking statements in this news release include all our planned drilling program and our planned route to access partners or funding sources. Factors which may delay or prevent these forward-looking statements from being realized include: the failure of our proposals to be accepted; we may not attract any partners or funding sources; we may not be able to raise sufficient funds to complete our intended exploration, keep our properties or carry on operations; and we may encounter an inability to continue exploration due to weather, logistical problems, labor or equipment problems or hazards even if funds are available. Even if we find a partner, we may not be able to reach agreement or carry out the development program as contemplated. Despite encouraging data there may be no commercially exploitable mineralization on our properties. Readers should refer to the risk disclosures in the Company’s recent 10-K and the Company’s other periodic reports filed from time to time with the Securities and Exchange Commission.
Agoracom Investor Relations
[email protected]
http://agoracom.com/ir/libertystar
or
Liberty Star Uranium & Metals Corp.
Tracy Myers, 520-425-1433
Investor Relations
[email protected]
Follow Liberty Star Uranium & Metals Corp. on Facebook , LinkedIn & Twitter@LibertyStarLBSR