TUCSON, Ariz.--(BUSINESS WIRE)--Liberty Star Uranium & Metals Corp. (“Liberty Star” or the “Company”) (OTCQB: LBSR) has an update on its premiere copper-gold-moly-REEs (rare earth elements) Hay Mountain exploration project in Cochise County, southeast Arizona.
- 2D inversion ZTEM report received and geochem, geology, drill holes map(s) overlays on the ZTEM model are ongoing and nearing completion. As soon as the images have been completed and interpreted they will be submitted to SRK for assessment and inclusion in the “Technical Report on Exploration, Hay Mountain.”
- The company has concluded an equity financing for net $215,000 general operating funds (11/26/2013 Form 8K).
- Liberty Star expects to start negotiations soon on a mutual non-disclosure non-compete letter with a major global mining company that may lead to talks and perhaps a joint venture regarding the development of the Hay Mountain Project.
Briscoe’s summary of current events and future planning:
“All of our hard work continues to bring the Hay Mountain story to the attention of the international mining community. While financing has been difficult we are able to speak with growing confidence about what we are seeing at Hay Mountain. The Company also has accepted a detailed budget for our plan of exploration from Mr. Gene Rosenlund, geologist and our financial planning consultant. This plan is for the next four years of projected drilling on a 24/7/365 aggressive schedule, assuming availability of funding through a joint venture partner(s) and successful drill results. The development plan envisions an expenditure of $65 million in drilling of 737 thousand feet of core over four years. Year one would be for $6.1 million and would yield 67 thousand feet of diamond core drilling. Costs and timing were compiled by Rosenlund over the last six months and include 5,000 lines of details using Microsoft Project software, Gantt chart projections. The chart data can be updated from 'projected' to 'actual' and Rosenlund will do updating every day from data supplied electronically from the project site. Community outreach and preliminary permitting will start with the drill program. Post initial drilling, years five, six and seven will be occupied with additional permitting, mine design and construction. At this current stage only extensive drilling will prove a minable mineral body. But if an ore body is proven, we will use innovative contemporary design and construction techniques as presented by myself at the Nuclear Regulatory Commission (NRC) annual meeting in Denver, Colorado seven years ago. This approach assures that water or other fluid will not ever leave the mine site, nor dust, noise or light (except a minor glow visible from aircraft). Rehabilitation of the surface with native plants will take place concurrent with mining so that when the last ton of mined material is removed the last planting will be done and the overburden storage will look like the surrounding land and be covered with mature native vegetation. During the mine life and thereafter the operation will be essentially invisible.
“There is a lot of work to be done between now and then but all is technically feasible as confirmed by our environmental consultants with the definition of potential for an ore body suggested by our technical data.”
“James A. Briscoe” James
A. Briscoe, Professional Geologist, AZ CA
CEO/Chief Geologist
Liberty
Star Uranium & Metals Corp.
Safe Harbor
Statements in this news release that are not historical are forward looking statements. Forward-looking statements in this news release include our plans regarding Hay Mountain and potential 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; an inability to continue exploration due to weather, logistical problems or hazards even if funds are available. Despite encouraging data, there may be no commercial minerals in 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.
