TUCSON, Ariz.--(BUSINESS WIRE)--Liberty Star Uranium & Metals Corp. (“Liberty Star” or the “Company”) (OTCQB: LBSR) is pleased to give an update of the Beijing, China roadshow hosted by Naru Capital (“Naru”) a division of naseba. The roadshow, October 11th through October 18th, was attended by Liberty Star CEO/Chief Geologist Jim Briscoe and Director Pete O’Heeron, as well as two representatives from Naru. The presentations were Liberty Star presenting to Chinese entities separately with two presentations per day. The roadshow resulted in expressions of interest by all eight of the pre-qualified Chinese investment entities with all of the groups requesting additional meetings as soon as the updated version of the Liberty Star Professional Report (format NI 43-101) is available. SRK Consulting (“SRK”), Tucson office is nearing completion of a final draft of the professional report. SRK authored the first version of the NI 43-101 format report recommending further work on Liberty Star’s Hay Mountain Project (NR 110). That recommended work is now complete with very favorable results and the Company is now ready for the next phase of work, a phased drilling program. Further conversations with naseba participants could lead to large scale funding of the work required to develop the Hay Mountain Project.
Here is Briscoe’s summary of the Naru/naseba China roadshow:
“We have had a very good response from all of our meetings in Beijing - with the ZTEM results playing a very big role. The interest is coming from the highest levels of very large mining companies who are doing mineral exploration all over the world. However most of them have not previously heard of ZTEM, or our geophysical contractor Geotech Ltd., but their interest was palpable as they could see the relationship of the ZTEM results to the Porphyry Copper Model co-authored by Liberty Star Director, Dr. John M. Guilbert. They are all looking forward to the 2D Inversions per Geotech’s recommendations (NR 165), and its relationship to the vegetation geochemistry and surface and subsurface projections over the Hay Mountain target. With my more thorough examination of the ZTEM images there is clearly gradations between the high resolution contours of the high resistivity core zones which would represent the porphyry copper low sulfide ore centers and the low resistivity outer layers which would represent the pyrite halo, always present and forming classic porphyry copper systems signatures as seen elsewhere by ZTEM. While the only way to be sure is to drill these anomalies to see what they are, these are very strong patterns which are already coupled with our porphyry copper geochemical signatures from our geochemical sampling data going back 40+ years and as recent as 2011. Mining exploration geology is like links in a chain. I have developed these links over some 41 years, of favorable geology, alteration studies, geochemistry in 4 major rounds, and now ZTEM electromagnetic geophysics. All of these links in the exploration chain are favorable, strong and mutually reinforcing. Except for minor final touches and drill hole positioning related to the new ZTEM data we are ready to drill as soon as the necessary financing is available.”
ZTEM Update
According to Geotech’s recommendations 2D inversion data is being prepared with a proposed due date of October 31st. The 2D data specifically covers the key centers of the Hay Mountain detected electromagnetic and magnetic anomalies, and will be included in SRK’s updated professional report (NR 164).
“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 China and with potential investors could lead to funding of Liberty Star’s Hay Mountain Project.
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; and possible inability to continue exploration due to weather, logistical problems or hazards even if funds are available. Despite encouraging results to date, there may be no commercial mineral resource at our projects. 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.
