TUCSON, Ariz.--(BUSINESS WIRE)--Liberty Star Uranium & Metals Corp. (“Liberty Star” or the “Company”)(OTCQB: LBSR) is pleased to announce Company CEO/Chief Geologist Jim Briscoe is scheduled to visit Saudi Arabia leaving May 23 and returning June 1. naseba extended the invitation for the Saudi Arabia visit to Liberty Star subsequent to Briscoe’s visit to China with naseba in October 2013 (NR 166). Preparation for this visit has been continuous since then but required the completion of geophysical compilation and interpretation of the Hay Mountain porphyry copper geophysical data along with geochemistry. naseba requested the event specifically for their Saudi clients, with the purpose to present the Company’s Hay Mountain Project in conjunction, at the Saudis’ request, with a unique educational program to train and mentor young qualified geoscientists from Saudi Arabia in the art and science of Mine Finding. Details are found below.
The Proposed Joint Venture Criteria and Funding, Saudi Arabia May 23 – June 1
A joint venture financing on the Hay Mountain Project for porphyry copper, gold, silver, moly, REEs and other metals has been requested specifically by naseba’s Saudi clients to include a structured program of instruction and mentoring of students from Saudi Arabia, in the science and art of mineral exploration in order that they will become Mine Finders for Saudi Arabia. Liberty has agreed to such an educational and mentoring program and through past experience has that expertise.
Funding of Hay Mountain drilling program through ore definition and
Bankable Feasibility Study Leading to Production
Required capital funding for the Hay Mountain Project would be Phase 1 drilling at US $5.5 million for 20,422 meters (67,000 feet) of HQ diamond core drill hole to be expended in the first year to verify the presence of ore grade mineralization. Post phase 1 drilling activities in the amount of US $60 million including 204,000 meters (670,000 feet) of HQ diamond drill core are to be drilled over the next three years. Assuming success in defining a mineral resource, permitting, metallurgical studies, mine planning and plant design would quickly follow as would a Bankable Feasibility Study, which would be completed at the end of year five. Production would follow and is projected to be attained in the seventh year.
Mine Finding Instruction and Mentoring Program
This program would proceed simultaneously with the drilling of the Hay Mountain Project, and would be conducted with Mine Finding geoscientists, with particular expertise in specific types of mineral deposits and geologic terranes. Jim Briscoe will oversee both projects but the work will be accomplished by others.
The program will be of one year duration and be a hands-on physical visit and study of ore deposits and the alteration and geochemical zoning that reveal their presence. This will also include tours of active and dormant, mines and mills and metallurgical plants i.e. smelters and electrowinning plants and in situ leaching for uranium & copper. Arizona has examples of all of these for copper-gold-moly deposits. But it also has many other types of deposits. They are prevalent all over Arizona and too numerous to mention here, but include the Precambrian window in the central part of the State, exposing layered mafic intrusives with classic mineralization, volcanogenic massive sulfide deposits of copper zinc and other metals at Jerome, Arizona, distal Precambrian gold and base metal deposits, associated with the Jerome system. Additionally roll front uranium-copper and silver in the northeast part of the State, and rich breccia pipe uranium and associated poly metallic mineralization in the Grand Canyon area.
During the year of instruction a six day work week will be maintained. As an average, four days per week will be dedicated to field trips and two days will be dedicated to equipment, software training and lectures pertaining to mineral deposits and ore finding techniques, extractive metallurgy and open pit, underground mining of various types and in situ leaching techniques.
Most of the western USA states will be visited to look at different types of deposits including diamonds in Wyoming, platinum in Montana, gold deposits of several different types in California and Nevada, exposed rare earths in New Mexico and so on. All of these metals/minerals may be present in Saudi Arabia. We plan to also visit the home office of Geotech in Aurora, Ontario, Canada where the students will be trained in the understanding of the ZTEM geophysical technique that has been so successful at the Hay Mountain Project, Arizona.
We expect to cover about 80,000+ km (50,000+ miles) road miles with geologic guide books available for most of that travel and at destination points, and visit about 200 mines and mineral deposits, and associated infrastructure. The western USA is about the same size as Saudi Arabia which, if overlaid on the map of the USA would cover the area from the Mexican border to the Canadian Border and the Pacific Ocean to the eastern borders of Wyoming – New Mexico. The mineral endowment of Saudi Arabia, mostly never explored since early Egyptian, and Greek-Roman times, may have a similar mineral endowment to the western USA though this is not known until it is scientifically explored. Qualified experts will number about 50 and will be retained by Liberty Star to guide and give field lectures on each mine or mineral/geologic feature.
Cutting Edge Mineral Exploration Equipment for the Saudi Students
Liberty Star will arrange for each student participant to be equipped and trained by Liberty Star’s experts, on the most recent sophisticated personal mineral exploration equipment currently available. This equipment will become part of their personal field gear to be used in the field trip examinations and exercises. At the end of their one year study period it will be shipped with them on their return to Saudi Arabia for immediate use in their Mine Finding work. The last month of their training in Arizona will be dedicated to their work to design an effective exploration program in their home area, under the mentoring by the experts of the Liberty Star team.
Continuing Education and Mentoring Program
The mentoring by Liberty Star will continue as long as needed. Because of the availability of the Internet and the computers, cameras and other visual software/hardware acquired for the students as part of the Mine Finding program, communication by any of the students to their Liberty Star mentors will be quick and easy. Further it is estimated that two trips per year of one or two weeks’ duration will be made for an in person field examination and mentoring, by one or more of the Liberty Star team members. Because of the relations established during the training program, it is expected that the association and mentoring could continue for many years, on a consulting basis, for many of the Mine Finder experts from Liberty Star.
It is also proposed that the instruction program under Liberty Star will train a class of new students each year for the next 10 years, resulting in a core of 200 fully equipped and trained Mine Finders in Saudi Arabia. This is similar to the number of geologists in exploration hot spots in the USA such as Tucson or Reno or Elko, Nevada or Denver, Colorado, or various centers in Canada. This crop of 200 Mine Finders will be able to train additional geologists in the region in the art and science of Mine Finding in future years. It is believed the training program will allow a full stream of new mineral discoveries to meet the needs of Saudi Arabia for internal consumption and export in the future, by the Mine Finder students. Liberty Star proposes this will have mutual benefits beyond Hay Mountain in both the USA and Saudi Arabia, for both Liberty Star and the Saudi venture partner(s).
Comments Briscoe: “One package, two projects--The joint venture proposal fulfills two purposes efficiently and at a low cost in an environment that fosters Mine Finding education and copper mines. We have the experience and expertise to administer the Mine Finders program and the drilling & development of Hay Mountain simultaneously. We hope that our proposals are accepted and that we can do both projects.”
Naru Capital, a division of naseba, has organized meetings for Mr. Briscoe in Riyadh, Jeddah, and Dammam and has pre-qualified attendees.
“James A. Briscoe” James
A. Briscoe, Professional Geologist, AZ CA
Liberty Star Uranium & Metals Corp.
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 and our planned instruction program. 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 be able to raise sufficient funds to complete our intended exploration, keep our properties or carry on operations; and an inability to continue exploration due to weather, logistical problems, labor or equipment problems or hazards even if funds are available. Even if our proposal is accepted, we may not be able to carry out the instruction 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.